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Large Cap Growth 1Q 2019 Commentary

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Large Cap Growth 1Q 2019 Commentary Large Cap Growth 1Q 2019 Commentary Markets Review Growth Index. Since its inception on November 1, 2016, the Large Cap Growth Composite has posted a total return of 21.19% gross of Markets (total return) performed as follows: fees (20.72% net of fees), while the Russell 1000 Growth Index has Index Returns registered a total return of 19.59%. First Quarter 2019 Performance Scorecard WTI Crude Oil 33.70 First Quarter 2019 NASDAQ Composite Index 16.80 Large Cap Growth Composite, gross Russell 1000 Growth Index 16.10 19.74 Russell 2000 Index 14.58 Large Cap Growth Composite, net 19.62 S&P 500 Index 13.65 Russell 1000 Growth Index 16.10 Russell 1000 Value Index 11.93 S&P 500 Index 13.65 Dow Jones Industrial Average 11.80 Russell 1000 Value Index 11.93 Bloomberg Barclays U.S. Aggregate Index 2.94 Gold 0.77 Russell 2000 Index 14.58 0 5 10 15 20 25 3-Month U.S. Treasury Bill 0.60 0 10 20 30 40 Total Return (%) Total Return (%) Sources: SS&C Advent; Russell Investments; Standard & Poor’s Past performance is not indicative of future results. Returns are presented gross and net of Source: FactSet investment advisory fees and include the reinvestment of all income. Aristotle Atlantic Composite returns are preliminary pending nal account reconciliation. Please see important Past performance is not indicative of future results. Please see important disclosures at the disclosures at the end of this document. end of this document. Financial markets rallied in the first quarter of 2019, with performance Security selection accounted for nearly all of the strategy’s for most indices resembling annual figures. A more dovish Federal outperformance relative to the Russell 1000 Growth Index for the Reserve and optimism over the potential for a United States-China quarter. Security selection in Health Care, Information Technology trade deal helped offset concerns of slowing economic growth. and Industrials added the most to relative performance. Within each of these sectors, Guardant Health, Alteryx and Roper Technologies Overall, the S&P 500 Index gained 13.65% during the first three were the main relative contributors, respectively. Conversely, security months of the year—its best quarter in nearly 10 years. Gains were selection in Communication Services, Financials and Consumer broad-based, with all 11 sectors in the S&P 500 Index advancing at Discretionary detracted from relative performance. Within each least 6%. of these sectors, Take-Two Interactive Software, Intercontinental The latest economic data provided a mixed picture. Fourth quarter Exchange and Expedia were the main relative detractors, respectively. GDP grew at a slower annual rate of 2.2%. Rising consumer spending and business investment were partly offset by weaker housing data. Top Five Contributors* Top Five Detractors* February nonfarm payrolls came in below expectations; however, the Guardant Health Take-Two Interactive Software labor market remained quite healthy overall, with the unemployment Alteryx Intercontinental Exchange rate at just 3.8% and wage growth above 3%. Roper Technologies Expedia Estée Lauder Prologis Performance and Attribution Summary Avery Dennison Celanese For the first quarter of 2019, Aristotle Atlantic’s Large Cap Growth *Securities listed had the best or worst relative performance within the best- or worst- Composite posted a total return of 19.74% gross of fees (19.62% net performing sectors relative to the benchmark. Past performance is not indicative of future of fees), outperforming the 16.10% total return of the Russell 1000 results. Please see important disclosures at the end of this document. New York | Los Angeles | Newport Beach | Boston 1 1Q 2019 Large Cap Growth Commentary Aristotle Atlantic Partners, LLC Top Contributors largest financial companies are launching a low-cost rival trading platform. The new venue is called Members Exchange, or MEMX. Guardant Health, Inc. Nine entities, including Morgan Stanley, Fidelity Investments Shares of recently purchased Guardant Health increased after the and Citadel Securities, will maintain control over MEMX. Other company released the results of a head-to-head test, comparing investors include Bank of America Merrill Lynch and UBS, as well its Guardant360® assay to standard tissue biopsies of previously as retail brokers Charles Schwab, E-Trade and TD Ameritrade. untreated lung cancer patients. Guardant’s blood tests were able to find mutations at a similar rate to tissue-based testing while providing Despite being a relative detractor, Intercontinental Exchange a faster turnaround time and offering a less-invasive procedure. reported strong financials during the quarter, achieving strong top- Guardant Health’s stock also benefited after the company reported and bottom-line growth for the full year, its 13th consecutive year strong fourth quarter sales. Revenue spiked 64%, beating forecasts. of revenue growth. For all of 2018, the exchange operator