Harding Loevner, an asset management company, released its “Global Equity Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund generated a 6.9% gross of fee return in the first quarter compared to an 8.3% gain for the MSCI All Country World. Despite rising bond yields, the stock market gained throughout the quarter, partly because of continued interest in the potential applications of artificial intelligence. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Harding Loevner Global Equity Strategy highlighted stocks like Rockwell Automation, Inc. (NYSE:ROK), in the first quarter 2024 investor letter. Rockwell Automation, Inc. (NYSE:ROK) offers industrial automation, and digital transformation solutions. The one-month return of Rockwell Automation, Inc. (NYSE:ROK) was -4.76%, and its shares lost 8.30% of their value over the last 52 weeks. On May 30, 2024, Rockwell Automation, Inc. (NYSE:ROK) stock closed at $257.18 per share with a market capitalization of $29.319 billion.
Harding Loevner Global Equity Strategy stated the following regarding Rockwell Automation, Inc. (NYSE:ROK) in its first quarter 2024 investor letter:
“In Industrials, US-based Rockwell Automation, Inc. (NYSE:ROK), which provides automation technology to manufacturers, reported weak quarterly results, as the company’s earlier efforts to clear a pandemic-related backlog left it with insufficient inventory to satisfy new orders.”
A technician in a factory setting next to an industrial automation machine.
Rockwell Automation, Inc. (NYSE:ROK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Rockwell Automation, Inc. (NYSE:ROK) at the end of the first quarter which was 43 in the previous quarter.
Rockwell Automation, Inc.’s (NYSE:ROK) sales in the quarter were down 6.6% compared to last year and organic sales were down 8.1%. Also, the company reduced its guidance for fiscal ’24.
In another article, we discussed Rockwell Automation, Inc. (NYSE:ROK) and shared the list of stocks whose price targets were recently trimmed by analysts. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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.