Mairs & Power, an investment advisor, released the “Mairs & Power Small Cap” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Non-technology equities were the market leaders in the first quarter, but mega-cap technology companies made a strong comeback in the second quarter. The market expanded again in the most recent quarter as interest-rate and economically sensitive areas like Utilities, Industrials, and small-cap stocks outperformed. Year-to-date the fund is up 8.95% slightly underperforming the 9.33% return for the S&P Small Cap 600 Total Return (TR) benchmark and the 10.90% return for its peer group, the Morningstar U.S. Fund Small Blend. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Mairs & Power Small Cap Strategy highlighted stocks like CVRx, Inc. (NASDAQ:CVRX), in the third quarter 2024 investor letter. CVRx, Inc. (NASDAQ:CVRX) is a commercial-stage medical device company. The one-month return of CVRx, Inc. (NASDAQ:CVRX) was 44.60%, and its shares lost 21.96% of their value over the last 52 weeks. On November 25, 2024, CVRx, Inc. (NASDAQ:CVRX) stock closed at $15.53 per share with a market capitalization of $376.815 million.
Mairs & Power Small Cap Strategy stated the following regarding CVRx, Inc. (NASDAQ:CVRX) in its Q3 2024 investor letter:
“Also detracting from performance were CVRx, Inc. (NASDAQ:CVRX), a Minnesota-based maker of neuromodulation solutions for patients with cardiovascular diseases, that experienced some turbulence in their direct sales team after a management change.”
A medical device technician calibrating a device in an operating room.
CVRx, Inc. (NASDAQ:CVRX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held CVRx, Inc. (NASDAQ:CVRX) at the end of the third quarter which was 12 in the previous quarter. In the third quarter, CVRx, Inc. (NASDAQ:CVRX) reported $13.4 million in revenues, an increase of 27% from Q3 2023. While we acknowledge the potential of CVRx, Inc. (NASDAQ:CVRX) 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 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.