Is it a Good Choice to Keep Your Prologis (PLD) Stake?

Aristotle Atlantic Partners, an investment management firm, released its “Aristotle Atlantic Growth Fund” second quarter 2023 investor letter, a copy of which can be downloaded here. For the second quarter of 2023, Aristotle Atlantic’s Focus Growth Composite posted a total return of 11.65% gross of fees (11.63% net of fees), underperforming the 12.81% total return of the Russell 1000 Growth Index. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.

In its Q2 2023 investor letter, Aristotle Atlantic Partners mentioned Prologis, Inc. (NYSE:PLD) and explained its insights for the company. Founded in 1983, Prologis, Inc. (NYSE:PLD) is a San Francisco, California-based real estate investment trust company with a $114.2 billion market capitalization. Prologis, Inc. (NYSE:PLD) delivered a 9.71% return since the beginning of the year, while its 12-month returns are down by -5.41%. The stock closed at $123.68 per share on August 02, 2023.

Here is what Aristotle Atlantic Partners has to say about Prologis, Inc. (NYSE:PLD) in its Q2 2023 investor letter:

“Prologis underperformed in the second quarter along with the real estate sector, as the appetite for risk in the broad market increased. Prologis’ results have shown less cyclicality during the recent downturn in the sector, so there is less scope for an earnings recovery as is the case in more beaten-down real estate companies. The company announced the acquisition of a 14 million square foot portfolio of industrial properties from Blackstone for $3.1 billion at the end of the second quarter.”

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Our calculations show that Prologis, Inc. (NYSE:PLD) was not able to land a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. Prologis, Inc. (NYSE:PLD) was in 51 hedge fund portfolios at the end of the first quarter of 2023, compared to 55 funds in the previous quarter. Prologis, Inc. (NYSE:PLD) delivered a -0.96% return in the past 3 months.

We also discussed Prologis, Inc. (NYSE:PLD) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q2 2023 page.

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Disclosure: None. This article is originally published at Insider Monkey.