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 Pool Corporation (NASDAQ:POOL) in the second quarter 2023 investor letter. Headquartered in Covington, Louisiana, Pool Corporation (NASDAQ:POOL) is a swimming pool supplies, equipment, and related leisure products distributor. On August 25, 2023, Pool Corporation (NASDAQ:POOL) stock closed at $353.98 per share. One-month return of Pool Corporation (NASDAQ:POOL) was -8.00%, and its shares gained 2.84% of their value over the last 52 weeks. Pool Corporation (NASDAQ:POOL) has a market capitalization of $13.824 billion.
Aristotle Small/Mid Cap Equity Composite made the following comment about Pool Corporation (NASDAQ:POOL) in its second quarter 2023 investor letter:
“Pool Corporation (NASDAQ:POOL), the world’s largest wholesale distributor of swimming pool supplies and equipment offering pool maintenance, construction, renovation, irrigation, landscape and outdoor living products, was added to the portfolio. We believe the company’s overwhelming leadership position in wholesale distribution, coupled with its high level of recurring, non-discretionary sales should enable the business to continue to deliver strong operating performance in periods to come. New products, investments in technology, and penetration outside of the U.S. also serve as catalysts for future shareholder value creation, in our opinion.”
Pool Corporation (NASDAQ:POOL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Pool Corporation (NASDAQ:POOL) at the end of second quarter which was 41 in the previous quarter.
We discussed Pool Corporation (NASDAQ:POOL) in another article and shared Artisan Global Discovery Fund’s views on the company. 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.
