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Broadcom (AVGO) Rose in Q4 as AI Business Segments Remained Strong

Aristotle Atlantic Partners, LLC, an investment management company, released its “Core Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 12.95% gross of fees (12.84% net of fees), outperforming the S&P 500 Index, which recorded a total return of 11.69%. Both security selection and allocation effects led the strategy to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Aristotle Atlantic Core Equity Strategy featured stocks like Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter 2023 investor letter. Headquartered in Palo Alto, California, Broadcom Inc. (NASDAQ:AVGO) is a technology company that designs, develops, and supplies semiconductors and infrastructure software solutions. On March 1, 2024, Broadcom Inc. (NASDAQ:AVGO) stock closed at $1,399.17 per share. One-month return of Broadcom Inc. (NASDAQ:AVGO) was 12.55%, and its shares gained 121.07% of their value over the last 52 weeks. Broadcom Inc. (NASDAQ:AVGO) has a market capitalization of $648.405 billion.

Aristotle Atlantic Core Equity Strategy stated the following regarding Broadcom Inc. (NASDAQ:AVGO) in its fourth quarter 2023 investor letter:

"Broadcom Inc. (NASDAQ:AVGO) contributed to portfolio outperformance during the quarter, as the company reported fourth quarter results which continued to show strength in its AI business segments. With the VMware acquisition having closed at the end of November, the company also provided positive fiscal year 2024 guidance on its earnings call that included synergy target goals ahead of schedule and a more positive revenue ramp for the combined businesses."

A technician working at a magnified microscope, developing a new integrated circuit.

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Broadcom Inc. (NASDAQ:AVGO) is in 30th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Broadcom Inc. (NASDAQ:AVGO) was held by 91 hedge fund portfolios, up from 87 in the previous quarter, according to our database.

We discussed Broadcom Inc. (NASDAQ:AVGO) in another article and shared the list of best large cap value stocks to invest in in 2024. In addition, please check out our hedge fund investor letters Q4 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.