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Aristotle Atlantic Partners, LLC, an investment advisor, released its “Core Equity Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund posted a return of 5.35% net of fees compared to a 7.50% return for the S&P 500 Index. The fund’s underperformance in the quarter was primarily because of the security selection and allocation effects. Holdings in Consumer Discretionary, Industrials, and Energy detracted from relative performance. On the other hand, holdings in Information Technology and Health Care, as well as an underweight exposure in Energy, contributed towards the relative performance of the strategy in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Atlantic Core Equity Strategy highlighted stocks like Zoetis Inc. (NYSE:ZTS) in the first quarter 2023 investor letter. Headquartered in Parsippany, New Jersey, Zoetis Inc. (NYSE:ZTS) is an animal health medicines, vaccines, and diagnostic products manufacturer. On June 20, 2023, Zoetis Inc. (NYSE:ZTS) stock closed at $168.91 per share. One-month return of Zoetis Inc. (NYSE:ZTS) was -5.91%, and its shares gained 6.35% of their value over the last 52 weeks. Zoetis Inc. (NYSE:ZTS) has a market capitalization of $78.055 billion.
Aristotle Atlantic Core Equity Strategy made the following comment about Zoetis Inc. (NYSE:ZTS) in its first quarter 2023 investor letter:
"Zoetis Inc. (NYSE:ZTS) is a global leader in the animal health industry, focused on the discovery, development, manufacture and commercialization of medicines, vaccines, diagnostic products, and services, biodevices, genetic tests and precision animal health technology. It has a diversified business, commercializing products across eight core species: dogs, cats, horses, cattle, swine, poultry, fish, and sheep within seven major product categories: vaccines, parasiticides, anti-infectives, dermatology, other pharmaceutical products, medicated feed additives and animal health diagnostics. Zoetis boasts approximately 300 product lines sold in more than 100 countries around the world, making it one of the world's largest animal health businesses. Approximately 53% of the company's total revenue is generated from the US.