Broyhill Asset Management, an investment advisor, released a third-quarter 2024, investor letter. A copy of the letter can be downloaded here. Broyhill Partners appreciated 6% net of all fees and expenses in the third quarter. The top contributors in the quarter were Philip Morris, Fiserv, Avantor, and Baxter. There was only one material detractor: Dollar General. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Broyhill Asset Management highlighted stocks like NICE Ltd. (NASDAQ:NICE), in the third quarter 2024 investor letter. NICE Ltd. (NASDAQ:NICE) is a cloud platform provider for AI-driven digital business solutions. The one-month return of NICE Ltd. (NASDAQ:NICE) was 5.76%, and its shares lost 6.65% of their value over the last 52 weeks. On December 3, 2024, NICE Ltd. (NASDAQ:NICE) stock closed at $185.37 per share with a market capitalization of $11.59 billion.
Broyhill Asset Management stated the following regarding NICE Ltd. (NASDAQ:NICE) in its Q3 2024 investor letter:
“NICE Ltd. (NASDAQ:NICE) develops software to run customer contact centers. The company’s cloud-based software enables the implementation of greater functionality versus its on-premise competitors. Many of these on-premise competitors, which do not offer cloud-based products, have stopped rolling out new features. This has prompted their customers to switch to companies like Nice where they have wider access to new developments. Artificial intelligence is a large part of this shift and of our differentiated view. The market views AI as a threat to Nice’s core operations; we view it as an enabler of additional revenue streams with improved economics.”
A data scientist sitting in front of a monitor to review the performance of AI-driven digital business solutions.
NICE Ltd. (NASDAQ:NICE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held NICE Ltd. (NASDAQ:NICE) at the end of the third quarter which was 29 in the previous quarter. In the third quarter, NICE Ltd. (NASDAQ:NICE) reported $690 million in revenues, an increase of 15% from Q3 2023. While we acknowledge the potential of NICE Ltd. (NASDAQ:NICE) 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 NICE Ltd. (NASDAQ:NICE) and shared the list of best prison and law enforcement stocks to invest in. 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.