Aristotle Atlantic Partners, an investment management firm, released its second quarter 2023 investor letter, a copy of which can be downloaded here. For the second quarter of 2023, Aristotle Atlantic’s Core Equity Composite posted a total return of 9.29 % gross of fees (9.18% net of fees), outperforming the S&P 500 Index, which recorded a total return of 8.74%. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
In its Q2 2023 investor letter, Aristotle Atlantic Partners mentioned Broadcom Inc. (NASDAQ:AVGO) and explained its insights for the company. Founded in 1991, Broadcom Inc. (NASDAQ:AVGO) is a San Jose, California-based semiconductor manufacturing company with a $371.3 billion market capitalization. Broadcom Inc. (NASDAQ:AVGO) delivered a 60.93% return since the beginning of the year, while its 12-month returns are up by 68.03%. The stock closed at $899.79 per share on July 28, 2023.
Here is what Aristotle Atlantic Partners has to say about Broadcom Inc. (NASDAQ:AVGO) in its Q2 2023 investor letter:
“Broadcom contributed to outperformance, as the company is seen as a key beneficiary of the investment in generative Artificial Intelligence (AI) and Large Language Models (LLM). The company’s Application-Specific Integrated Circuit (ASIC) chips are being custom-built for customers to use in their data centers for accelerated computing. Broadcom’s networking chipsets are also expected to see increased levels of demand, as customers increase investments to enable the high-speed data transfer required by advanced AI training and inference. The company also announced a new multi-year supplier relationship with Apple, the company’s largest customer.”
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Our calculations show that Broadcom Inc. (NASDAQ:AVGO) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. Broadcom Inc. (NASDAQ:AVGO) was in 72 hedge fund portfolios at the end of the first quarter of 2023, compared to 74 funds in the previous quarter. Broadcom Inc. (NASDAQ:AVGO) delivered a 43.62% return in the past 3 months.
We also discussed Broadcom Inc. (NASDAQ:AVGO) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q2 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.