Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered -5.34% gross of fees (-5.51% net of fees) underperforming the Russell 1000 Growth Index’s return of -3.13%. Security selection and allocation effects led the portfolio to underperform in the quarter. Holdings in Health Care, Industrials, and Financials detracted from the relative performance of the quarter. Information Technology and Real Estate, as well as overweight exposure to healthcare, contributed to relative returns in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Large Cap Growth Strategy highlighted stocks like Uber Technologies, Inc. (NYSE:UBER) in the third quarter 2023 investor letter. Headquartered in San Francisco, California, Uber Technologies, Inc. (NYSE:UBER) develops and operates technology applications that operate through Mobility, Delivery, and Freight segments. On October 23, 2023, Uber Technologies, Inc. (NYSE:UBER) stock closed at $43.04 per share. One-month return of Uber Technologies, Inc. (NYSE:UBER) was -2.78%, and its shares gained 51.76% of their value over the last 52 weeks. Uber Technologies, Inc. (NYSE:UBER) has a market capitalization of $87.953 billion.
Aristotle Large Cap Growth Strategy made the following comment about Uber Technologies, Inc. (NYSE:UBER) in its Q3 2023 investor letter:
“Uber Technologies, Inc. (NYSE:UBER) develops and operates proprietary technology applications. The company operates through three segments: Mobility, Delivery and Freight. The Company develops and operates proprietary technology applications supporting a variety of offerings on its platform.
We see the company as the global leader in ride-hailing and one of the few delivery app companies with a strong network effect for both businesses. Uber is experiencing strong revenue growth as adoption and frequency of usage continue to grow in both segments. We expect the company will also benefit from more demand due to the higher frequency of workers attending work in the office, rather than working from their homes. We look for revenue growth as the adoption of Uber’s services increases and the company expands globally.”
Uber Technologies, Inc. (NYSE:UBER) is in 9th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 144 hedge fund portfolios held Uber Technologies, Inc. (NYSE:UBER) at the end of second quarter which was 144 in the previous quarter.
We discussed Uber Technologies, Inc. (NYSE:UBER) in another article and shared the list of best blue-chip stocks under $100. In addition, please check out our hedge fund investor letters Q3 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.
