Aristotle Capital Boston, LLC, an investment advisor, released its “Small/Mid Cap Equity Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund delivered a 9.48% net of fees (9.66% gross of fees) outperforming the Russell 2500 Index’s 8.75% total return. Security selection drove the outperformance while allocation effects detracted. For more information on the fund’s best picks in 2024, please check its top five holdings.
Aristotle Small/Mid Cap Equity Strategy highlighted stocks like Permian Resources Corporation (NYSE:PR) in the third quarter 2024 investor letter. Permian Resources Corporation (NYSE:PR) is an independent oil and natural gas company. The one-month return of Permian Resources Corporation (NYSE:PR) was 4.92%, and its shares gained 11.68% of their value over the last 52 weeks. On November 8, 2024, Permian Resources Corporation (NYSE:PR) stock closed at $14.92 per share with a market capitalization of $11.986 billion.
Aristotle Small/Mid Cap Equity Strategy stated the following regarding Permian Resources Corporation (NYSE:PR) in its Q3 2024 investor letter:
“Permian Resources Corporation (NYSE:PR) is a Texas-based oil & gas exploration & production company with a large acreage position and deep inventory of high return potential drilling locations in the core of the Permian Basin. We expect management to continue to execute on its strategy of optimizing returns, diligently allocating capital to new opportunities, and returning excess capital to shareholders.”
An oil rig pumping station with a clear sky behind it, illustrating the company’s wide range of activities in the oil and gas business.
Permian Resources Corporation (NYSE:PR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Permian Resources Corporation (NYSE:PR) at the end of the second quarter which was 41 in the previous quarter. While we acknowledge the potential of Permian Resources Corporation (NYSE:PR) 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 Permian Resources Corporation (NYSE:PR) and shared the list of best small-cap value stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.