grew In addition, Guardant Health expects full-year 2019 revenue to be its revenue by 7% year over year to just under $5 billion, while its in the range of $130 million to $135 million, representing 43% to adjusted net income was $2.1 billion and adjusted earnings per share 49% growth over full-year 2018. came in at $3.59, up 21% year over year. Strong performance was primarily attributable to robust growth in trading volumes across Alteryx, Inc. asset classes. In addition, the company returned nearly $1.8 billion Data science company Alteryx was once again a top contributor to stockholders in repurchases and dividends. in the portfolio. Alteryx reported strong operating performance, Total Contribution to Relative Return by Sector benefiting from a continuing global demand for analytics. For all versus Russell 1000 Growth Index of 2018, sales were $254 million, a gain of more than 90% year First Quarter 2019 over year. The company reported a profit of $28 million during that period. Alteryx ended the fourth quarter of 2018 with 4,696 Communication Services -0.81 customers, a 38% increase from the fourth quarter of 2017, and added Consumer Discretionary -0.10 381 net new customers in the fourth quarter of 2018. Also during Consumer Staples 0.42 the quarter, Alteryx announced a new strategic partnership with Energy 0.00 Thomson Reuters to streamline data analysis for tax professionals. Financials -0.14 Partnerships Alteryx already has in place include Amazon Web Health Care 2.95 Services, Microsoft, Salesforce, Oracle and Tableau. Industrials 0.59 Information Technology 0.93 Bottom Detractors Materials 0.20 Take-Two Interactive Software, Inc. Real Estate 0.13 Take-Two was a primary detractor. Recent trends suggest that Utilities 0.00 growth could be slowing, in part due to competing offerings. Apple Cash -0.21 announced during the quarter that it will bring a new subscription -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 gaming model (Arcade) to its devices, while Google unveiled Stadia, Total Contribution to Relative Return (%) a gaming service that allows players to bypass consoles and stream video games from the cloud into portable devices and smart TVs. Source: FactSet Past performance is not indicative of future results. Attribution results are based on sector Meanwhile, the online version of Red Dead Redemption 2, one of returns, which are gross of investment advisory fees and include the reinvestment of all income. Take-Two’s most popular games, is not expected to be released from Please see important disclosures at the end of this document. beta until the second half of 2019 and the next installment of the Grand Theft Auto franchise is not expected until 2022. Free-to- Recent Portfolio Activity play “battle royale” games, including Fortnite and Electronic Arts’ The table below shows all buys and sells completed during the recently released Apex Legends, continue to exceed user count and quarter, followed by a brief rationale for the final two buys and sells revenue expectations. Take-Two has yet to announce a competing that occurred. offering, and we are concerned that a secular shift is occurring in the industry in terms of how video games are distributed (shift to free- Buys Sells to-play) and monetized (shift to in-game purchases). Ball Celanese Intercontinental Exchange, Inc. Guardant Health Celgene Shares of Intercontinental Exchange, one of the largest exchange Illumina Charles Schwab operators in the world, declined on news that some of Wall Street’s Twilio Take-Two Interactive Software New York | Los Angeles | Newport Beach | Boston 2 1Q 2019 Large Cap Growth Commentary Aristotle Atlantic Partners, LLC Buys commercial since 2014, provides genomic results from a blood draw to match patients with the best treatments. The test covers Ball Corporation all gene mutations/biomarkers associated with the tumor types Headquartered in Colorado, but serving customers worldwide as profiled by the National Comprehensive Cancer Network through over 100 locations in about 30 countries, Ball provides (NCCN) and the 73 genes most relevant to clinical care options metal packaging for beverages, foods and household products. It in non-small cell lung cancer (NSCLC). The company expects to also supplies aerospace and other technologies and services to achieve full FDA approval in 2019, which could unlock additional commercial and governmental customers. Ball’s packaging revenue payer coverage and pan-cancer Medicare coverage, which would (more than 90% of its net sales) is derived from a relatively few major further accelerate adoption and testing volume through a national beverage-producing companies and brands, such as Coca-Cola and coverage determination. The GuardantOMNI platform is currently Unilever, while its aerospace segment provides an array of aerospace commercial in R&D settings for use as a comprehensive genomic systems and services (such as spacecraft, instruments and sensors, profiling tool to help in the development of tailored immuno- and data solutions), mostly to the U.S.
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