Aristotle Capital Boston, LLC, an investment advisor, released its “Small/Mid Cap Equity Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, Aristotle Small/Mid Cap Equity Composite delivered a return of 1.04% net of fees (1.18% gross of fees), trailing the Russell 2500 Index’s 5.22% total return. Security selection drove the fund to underperform in the quarter while, allocation effects positively contributed. Security selection was weakest within the Information Technology and Health Care sectors and strongest in Communication Services and Energy. In terms of allocation, an overweight exposure to Industrials contributed to relative returns but an overweight in Energy partially countered this. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Small/Mid Cap Equity Composite highlighted stocks like Infinera Corporation (NASDAQ:INFN) in the second quarter 2023 investor letter. Headquartered in San Jose, California, Infinera Corporation (NASDAQ:INFN) offers optical transport networking equipment, software, and services. On August 25, 2023, Infinera Corporation (NASDAQ:INFN) stock closed at $4.1000 per share. One-month return of Infinera Corporation (NASDAQ:INFN) was -8.89%, and its shares lost 27.82% of their value over the last 52 weeks. Infinera Corporation (NASDAQ:INFN) has a market capitalization of $930.388 million.
Aristotle Small/Mid Cap Equity Composite made the following comment about Infinera Corporation (NASDAQ:INFN) in its second quarter 2023 investor letter:
“Infinera Corporation (NASDAQ:INFN), a provider or optical transport networking equipment, software and services to telecommunications, internet, cable and enterprise customers, declined during the period. While the company’s fundamentals continued to advance during the quarter, as evidenced by strong top- and bottom-line growth reported during the period, its shares declined amid broader macro caution from service providers and near-term delays in orders which have been pushed out but not cancelled. We maintain a position, as we believe the company remains well positioned to benefit from the increasing demand for bandwidth given its large backlog, strong pipeline, progress on new products and vertical integration.”
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Infinera Corporation (NASDAQ:INFN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Infinera Corporation (NASDAQ:INFN) at the end of second quarter which was 27 in the previous quarter.
We discussed Infinera Corporation (NASDAQ:INFN) in another article and shared the list of best long-term penny stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
