Oakmark Funds, advised by Harris Associates, released its “Oakmark International Fund” third quarter 2024 investor letter. A copy of the same can be downloaded here. For the quarter ended September 30, 2024, the fund returned 8.79% compared to the MSCI World ex USA Index’s 7.76% return. Since its inception, the fund returned 8.55% compared to a 6.22% return for the index. Healthcare and industrials were the largest contributors to the fund’s performance in the quarter. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Oakmark International Fund highlighted stocks like Alibaba Group Holding Limited (NYSE:BABA), in the third quarter 2024 investor letter. Alibaba Group Holding Limited (NYSE:BABA) provides technology infrastructure and marketing reach. The one-month return of Alibaba Group Holding Limited (NYSE:BABA) was 29.04%, and its shares gained 30.06% of their value over the last 52 weeks. On October 10, 2024, Alibaba Group Holding Limited (NYSE:BABA) stock closed at $109.28 per share with a market capitalization of $261.723 billion.
Oakmark International Fund stated the following regarding Alibaba Group Holding Limited (NYSE:BABA) in its Q3 2024 investor letter:
“Alibaba Group Holding Limited (NYSE:BABA) was the top contributor during the quarter. The China-headquartered consumer discretionary company’s stock price rallied following the announcement of a multipronged stimulus package by the Chinese government. Despite the stock’s strong performance for the quarter, we continue to believe there is upside in the name and that the market is not fully pricing in the turnaround potential for the e-commerce business or other optionality the company possesses.”
An e-commerce platform displaying a wide range of products to customers online.
Alibaba Group Holding Limited (NYSE:BABA) is in 23rd position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 91 hedge fund portfolios held Alibaba Group Holding Limited (NYSE:BABA) at the end of the second quarter which was 103 in the previous quarter. Alibaba Group Holding Limited’s (NYSE:BABA) consolidated revenue for fiscal first quarter of 2025 was RMB243.2 billion, a 4% rise from previous year’s same quarter and consolidated adjusted EBITDA decreased 1% year-over-year to RMB45 billion. While we acknowledge the potential of Alibaba Group Holding Limited (NYSE:BABA) 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 Alibaba Group Holding Limited (NYSE:BABA) and shared top holdings of George Soros in 2024. In addition, please check out our hedge fund investor letters Q3 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.