Greenhaven Road Capital, an investment management company, released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The Fund returned approximately +15% in the third quarter, bringing year-to-date returns to approximately +12% net. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Greenhaven Road Capital highlighted stocks like Hagerty, Inc. (NYSE:HGTY) in the third quarter 2024 investor letter. Hagerty, Inc. (NYSE:HGTY) offers insurance agency services globally. The one-month return of Hagerty, Inc. (NYSE:HGTY) was 5.57%, and its shares gained 28.18% of their value over the last 52 weeks. On November 14, 2024, Hagerty, Inc. (NYSE:HGTY) stock closed at $11.19 per share with a market capitalization of $3.817 billion.
Greenhaven Road Capital stated the following regarding Hagerty, Inc. (NYSE:HGTY) in its Q3 2024 investor letter:
“Hagerty, Inc. (NYSE:HGTY) – We have owned classic/collector car insurance company Hagerty for approximately three years. During that time, revenues have roughly doubled and profitability has flipped from a negative to a positive, all without substantial contribution from their strategic partnership with State Farm. Over that same period, the company launched an online marketplace and in-person auction business for classic/collector cars, both of which are likely in the top 5 for the industry. Combined with a recent acquisition that greatly expands the post-1980s car insurance opportunity, Hagerty is well-positioned for higher growth over the next five years.”
A businessman and a woman signing documents in a corporate office.
Hagerty, Inc. (NYSE:HGTY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Hagerty, Inc. (NYSE:HGTY) at the end of the second quarter which was 12 in the previous quarter. Hagerty, Inc. (NYSE:HGTY) reported 17% growth in total revenue to $323 million in the third quarter of 2024. While we acknowledge the potential of Hagerty, Inc. (NYSE:HGTY) 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 Hagerty, Inc. (NYSE:HGTY) and shared Greenhaven Road Capital’s views on the company in Q2 2023. 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.