Alluvium Asset Management, an asset management company, released its “Conventum – Alluvium Global Fund” second-quarter 2024 investor letter. A copy of the same can be downloaded here. The Fund retreated by 2.3%, 3.0%, and 5.3% in EUR, USD, and AUD respectively, in the quarter. Excitement over AI continues, and some are drawing comparisons between the current environment and the late 1990s dot-com bubble. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conventum – Alluvium Global Fund highlighted stocks like H&R Block, Inc. (NYSE:HRB), in the second quarter 2024 investor letter. H&R Block, Inc. (NYSE:HRB) provides assisted income tax return preparation and do-it-yourself (DIY) tax return preparation services and products. One-month return of H&R Block, Inc. (NYSE:HRB) was 3.74%, and its shares gained 68.32% of their value over the last 52 weeks. On August 2, 2024, H&R Block, Inc. (NYSE:HRB) stock closed at $56.79 per share with a market capitalization of $7.924 billion.
Conventum – Alluvium Global Fund stated the following regarding H&R Block, Inc. (NYSE:HRB) in its Q2 2024 investor letter:
“H&R Block, Inc. (NYSE:HRB), the tax agents, was up 11.1%. This business has been a slow and steady performer. With some organic revenue growth, good returns from buying back franchises, and applying excess capital to stock buybacks, over the five years we have owned H&R Block it has doubled its earnings per share. But with the premium to our valuation that it now trades, and having grown to 4.9% of the Fund, we are closely monitoring.”
An experienced tax accountant reviewing paper work on their desk.
H&R Block, Inc. (NYSE:HRB) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held H&R Block, Inc. (NYSE:HRB) at the end of the first quarter which was 24 in the previous quarter. H&R Block, Inc. (NYSE:HRB) reported $2.2 billion in revenues in the third fiscal quarter of 2024, up 4% or $91 million compared to prior-year quarter. While we acknowledge the potential of H&R Block, Inc. (NYSE:HRB) 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 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.