Mar Vista Investment Partners, LLC, an investment management company, released the “Mar Vista Strategic Growth Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The stock market experienced a strong rally in the first quarter, everything from stocks to bitcoin, and even gold, saw significant gains. Most of the companies in the S&P 500 index reached a 52-week high in the first quarter. The strategy returned +6.68% net-of-fees in the first quarter compared to +11.41% and +10.56% returns of the Russell 1000 Growth Index and the S&P 500 indexes. Kindly check the top 5 stocks of the strategy to know its best picks in 2024.
Mar Vista Strategic Growth Strategy highlighted stocks like Amazon.com, Inc. (NASDAQ:AMZN) in its Q1 2024 investor letter. Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions operating through North America, International, and Amazon Web Services (AWS) segments. The one-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 0.07%, and its shares gained 46.35% of their value over the last 52 weeks. On June 14, 2024, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $183.66 per share with a market capitalization of $1.911 trillion.
Mar Vista Strategic Growth Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its first quarter 2024 investor letter:
“Amazon.com, Inc. (NASDAQ:AMZN) is experiencing a surge in profitability, reflected in significantly higher retail profit margins. Strategic cost reductions in headcount and fulfillment have materialized into financial gains. While the unexpected pandemic-driven demand surge necessitated a rapid expansion of fulfillment infrastructure, this initially impacted operating profits. However, current unit sales growth has effectively reached equilibrium with fulfillment capacity. This balance is leading to positive adjustments to both earnings and intrinsic value estimates. Should the economic climate continue to improve, we believe Amazon’s investment potential aligns with its projected 15-20% intrinsic value growth trajectory.”
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Amazon.com, Inc. (NASDAQ:AMZN) is in first position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 302 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the first quarter which was 293 in the previous quarter. Amazon.com, Inc. (NASDAQ:AMZN) delivered strong results in the first quarter and reported $143.3 billion in revenue, up 13% year-over-year. While we acknowledge the potential of Amazon.com, Inc. (NASDAQ:AMZN) 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 Amazon.com, Inc. (NASDAQ:AMZN) and shared the top stock picks of billionaire Israel Englander for 2024. In addition, please check out our hedge fund investor letters Q1 2024 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.