Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund posted a return of -4.87% gross of fees compared to -3.60% return for the Russell 1000 Growth Index. Holdings in Information Technology, Consumer Discretionary, and Materials were the major performance detractors. At the same time, investments in Consumer Staples and Financials and an overweight position in Health Care contributed positively to the strategy’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Aristotle Atlantic highlighted stocks like Salesforce, Inc. (NYSE:CRM) in the Q3 2022 investor letter. Headquartered in San Francisco, California, Salesforce, Inc. (NYSE:CRM) is a technology company that provides customer relationship management technologies to connect companies and customers. On November 23, 2022, Salesforce, Inc. (NYSE:CRM) stock closed at $152.24 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was -4.70% and its shares lost 47.35% of their value over the last 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $152.24 billion.
Aristotle Atlantic made the following comment about Salesforce, Inc. (NYSE:CRM) in its Q3 2022 investor letter:
“We sold Salesforce, Inc. (NYSE:CRM) to reduce our weighting in the Information Technology sector. Salesforce held their investor day, and the company reiterated their organic Fiscal Year 2026 revenue target of $50 billion. This target remains more back-end loaded based on current slowing macroeconomic conditions and requires new annual contract growth well ahead of what the company has been averaging for the past few years. We are skeptical that the company will be able to achieve this revenue target organically and see Merger & Acquisitions (M&A) being key to achieving the growth. While we believe Salesforce has shown good success in growing its non-CRM clouds, we do see more competitive pressures emerging for the Marketing and Customer Service Clouds, specifically on the pricing side during a global economic slowdown.”
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Salesforce, Inc. (NYSE:CRM) is in 10th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 117 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of the third quarter, which was 116 in the previous quarter.
We discussed Salesforce, Inc. (NYSE:CRM) in another article and shared the biggest data mining companies in the world. In addition, please check out our hedge fund investor letters Q3 2022 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.