Aristotle Atlantic Partners, LLC, an investment advisor, released its “Focus Growth Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The U.S. equity market continued its rise to new record highs, with the S&P 500 Index increasing by 5.89% during the period. Aristotle Atlantic’s Focus Growth strategy returned 2.84% gross of fees (2.82% net of fees) in the quarter underperforming the Russell 1000 Growth Index’s 3.19% total return. The relative outperformance was due to both allocation effects and security selection. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Aristotle Focus Growth Strategy highlighted stocks like Trane Technologies plc (NYSE:TT) in the Q3 2024 investor letter. Trane Technologies plc (NYSE:TT) provides solutions for heating, ventilation, air conditioning, and transport refrigeration. The one-month return of Trane Technologies plc (NYSE:TT) was -3.63%, and its shares gained 71.68% of their value over the last 52 weeks. On October 31, 2024, Trane Technologies plc (NYSE:TT) stock closed at $370.16 per share with a market capitalization of $84.192 billion.
Aristotle Focus Growth Strategy stated the following regarding Trane Technologies plc (NYSE:TT) in its Q3 2024 investor letter:
“Trane Technologies plc (NYSE:TT) contributed to performance in the third quarter. After reporting second quarter earnings and revenue that exceeded consensus estimates in early August, the company’s management appeared at multiple investor events in September where they spoke about opportunities for the HVAC market. There is strength in the commercial business related to improving energy efficiency demand broadly and additional cooling opportunities in data centers. The residential business is beginning to recover after a period of weakness.”
A worker inspecting a newly installed heating unit in a modern home.
Trane Technologies plc (NYSE:TT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held Trane Technologies plc (NYSE:TT) at the end of the second quarter which was 46 in the previous quarter. While we acknowledge the potential of Trane Technologies plc (NYSE:TT) 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.
In another article, we discussed Trane Technologies plc (NYSE:TT) and shared the list of top stocks that are poised to disrupt their industries by 2030 with technology according to investment bank UBS. In addition, please check out our hedge fund investor letters Q3 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.