Aristotle Atlantic Partners, LLC, an investment advisor, released its “Focus Growth Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Aristotle Atlantic’s Focus Growth strategy returned 13.05% (net) underperforming the Russell 1000 Growth Index’s return of 14.37%. Allocation effects led the portfolio to underperform in the quarter relative to its benchmark, while security selection modestly contributed. Security selection in Information Technology, Financials, and Health Care contributed to the relative performance of the strategy in the quarter, while holdings in Consumer Discretionary and Consumer Staples, as well as overweight exposure in Health Care, detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Atlantic Focus Growth Strategy highlighted stocks like ON Semiconductor Corporation (NASDAQ:ON) in the first quarter 2023 investor letter. Headquartered in Scottsdale, Arizona, ON Semiconductor Corporation (NASDAQ:ON) provides intelligent sensing and power solutions. On April 26, 2023, ON Semiconductor Corporation (NASDAQ:ON) stock closed at $71.95 per share. One-month return of ON Semiconductor Corporation (NASDAQ:ON) was -12.07%, and its shares gained 32.07% of their value over the last 52 weeks. ON Semiconductor Corporation (NASDAQ:ON) has a market capitalization of $31.052 billion.
Aristotle Atlantic Focus Growth Strategy made the following comment about ON Semiconductor Corporation (NASDAQ:ON) in its Q1 2023 investor letter:
“ON Semiconductor Corporation (NASDAQ:ON) supplies analog, standard logic and discrete semiconductors for data and power management. The company provides industry leading intelligent sensing and power solutions to help its customers solve the most challenging problems and create cutting edge products for a better future. Its extensive portfolio of sensors, power management, connectivity, custom and SoC, analog, logic, timing and discrete devices helps customers efficiently solve design challenges in advanced electronic systems and products. ON Semiconductor’s devices perform power and signal control, and interface functions appear in a wide range of end-user markets including automotive, communications, computing, consumer, medical, industrial, networking, telecom and aerospace/defense. Most of ON Semiconductor’s sales come from the Asia/Pacific region.
We see ON Semiconductor attractively valued and leveraged to attractive areas of end-market growth over the next few years. The company is gaining both semiconductor content and seeing better pricing tailwinds due to demand exceeding supply and more complex semiconductor content. We see these trends continuing to provide 2023 tailwinds and fully expect strong growth rates in electric vehicle penetration over the next five years.”
ON Semiconductor Corporation (NASDAQ:ON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held ON Semiconductor Corporation (NASDAQ:ON) at the end of the fourth quarter which was 45 in the previous quarter.
We discussed ON Semiconductor Corporation (NASDAQ:ON) in another article and shared the list of stocks receiving upgrades from analysts. In addition, please check out our hedge fund investor letters Q1 2023 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.
