Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered 8.77% gross of fees (8.71% net of fees) outperforming the Russell 1000 Growth Index’s return of 8.33%. Security selection led the portfolio to outperform in the quarter. Security selection in Information Technology and Financials contributed the most to relative performance while health care and Industrials detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Aristotle Atlantic Large Cap Growth Strategy highlighted stocks like KLA Corporation (NASDAQ:KLAC), in the second quarter 2024 investor letter. KLA Corporation (NASDAQ:KLAC) develops, produces, and sells solutions for process control, process-enabling, and yield management for the semiconductor and related electronics industries. The one-month return of KLA Corporation (NASDAQ:KLAC) was 1.96%, and its shares gained 75.61% of their value over the last 52 weeks. On July 22, 2024, KLA Corporation (NASDAQ:KLAC) stock closed at $809.51 per share with a market capitalization of $108.992 billion.
Aristotle Atlantic Large Cap Growth Strategy stated the following regarding KLA Corporation (NASDAQ:KLAC) in its Q2 2024 investor letter:
“KLA Corporation (NASDAQ:KLAC) contributed to portfolio performance in the second quarter as the company reported a strong March quarter. The results were driven by better-than-expected performance in patterning and services segments. The company also provided positive commentary on customer orders and increased visibility on growing sequential revenue through the rest of 2024. Commentary surrounding wafer fab equipment (WFE) spending for 2024 shows improving demand, with 2024 at least flat versus 2023 and growing customer spend driven by strong foundry/logic and high bandwidth memory (HBM) demand from accelerating AI-compute infrastructure spend.”
The inner workings of a semiconductor manufacturing facility, neon hued machines humming with activity.
KLA Corporation (NASDAQ:KLAC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. KLA Corporation (NASDAQ:KLAC) was held by 58 hedge fund portfolios at the end of the first quarter, compared to 55 in the previous quarter, according to our database. While we acknowledge the potential of KLA Corporation (NASDAQ:KLAC) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed KLA Corporation (NASDAQ:KLAC) and shared the list of most profitable stocks of the last 12 months. Aristotle Atlantic Partners established a position in KLA Corporation (NASDAQ:KLAC) during Q4 2022. In addition, please check out our hedge fund investor letters Q2 2024 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.
