Aoris Investment Management, a specialist international equity manager, released its “Aoris International Fund” Q2 2024 investor letter. A copy of the letter can be downloaded here. In the quarter, Portfolio’s Class A (Unhedged) returned -2.9% compared to 0.5% return for the MSCI AC World Accum Index ex-Australia (AUD). The fund’s Class C (Hedged) returned -1.0% compared to a 3.3% return for the MSCI AC World Accum Index ex-Australia 100% Hedged (AUD). In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Aoris International Fund highlighted stocks like CDW Corporation (NASDAQ:CDW), in the second quarter 2024 investor letter. CDW Corporation (NASDAQ:CDW), with a market capitalization of $29.54 billion, is an information technology (IT) solutions provider. The one-month return of CDW Corporation (NASDAQ:CDW) was -3.52%, and its shares gained 7.97% of their value over the last 52 weeks. On August 20, 2024, CDW Corporation (NASDAQ:CDW) stock closed at $221.15 per share.
Aoris International Fund stated the following regarding CDW Corporation (NASDAQ:CDW) in its Q2 2024 investor letter:
“The largest detractors for the quarter were Accenture and CDW Corporation (NASDAQ:CDW), which both fell by around 14%. Accenture and CDW are currently experiencing flattish years in terms of revenue and earnings growth. This follows a period of post-pandemic elevated demand. We believe both companies continue to gain market share.
CDW is the largest value-added IT reseller in the US. After a strong post-pandemic period of demand for hardware such as laptops, CDW’s customers are currently in a period of more restrained spending. This is normal and we expect demand to recover as these devices age in the next couple of years. CDW continues to deepen its customer relationships, serving as a trusted adviser on cloud, cybersecurity, networking and devices, and continues to gain market share.”
An IT Executive reviewing blueprints and schematics for a hardware solution.
CDW Corporation (NASDAQ:CDW) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held CDW Corporation (NASDAQ:CDW) at the end of the second quarter which was 31 in the previous quarter. During the second quarter, CDW Corporation (NASDAQ:CDW) delivered net sales of $5.4 billion, a 3.6% decrease from Q2 2023, and a gross profit of $1.2 billion, which was flat year over year. While we acknowledge the potential of CDW Corporation (NASDAQ:CDW) 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 CDW Corporation (NASDAQ:CDW) and shared Wedgewood Partners’ views on the company. 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.