Baird Equity Asset Management, an investment management company, released its “Baird Mid Cap Growth Equity Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The strategy returned -8.9%, net of fees, in the second quarter, compared to the Russell Midcap Growth’s -3.2% decline. It was a challenging quarter due to portfolio positioning and ongoing benchmark factor headwinds, which negatively impacted the relative performance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baird Mid Cap Growth Equity Strategy highlighted stocks like Vertiv Holdings Co (NYSE:VRT), in the second quarter 2024 investor letter. Vertiv Holdings Co (NYSE:VRT) designs, manufactures, and services critical digital infrastructure technologies and life cycle services for data centers, communication networks, and commercial and industrial environments. The one-month return of Vertiv Holdings Co (NYSE:VRT) was 25.60%, and its shares gained 171.29% of their value over the last 52 weeks. On September 25, 2024, Vertiv Holdings Co (NYSE:VRT) stock closed at $100.74 per share with a market capitalization of $37.60 billion.
Baird Mid Cap Growth Equity Strategy stated the following regarding Vertiv Holdings Co (NYSE:VRT) in its Q2 2024 investor letter:
“We made several adjustments to our technology sector mix. We also added Manhattan Associates and Vertiv Holdings Co (NYSE:VRT). Vertiv is a power equipment company benefitting from secular growth in data center spending and in artificial intelligence-driven thermal management solutions.”
A close-up of a group of technicians working on complex data center systems.
Vertiv Holdings Co (NYSE:VRT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 92 hedge fund portfolios held Vertiv Holdings Co (NYSE:VRT) at the end of the second quarter which was 85 in the previous quarter. While we acknowledge the potential of Vertiv Holdings Co (NYSE:VRT) 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 Vertiv Holdings Co (NYSE:VRT) and shared Jim Cramer’s top stock picks to buy and sell. 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.