Polen Capital, an investment management company, released its “Polen Global Growth Strategy” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. Volatility returned in the third quarter, in contrast to the first half of the year characterized by an increasingly crowded AI trade. The Strategy returned 3.85% gross (3.54% net) compared to the MSCI ACW Index’s 6.61% return. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Polen Global Growth Strategy highlighted stocks like Aon plc (NYSE:AON), in the third quarter 2024 investor letter. Aon plc (NYSE:AON) offers a range of risk and human capital solutions. The one-month return of Aon plc (NYSE:AON) was 5.14%, and its shares gained 14.13% of their value over the last 52 weeks. On November 14, 2024, Aon plc (NYSE:AON) stock closed at $376.33 per share with a market capitalization of $81.387 billion.
Polen Global Growth Strategy stated the following regarding Aon plc (NYSE:AON) in its Q3 2024 investor letter:
“In the third quarter, the top relative and absolute contributors to the Portfolio’s performance were MSCI, SAP, and Aon plc (NYSE:AON). Similar to MSCI, AON’s first quarter results (reported in 2Q) were met with disappointment as organic growth slowed a little. However, its latest results cast little doubt that AON remains a durable company owing to its service expertise, efficient distribution, deep client relationships, talented workforce, and status as a trusted brand. Organic growth returned to expected levels, and the shares rebounded. Quarter-to-quarter results in this industry can be a bit lumpy, but we think AON remains on a solid trajectory.”
A group of multi-cultural professionals discussing the future of insurance services in a modern office.
Aon plc (NYSE:AON) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Aon plc (NYSE:AON) at the end of the second quarter which was 51 in the previous quarter. Aon plc (NYSE:AON) posted 7% total organic revenue growth in the third quarter. While we acknowledge the potential of Aon plc (NYSE:AON) 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 Aon plc (NYSE:AON) and shared best European stocks to buy according to hedge funds. In the Q4 2023 investor letter, Polen Global Growth Strategy shared its confidence in the company’s long-term growth prospects. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.