Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Select Fund” second quarter 2024 investor letter. A copy of the fund can be downloaded here. The fund returned -1.68% in the quarter compared to a 2.63% return for the MSCI World Index (net). The fund generated 7.39% since its inception, compared to the index’s 7.47% return over the same period. The largest contributing sectors were communication services and consumer discretionary, while the largest detractors were health care and industrials. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Oakmark Global Select Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in its Q2 2024 investor letter. Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, offers various platforms and services operating through Google Services, Google Cloud, and Other Bets segments. The one-month return of Alphabet Inc. (NASDAQ:GOOG) was 5.97%, and its shares gained 50.04% of their value over the last 52 weeks. On July 11, 2024, Alphabet Inc. (NASDAQ:GOOG) stock closed at $187.30 per share with a market capitalization of $2.303 trillion.
Oakmark Global Select Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its Q2 2024 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) was the top contributor during the quarter. The stock price rose after the U.S.-based communication services company reported first-quarter operating income growth of 31% versus the prior year. We believe management’s cost reduction initiatives will improve operating efficiency and lead to faster earnings growth. In addition, we expect the company’s new AI-powered features showcased at the recent Google I/O conference will increase the value of its products to users. At the current share price, we continue to see upside to our estimate of Alphabet’s intrinsic value.”
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Alphabet Inc. (NASDAQ:GOOG) is in 7th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 165 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the first quarter which was 166 in the previous quarter. While we acknowledge the potential of Alphabet Inc. (NASDAQ:GOOG) 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.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of best AI stocks for the second half of 2024 and Alphabet Inc. (NASDAQ:GOOG) is in 3rd position on the list. In its Q2 2024 investor letter, Alphyn Capital Management discussed Alphabet Inc. (NASDAQ:GOOG) and stated that the stock continued its strong performance over the quarter. In addition, please check out our hedge fund investor letters Q2 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.