Columbia Threadneedle Investments, an investment management company, released its Columbia Contrarian Core Fund second quarter 2024 investor letter. A copy of the letter can be downloaded here. Columbia Contrarian Core Fund (Institutional Class shares) returned 5.39% (net of fees) in the quarter compared to the Russell 1000 Index’s 3.57% return. Favorable stock selection and positive sector allocation drove the fund’s outperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Columbia Contrarian Core Fund highlighted stocks like Pinterest, Inc. (NYSE:PINS) in the second quarter 2024 investor letter. Pinterest, Inc. (NYSE:PINS) is a visual search and discovery platform that enables users to find ideas, such as recipes, home and style inspiration. The one-month return of Pinterest, Inc. (NYSE:PINS) was 2.12%, and its shares gained 21.05% of their value over the last 52 weeks. On September 26, 2024, Pinterest, Inc. (NYSE:PINS) stock closed at $32.72 per share with a market capitalization of $22.452 billion.
Columbia Contrarian Core Fund stated the following regarding Pinterest, Inc. (NYSE:PINS) in its Q2 2024 investor letter:
“Pinterest, Inc. (NYSE:PINS) – Pinterest delivered first-quarter results at the end of April that were nicely ahead of both consensus expectations and company guidance, resulting in a 6% revenue beat and a 45% free cash flow beat. Its share price rose following the earnings release and continued to move higher throughout the quarter. The company’s prospects should continue to improve as Pinterest is starting to take more and more of its advertisers’ budgets, as its data-rich initiatives are starting to pay greater dividends. Pinterest is a visual search engine with very high commercial intent and exposure to e-commerce growth. E-commerce growth has been a significant driver of global digital ad spending, which is an approximately $400 billion global market.”
A young, stylish woman using her smartphone to find inspiration for her latest DIY project.
Pinterest, Inc. (NYSE:PINS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held Pinterest, Inc. (NYSE:PINS) at the end of the second quarter which was 64 in the previous quarter. In the second quarter Pinterest, Inc. (NYSE:PINS) delivered $854 million in revenues, up 21% year-over-year. While we acknowledge the potential of Pinterest, Inc. (NYSE:PINS) 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 Pinterest, Inc. (NYSE:PINS) and shared the list of top internet stocks to buy according to Cantor Fitzgerald. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.