Greenlight Capital, an investment management firm, released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the Greenlight Capital funds returned 1.1% net of fees and expenses, compared to 5.9% for the S&P 500 index. The firm experienced a peaceful quarter due to prudent positioning and modest equity beta exposure. Greenlight Capital’s both longs and shorts rose marginally less than the market. The macro portfolio saw a solid quarter due to the significant increase in gold prices. The portfolio was lost on equities index hedging. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Greenlight Capital highlighted stocks like Ryanair Holdings plc (NASDAQ:RYAAY), in the third quarter 2024 investor letter. Ryanair Holdings plc (NASDAQ:RYAAY) provides scheduled passenger airline services. One-month return of Ryanair Holdings plc (NASDAQ:RYAAY) was -3.97%, and its shares gained 29.05% of their value over the last 52 weeks. On October 23, 2024, Ryanair Holdings plc (NASDAQ:RYAAY) stock closed at $45.21 per share with a market capitalization of $24.646 billion.
Greenlight Capital stated the following regarding Ryanair Holdings plc (NASDAQ:RYAAY) in its Q3 2024 investor letter:
“Ryanair Holdings plc (NASDAQ:RYAAY): We exited with a modest profit after three and a half years. For some time, the post-COVID environment was favorable, allowing the company to raise prices and improve its earnings. Alas, that turned. Recently, pricing has reversed and earnings have been disappointing. As a result, we wound up surrendering what had been some decent unrealized gains.”
A Boeing 737 aircrafts parked in an airport terminal with passengers awaiting to board.
Ryanair Holdings plc (NASDAQ:RYAAY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Ryanair Holdings plc (NASDAQ:RYAAY) at the end of the second quarter which was 20 in the previous quarter. While we acknowledge the potential of Ryanair Holdings plc (NASDAQ:RYAAY) 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 Ryanair Holdings plc (NASDAQ:RYAAY) and shared Conventum – Alluvium Global Fund’s views on the company in the previous quarter. 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.