Aristotle Capital Boston, LLC, an investment advisor, released its “Small Cap Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund delivered a return of 3.96% net of fees (4.11% gross of fees) trailing the Russell 2000 Index’s 5.18% total return. Security selection detracted from the performance while allocation effects positively contributed. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Aristotle Capital Small Cap Equity Strategy highlighted stocks like ModivCare Inc. (NASDAQ:MODV), in the first quarter 2024 investor letter. ModivCare Inc. (NASDAQ:MODV) is a technology-enabled healthcare services company with a market capitalization of $391.937 million. The one-month return of ModivCare Inc. (NASDAQ:MODV) was 17.06%, and its shares lost 44.81% of their value over the last 52 weeks. On May 24, 2024, ModivCare Inc. (NASDAQ:MODV) stock closed at $27.58 per share.
Aristotle Capital Small Cap Equity Strategy stated the following regarding ModivCare Inc. (NASDAQ:MODV) in its first quarter 2024 investor letter:
“ModivCare Inc. (NASDAQ:MODV), a Colorado-based healthcare services company that provides non-emergency medical transportation (NEMT), homecare services, and remote monitoring to Medicaid and Medicare populations declined during the period amid working capital challenges and a slower than expected start to the year. We continue to maintain a position despite near-term challenges as we believe the longer-term fundamental outlook for the business remains attractive and that an upcoming monetization event should alleviate investor concerns regarding the company’s credit profile.”
A telemedicine consultation taking place with a doctor and a patient over video call.
ModivCare Inc. (NASDAQ:MODV) saw a 3% increase in first-quarter revenue, and its adjusted EBITDA of $32 million aligned with the guidance range. ModivCare Inc. (NASDAQ:MODV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held ModivCare Inc. (NASDAQ:MODV) at the end of the first quarter which was 17 in the previous quarter.
Aristotle Small Cap Equity Strategy commented about ModivCare Inc. (NASDAQ:MODV) in its second quarter 2023 investor letter. In addition, please check out our hedge fund investor letters Q1 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.
