Janus Henderson Investors, an investment management company, released its “Janus Henderson Contrarian Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund returned -1.92% in the second quarter, compared to the S&P 500® Index’s 4.28% return. Along with an accommodative monetary policy, the profits forecast for companies other than the mega-cap tech giants is improving and may act as a catalyst to expand market returns. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Janus Henderson Contrarian Fund highlighted stocks like Howmet Aerospace Inc. (NYSE:HWM), in the second quarter 2024 investor letter. Howmet Aerospace Inc. (NYSE:HWM) offers advanced engineered solutions for the aerospace and transportation industries that operate through Engine Products, Fastening Systems, Engineered Structures, and Forged Wheels segments. The one-month return of Howmet Aerospace Inc. (NYSE:HWM) was 1.73%, and its shares gained 115.30% of their value over the last 52 weeks. On September 23, 2024, Howmet Aerospace Inc. (NYSE:HWM) stock closed at $98.63 per share with a market capitalization of $40.256 billion.
Janus Henderson Contrarian Fund stated the following regarding Howmet Aerospace Inc. (NYSE:HWM) in its Q2 2024 investor letter:
“Howmet Aerospace Inc. (NYSE:HWM), a manufacturer of specialized aircraft components, was another top contributor to relative performance. The stock experienced a notable performance boost after beating first-quarter earnings expectations and raising full-year guidance. The company benefited from a resurgence in air travel, pushing commercial aerospace sales up by 23%. Despite the potential sales impact from Boeing’s 737 MAX production challenges, the extended operation of existing airline fleets could lead to heightened demand for spare parts, offsetting concerns.”
Engineers examining stress tests of an aircraft engine, working to make sure its ready for flight.
Howmet Aerospace Inc. (NYSE:HWM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Howmet Aerospace Inc. (NYSE:HWM) at the end of the second quarter which was 44 in the previous quarter. Howmet Aerospace Inc. (NYSE:HWM) had a strong Q2, with revenue surging 14% due to robust growth in commercial aerospace. While we acknowledge the potential of Howmet Aerospace Inc. (NYSE:HWM) 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 Howmet Aerospace Inc. (NYSE:HWM) and shared the list of best defense stocks to buy. 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.