Aristotle Atlantic Partners, LLC, an investment advisor, released its “International Equity ADR” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Aristotle Atlantic’s International Equity ADR strategy returned 6.59% gross of fees (6.43% net of fees) compared to the MSCI EAFE Index’s 8.47% return and MSCI ACWI ex USA Index’s 6.87% return. Both security selection and allocation effects led the fund to underperform in the quarter. Security selection in Europe and exposure to Emerging Markets detracted from the relative performance of the fund in the quarter, while an underweight exposure and security selection in Asia contributed. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Atlantic International Equity ADR Strategy highlighted stocks like Brookfield Asset Management Ltd. (NYSE:BAM) in the first quarter 2023 investor letter. Headquartered in Toronto, Canada, Brookfield Asset Management Ltd. (NYSE:BAM) is an alternate asset management company. On June 20, 2023, Brookfield Asset Management Ltd. (NYSE:BAM) stock closed at $32.71 per share. One-month return of Brookfield Asset Management Ltd. (NYSE:BAM) was 3.51%, and year-to-date its shares gained 14.09% of their value. Brookfield Asset Management Ltd. (NYSE:BAM) has a market capitalization of $13.491 billion.
Aristotle Atlantic International Equity ADR Strategy made the following comment about Brookfield Asset Management Ltd. (NYSE:BAM) in its first quarter 2023 investor letter:
“During the quarter, we sold our position in Brookfield Asset Management Ltd. (NYSE:BAM). We have been owners of Brookfield since the strategy’s inception. In December 2022, the company completed the spinoff of 25% of its asset management business, now known as Brookfield Asset Management (“Manager,” ticker: BAM). As part of the spinoff, the parent company, Brookfield Corporation (“Corporation,” ticker: BN), retained a 75% interest in the Manager. As such, we decided to sell our stake in the Manager and use the proceeds to top‐up our investment in the Corporation. While we continue to find the Manager’s business attractive, we view Brookfield Corporation as a more optimal investment.”
Brookfield Asset Management Ltd. (NYSE:BAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Brookfield Asset Management Ltd. (NYSE:BAM) at the end of first quarter 2023 which was 28 in the previous quarter.
We discussed Brookfield Asset Management Ltd. (NYSE:BAM) in another article and shared Baron Durable Advantage Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
