Long Cast Advisers, 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 cumulative net returns of the fund improved by 6% and year-to-date net returns are 16%. The fund returned a cumulative 209% net of fees, or 13% of CAGR, since its inception in November 2015 through the quarter-end of 3Q24. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Long Cast Advisers highlighted stocks like SenesTech, Inc. (NASDAQ:SNES) in the third quarter 2024 investor letter. Incorporated in 2004, SenesTech, Inc. (NASDAQ:SNES) is a technology developer for managing animal pest populations through fertility control. The one-month return of SenesTech, Inc. (NASDAQ:SNES) was 12.88%, and its shares lost 92.31% of their value over the last 52 weeks. On November 5, 2024, SenesTech, Inc. (NASDAQ:SNES) stock closed at $2.53 per share with a market capitalization of $2.685 million.
Long Cast Advisers stated the following regarding SenesTech, Inc. (NASDAQ:SNES) in its Q3 2024 investor letter:
“We own SenesTech, Inc. (NASDAQ:SNES) at a 1% weighting (at cost, a tiny position) because I read that the NYC city council would vote on mandating its product as part of the city’s overall pest management system. This vote has not happened and as a result, this tiny position has been one of this year’s largest detractors. I mention this as a reminder that it’s a mistake to think that small positions are “safer bets”, especially when considering their opportunity costs.”
A research facility testing a new artificial insemination solution for infertility products.
SenesTech, Inc. (NASDAQ:SNES) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 2 hedge fund portfolios held SenesTech, Inc. (NASDAQ:SNES) at the end of the second quarter which was 2 in the previous quarter. While we acknowledge the potential of SenesTech, Inc. (NASDAQ:SNES) 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 Pool Corporation (NASDAQ:POOL) and shared Long Cast Advisers’ 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.