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 Adobe Inc. (NASDAQ:ADBE) in the third quarter 2023 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a software company that operates through Digital Media, Digital Experience, and Publishing and Advertising segments. On October 23, 2023, Adobe Inc. (NASDAQ:ADBE) stock closed at $540.41 per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was 6.74%, and its shares gained 66.90% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $246.049 billion.
Aristotle Large Cap Growth Strategy made the following comment about Adobe Inc. (NASDAQ:ADBE) in its Q3 2023 investor letter:
“Adobe Inc. (NASDAQ:ADBE) is one of the largest and most diversified software companies in the world. It has been known for brands such as Acrobat, Photoshop and Adobe Document Cloud. Adobe’s business is organized into three reportable segments: Digital Media, Digital Experience, and Publishing and Advertising. The Company’s products allow users to express and use information across all print and electronic media.
We see Adobe as a key enabler of digital transformation initiatives through the Digital Media and Digital Experience business segments. Adobe continues to innovate and integrate new capabilities across all its product suites. We see several products per customer continuing to increase, as Adobe users continue to use more products. We see this as a competitive advantage.”
Adobe, software
Adobe Inc. (NASDAQ:ADBE) is in 20th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 109 hedge fund portfolios held Adobe Inc. (NASDAQ:ADBE) at the end of second quarter which was 99 in the previous quarter.
We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared the long-term returns of ValueAct Capital’s activist targets. 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.
