Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. Markets rose modestly in the second quarter of 2024, providing positive returns across most regions and countries. The strategy trailed the Russell 1000 Index in Q2 and returned -3.90% (net) vs 3.57% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.
Diamond Hill Large Cap Strategy highlighted stocks like Bank of America Corporation (NYSE:BAC), in the second quarter 2024 investor letter. Founded in 1784, Bank of America Corporation (NYSE:BAC) offers banking and financial products and services. The one-month return of Bank of America Corporation (NYSE:BAC) was -1.25%, and its shares gained 44.66% of their value over the last 52 weeks. On September 24, 2024, Bank of America Corporation (NYSE:BAC) stock closed at $39.45 per share with a market capitalization of $306.115 billion.
Diamond Hill Large Cap Strategy stated the following regarding Bank of America Corporation (NYSE:BAC) in its Q2 2024 investor letter:
“Other top contributors in Q2 included Bank of America Corporation (NYSE:BAC) and Extra Space Storage. Shares of financial services company Bank of America rose in the quarter as it looks increasingly likely net interest income will inflect and begin growing again in 2024’s back half and into 2025.”
A customer walking into a bank branch, expressing the convenience of consumer banking services.
Bank of America Corporation (NYSE:BAC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 92 hedge fund portfolios held Bank of America Corporation (NYSE:BAC) at the end of the second quarter which was 82 in the previous quarter. While we acknowledge the potential of Bank of America Corporation (NYSE:BAC) 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 Bank of America Corporation (NYSE:BAC) and shared the list of undervalued blue chip 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.