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 Carpenter Technology Corporation (NYSE:CRS), in the second quarter 2024 investor letter. Carpenter Technology Corporation (NYSE:CRS) is a US-based company that focuses on manufacturing, fabricating, and distributing specialty metals. The one-month return of Carpenter Technology Corporation (NYSE:CRS) was 9.84%, and its shares gained 138.83% of their value over the last 52 weeks. On September 27, 2024, Carpenter Technology Corporation (NYSE:CRS) stock closed at $159.01 per share with a market capitalization of $7.942 billion.
Invesco Discovery Fund stated the following regarding Carpenter Technology Corporation (NYSE:CRS) in its Q2 2024 investor letter:
“Carpenter Technology Corporation (NYSE:CRS) manufactures, fabricates and distributes stainless steels, titanium and specialty metal alloys. Management accelerated its guidance for long-term fiscal 2027 EPS (earnings per share) by a full year. Management also reported quarterly earnings that beat analysts’ expectations and raised guidance for fiscal year 2024.”
A close-up of an industrial robot welding titanium alloys in a metal fabrication facility.
Carpenter Technology Corporation (NYSE:CRS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Carpenter Technology Corporation (NYSE:CRS) at the end of the second quarter which was 28 in the previous quarter. While we acknowledge the potential of Carpenter Technology Corporation (NYSE:CRS) 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 Carpenter Technology Corporation (NYSE:CRS) and shared the list of Worst 3D printing and additive manufacturing 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.