Aristotle Capital Management, LLC, an investment management company, released its “Value Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. The composite returned 7.63% gross of fees (7.56% net of fees) in the first quarter trailing the 8.99% return of the Russell 1000 Value Index and the 10.56% return of the S&P 500 Index. Security selection and allocation effects led the composite to underperform in the quarter relative to the Russell 1000 Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Aristotle Capital’s Value Equity Strategy featured stocks like Corteva, Inc. (NYSE:CTVA) in the first quarter 2024 investor letter. Headquartered in Indianapolis, Indiana, Corteva, Inc. (NYSE:CTVA) engages in the agriculture business that provides seed and crop protection solutions. On April 12, 2024, Corteva, Inc. (NYSE:CTVA) stock closed at $53.76 per share. One-month return of Corteva, Inc. (NYSE:CTVA) was -2.41%, and its shares lost 13.47% of their value over the last 52 weeks. Corteva, Inc. (NYSE:CTVA) has a market capitalization of $37.572 billion.
Aristotle Capital’s Value Equity Strategy stated the following regarding Corteva, Inc. (NYSE:CTVA) in its first quarter 2024 investor letter:
“Corteva, Inc. (NYSE:CTVA), the seed and crop protection company, was one of the largest contributors. As discussed in last quarter’s commentary, we believed the crop protection business was at or near a cyclical bottom in 2023, as customer destocking followed a 2020-2022 period of robust orders. Share prices have subsequently risen with Corteva’s crop protection sales falling just 5% in the previous quarter, an improved result compared to the 9% full-year decline, accompanied by guidance calling for a return to growth in the second half of 2024. However, as long-term investors, we look past cyclical fluctuations and are encouraged as Corteva further executes on many of the catalysts we identified. These include continued innovation (with over 400 new product launches in 2023) and share gains for the company’s Enlist E3 soybeans, which achieved 58% market penetration in 2023 and became the top-selling soybean technology in the U.S.”
A farmer in overalls, harvesting a golden cornfield with a tractor in the background.
Corteva, Inc. (NYSE:CTVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Corteva, Inc. (NYSE:CTVA) was held by 51 hedge fund portfolios, compared to 42 in the previous quarter, according to our database.
We previously discussed Corteva, Inc. (NYSE:CTVA) in another article, where we shared the list of best materials stocks to buy in 2024. In addition, please check out our hedge fund investor letters Q1 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.
