Invesco Distributors, Inc., an investment management firm, released its “Invesco Discovery Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund outperformed its benchmark in the second quarter. The relative performance was primarily driven by stock selection. In the quarter, the leadership of large-cap growth stocks persisted, while value, mid-cap, and small-cap stocks experienced declines. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Invesco Discovery Fund highlighted stocks like SPX Technologies, Inc. (NYSE:SPXC) in the second quarter 2024 investor letter. SPX Technologies, Inc. (NYSE:SPXC) distributes infrastructure equipment for HVAC and detection and measurement markets. The one-month return of SPX Technologies, Inc. (NYSE:SPXC) was -2.51%, and its shares gained 95.36% of their value over the last 52 weeks. On September 10, 2024, SPX Technologies, Inc. (NYSE:SPXC) stock closed at $159.04 per share with a market capitalization of $7.363 billion.
Invesco Discovery Fund stated the following regarding SPX Technologies, Inc. (NYSE:SPXC) in its Q2 2024 investor letter:
“SPX Technologies, Inc. (NYSE:SPXC) supplies engineered products and technologies, with market positions in heating, ventilation and air conditioning (HVAC). We bought the stock because the company is historically a steady compounder in the HVAC business.”
An engineer adjusting a robotic arm in a factory line to control engineered air movement solutions.
SPX Technologies, Inc. (NYSE:SPXC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held SPX Technologies, Inc. (NYSE:SPXC) at the end of the second quarter which was 19 in the previous quarter. In the second quarter, SPX Technologies, Inc.’s (NYSE:SPXC) revenue increased by 18.4% and adjusted EBITDA by 45% year-on-year. While we acknowledge the potential of SPX Technologies, Inc. (NYSE:SPXC) 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 SPX Technologies, Inc. (NYSE:SPXC) and shared Columbia Acorn Fund’s views on the company. 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.