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 Netflix, Inc. (NASDAQ:NFLX) and explained its insights for the company. Founded in 1997, Netflix, Inc. (NASDAQ:NFLX) is a Los Gatos, California-based streaming media company with a $189.2 billion market capitalization. Netflix, Inc. (NASDAQ:NFLX) delivered a 44.39% return since the beginning of the year, while its 12-month returns are up by 89.32%. The stock closed at $425.78 per share on July 28, 2023.
Here is what Aristotle Atlantic Partners has to say about Netflix, Inc. (NASDAQ:NFLX) in its Q2 2023 investor letter:
“Netflix is one of the leaders in streaming entertainment services that offers a broad selection of movies, TV series, documentaries and original content across numerous genres to its 223 million paid subscribers in over 190 countries. The company was initially founded as a DVD-by-mail service but has evolved into the world’s largest streaming-only platform and became one of the largest producers of original video content globally. Netflix offers a variety of subscription-only and adsupported memberships, and its focus on original content and investment in technology to improve the user experience have enabled it to maintain a significant competitive advantage over streaming peers.
We initiated a position in Netflix and see new initiatives and further international expansion which can reaccelerate subscriber additions. The company recently introduced an advertising-supported membership plan that should enable it to augment revenue growth by tapping into the growing market for digital advertising while not cannibalizing its existing subscriptiononly plans. In addition, the company has recently implemented password-sharing restrictions, suggesting that the conversion of former password sharers to paying subscribers is tracking much better than expected. Netflix has led the transition from traditional linear TV to streaming and remains the dominant platform globally.”
Photo by Alexander Shatov on Unsplash
Our calculations show that Netflix, Inc. (NASDAQ:NFLX) ranks 17th on our list of the 30 Most Popular Stocks Among Hedge Funds. Netflix, Inc. (NASDAQ:NFLX) was in 108 hedge fund portfolios at the end of the second quarter of 2023, compared to 117 funds in the previous quarter. Netflix, Inc. (NASDAQ:NFLX) delivered a 29.05% return in the past 3 months.
We also discussed Netflix, Inc. (NASDAQ:NFLX) 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.