Investment management company Ave Maria recently released its “Ave Maria World Equity Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund returned -4.24% compared to the MSCI All Country World Index’s 2.87% return. Since its inception on April 30, 2010, the fund’s annualized return was 7.13% compared to the 9.11% annualized return for the benchmark. You can check the fund’s top 5 holdings for its best picks for 2024.
Ave Maria World Equity Fund highlighted stocks like Stevanato Group S.p.A. (NYSE:STVN) in the second quarter 2024 investor letter. Stevanato Group S.p.A. (NYSE:STVN) designs and distributes products and processes to offer integrated solutions for the biopharma and healthcare industries. The one-month return of Stevanato Group S.p.A. (NYSE:STVN) was -0.95%, and its shares lost 30.63% of their value over the last 52 weeks. On September 10, 2024, Stevanato Group S.p.A. (NYSE:STVN) stock closed at $20.11 per share with a market capitalization of $5.487 billion.
Ave Maria World Equity Fund stated the following regarding Stevanato Group S.p.A. (NYSE:STVN) in its Q2 2024 investor letter:
“Bottom contributors to performance included StoneCo Ltd. and Stevanato Group S.p.A. (NYSE:STVN). Stevanato Group S.p.A is a leading provider of drug containment products and serves many of the leading pharmaceutical and biotechnology companies. The company is a long-term beneficiary from the transition from small molecule drugs to biologics.”
A scientist in a laboratory observing a drug delivery system through a microscope.
Stevanato Group S.p.A. (NYSE:STVN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Stevanato Group S.p.A. (NYSE:STVN) at the end of the second quarter which was 15 in the previous quarter. The first quarter revenue of Stevanato Group S.p.A. (NYSE:STVN) reduced 1% year-over-year to €236 million. While we acknowledge the potential of Stevanato Group S.p.A. (NYSE:STVN) 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 Stevanato Group S.p.A. (NYSE:STVN) and shared Baron Discovery Fund’s views on the company. Stevanato Group S.p.A. (NYSE:STVN) detracted from the performance of Conestoga Capital Advisors in Q2 2024. 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.