Aristotle Atlantic Partners, LLC, an investment advisor, released its “Core Equity Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the U.S. equity market reached a record high. Aristotle Atlantic’s Core Equity strategy returned 5.61% gross of fees (5.51% net of fees) in the quarter outperforming the S&P 500 Index’s 4.28% total return. The relative outperformance was due to security selection. Security selection in Information Technology and Health Care contributed the most to relative performance while Consumer Staples and Consumer Discretionary detracted. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Aristotle Atlantic Core Equity Strategy highlighted stocks like Teleflex Incorporated (NYSE:TFX), in the second quarter 2024 investor letter. Teleflex Incorporated (NYSE:TFX), with a market capitalization of $10.521 billion, designs, develops, manufactures, and supplies single-use medical devices. One-month return of Teleflex Incorporated (NYSE:TFX) was 11.67%, and its shares lost 12.77% of their value over the last 52 weeks. On July 23, 2024, Teleflex Incorporated (NYSE:TFX) stock closed at $223.37 per share.
Aristotle Atlantic Core Equity Strategy stated the following regarding Teleflex Incorporated (NYSE:TFX) in its Q2 2024 investor letter:
“We sold Teleflex Incorporated (NYSE:TFX) given its below-peer revenue growth rates and seeming lack of participation in the broader pickup in health care utilization. Teleflex has struggled with recent acquisitions underperforming expectations, and the expected recovery in UroLift volumes remains elusive.”
A doctor in their office, consulting with a patient about the benefits of the company’s interventional urology products.
Teleflex Incorporated (NYSE:TFX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. Teleflex Incorporated (NYSE:TFX) was held by 24 hedge fund portfolios at the end of the first quarter, compared to 20 in the previous quarter, according to our database. Teleflex Incorporated’s (NYSE:TFX) total revenue in the first quarter was $737.8 million, a 3.8 % increase from Q1 2023. While we acknowledge the potential of Teleflex Incorporated (NYSE:TFX) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Conestoga Capital Advisors stated in its Q1 2024 quarterly report that although Teleflex Incorporated (NYSE:TFX) beat revenue and earnings estimates in Q4 2023, investors were concerned about the company’s declining operating margins. In addition, please check out our hedge fund investor letters Q2 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.
