Aristotle Capital Boston, LLC, an investment advisor, released its “Small Cap Equity Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund delivered a return of -1.56% net of fees (-1.41% gross of fees) outperforming the Russell 2000 Index’s -3.28% total return. Security selection drove the outperformance while allocation effects also contributed. For more information on the fund’s best picks in 2024, please check its top five holdings.
Aristotle Small Cap Equity Strategy highlighted stocks like Ardmore Shipping Corporation (NYSE:ASC) in its Q2 2024 investor letter. Ardmore Shipping Corporation (NYSE:ASC) engages in the seaborne transportation of petroleum products and chemicals. The one-month return of Ardmore Shipping Corporation (NYSE:ASC) was -8.88%, and its shares gained 51.51% of their value over the last 52 weeks. On July 26, 2024, Ardmore Shipping Corporation (NYSE:ASC) stock closed at $20.53 per share with a market capitalization of $856.7 million.
Aristotle Small Cap Equity Strategy stated the following regarding Ardmore Shipping Corporation (NYSE:ASC) in its Q2 2024 investor letter:
“Ardmore Shipping Corporation (NYSE:ASC), a product and chemical transportation company focused on modern mid-sized vessels, appreciated amid global refinery shifts and geopolitical factors, boosted voyage lengths and demand for product tankers. We maintain a position, as we believe the company continues to operate from a position of strength, driven by recent shareholder-friendly capital allocation decisions, strong operating performance, and a favorable industry supply-demand backdrop.”
A tanker filled with petroleum products, sailing through a calm sea.
Ardmore Shipping Corporation (NYSE:ASC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Ardmore Shipping Corporation (NYSE:ASC) at the end of the first quarter which was 16 in the previous quarter. Ardmore Shipping Corporation (NYSE:ASC) expects strong momentum to continue into 2024, driven by positive fundamentals and geopolitical impacts. First quarter performance showed robust market conditions with adjusted earnings of $38 million or $0.92 per share, expected to strengthen further in the next quarter. While we acknowledge the potential of Ardmore Shipping Corporation (NYSE:ASC) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Ardmore Shipping Corporation (NYSE:ASC) and shared Aristotle Atlantic Core Equity Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.