Aristotle Capital Management, LLC, an investment management company, released its “Aristotle Global Equity Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -13.17% at NAV compared to a -15.66% return for the MSCI ACWI Index and -16.19% return for the MSCI World Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Aristotle Capital discussed stocks like TotalEnergies SE (NYSE:TTE) in the second quarter 2022 investor letter. Headquartered in Courbevoie, France, TotalEnergies SE (NYSE:TTE) is an oil and gas company. On October 6, 2022, TotalEnergies SE (NYSE:TTE) stock closed at $50.71 per share. One-month return of TotalEnergies SE (NYSE:TTE) was 0.06% and its shares gained 1.18% of their value over the last 52 weeks. TotalEnergies SE (NYSE:TTE) has a market capitalization of $132.765 billion.
Here is what Aristotle Capital specifically said about TotalEnergies SE (NYSE:TTE) in its Q2 2022 investor letter:
“TotalEnergies SE (NYSE:TTE), one of the world’s largest energy companies, was a primary contributor for the quarter. The company has made progress in its strategic plan to reach net-zero emissions by 2050 which, in contrast to many European energy providers, it plans to achieve through expanding ownership of renewable power and low-carbon assets, rather than purely divestment. As such, during the quarter, it acquired a 25% stake in Adani New Industries, an Indian venture centered on green hydrogen (including solar panels and wind turbines), as well as a 50% interest in Clearway Energy Group, the fifth-largest renewable company in the U.S. Both of these acquisitions strengthen our conviction that TotalEnergies is uniquely positioned to benefit from the increase in global demand for clean energy. It is also notable that higher commodity prices and wider refining margins have been constructive for the company’s financial performance. As a result, TotalEnergies increased its share-repurchase program for the first half of 2022 by $1 billion. In recent years, TotalEnergies’ reduction in capex and operating expenses has improved its FREE cash flow generation, now further aided by the favorable energy environment. This has supported its continued ability to return cash to shareholders, one of our catalysts.”
TotalEnergies SE (NYSE:TTE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held TotalEnergies SE (NYSE:TTE) at the end of the second quarter which was 20 in the previous quarter.
We discussed TotalEnergies SE (NYSE:TTE) in another article and shared the list of LNG stocks to buy amid Russia-West energy wars. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
