Aristotle Capital Management, LLC, an investment management company, released its “Value Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The U.S. equity market rebounded in 2023 following a turbulent year in 2022, with the S&P 500 Index posting a 26.29% annual return. In the fourth quarter, the fund posted a return of 14.43% gross of fees (14.36% net of fees) compared to a 9.50% return for the Russell 1000 Value Index and an 11.69% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Value Equity Strategy featured stocks such as Teledyne Technologies Incorporated (NYSE:TDY) in the fourth quarter investor letter. Headquartered in Thousand Oaks, California, Teledyne Technologies Incorporated (NYSE:TDY) is an enabling technologies provider for industrial growth. On January 11, 2024, Teledyne Technologies Incorporated (NYSE:TDY) stock closed at $440.23 per share. One-month return of Teledyne Technologies Incorporated (NYSE:TDY) was 2.82%, and its shares gained 5.79% of their value over the last 52 weeks. Teledyne Technologies Incorporated (NYSE:TDY) has a market capitalization of $20.772 billion.
Aristotle Value Equity Strategy stated the following regarding Teledyne Technologies Incorporated (NYSE:TDY) in its fourth quarter 2023 investor letter:
“Headquartered in Thousand Oaks, California, Teledyne Technologies Incorporated (NYSE:TDY) is an industrial technology company which manufactures sensors, cameras, instruments and systems that enable its customers to monitor, analyze and distribute information. Teledyne focuses on end markets that demand advanced technology and high reliability, such as aerospace and defense, environmental monitoring, electronics design and development, medical imaging, oceanographic research, and deepwater activities. Teledyne’s offerings are supported by decades of research and development enabling customers at all wavelengths and all applications, from deep sea to deep space.
Teledyne’s roots go back to 1960 and Founder/CEO Henry Singleton; however, the current version of Teledyne was spun out of Allegheny in 1999. At the time, Teledyne was a low-margin aerospace and defense company with the U.S. government accounting for ~50% of sales, non-U.S. markets accounting for ~15% and digital imaging 0%. Today, Teledyne earns a ~25% EBITDA margin, digital imaging accounts for >50% of sales, the U.S. government is ~25% and non-U.S. markets are ~50% of sales. The company has transformed itself over the years via dozens of mergers and acquisitions, most meaningfully through the 2021 purchase of FLIR Systems, a key catalyst discussed below…” (Click here to read the full text)
Technicians testing a microelectromechanical systems device for accuracy.
Teledyne Technologies Incorporated (NYSE:TDY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Teledyne Technologies Incorporated (NYSE:TDY) at the end of third quarter which was 39 in the previous quarter.
We discussed Teledyne Technologies Incorporated (NYSE:TDY) in another article and shared Artisan Partners’ views on the company. In addition, please check out our hedge fund investor letters Q4 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.
