Here’s Why Aristotle Atlantic’s Large Cap Growth Strategy Sold Ameriprise Financial (AMP)


Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered -5.34% gross of fees (-5.51% net of fees) underperforming the Russell 1000 Growth Index’s return of -3.13%. Security selection and allocation effects led the portfolio to underperform in the quarter. Holdings in Health Care, Industrials, and Financials detracted from the relative performance of the quarter. Information Technology and Real Estate, as well as overweight exposure to healthcare, contributed to relative returns in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Aristotle Large Cap Growth Strategy highlighted stocks like Ameriprise Financial, Inc. (NYSE:AMP) in the third quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, Ameriprise Financial, Inc. (NYSE:AMP) provides various financial products and services. On October 23, 2023, Ameriprise Financial, Inc. (NYSE:AMP) stock closed at $311.35 per share. One-month return of Ameriprise Financial, Inc. (NYSE:AMP) was -5.06%, and its shares gained 11.89% of their value over the last 52 weeks. Ameriprise Financial, Inc. (NYSE:AMP) has a market capitalization of $32.039 billion.

Aristotle Large Cap Growth Strategy made the following comment about Ameriprise Financial, Inc. (NYSE:AMP) in its Q3 2023 investor letter:

“We sold our position in Ameriprise Financial, Inc. (NYSE:AMP) out of the Large Cap Growth strategy to fund our initiation of Meta Platforms. We continue to believe Amerprise’s continued mix-shift to its higher-growth, higher-margin and less capital-intensive Advice & Wealth Management business will increase shareholder value over time; however, META offers a more attractive risk-reward opportunity currently, in our view. In addition, Ameriprise Financial continues to face the near-term headwinds that sustained high-interest rates have on its securities portfolio and customer cash-sorting activity.”

A modern looking financial adviser sitting in front of a trading monitor, gesturing to a group of investors. Editorial photo for a financial news article. 8k. –ar 16:9

Ameriprise Financial, Inc. (NYSE:AMP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Ameriprise Financial, Inc. (NYSE:AMP) at the end of second quarter which was 39 in the previous quarter.

We discussed Ameriprise Financial, Inc. (NYSE:AMP) in another article and shared the list of biggest publicly traded asset managers in the world. In addition, please check out our hedge fund investor letters Q3 2023 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.

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