Hardman Johnston Global Advisors, an investment management company, released its “Hardman Johnston Global Equity” third quarter 2024, investor letter. A copy of the letter can be downloaded here. The portfolio slightly underperformed its benchmark index in the third quarter following a robust first half of the year. Performance was impacted by volatility, especially towards the end of the quarter. The strategy returned 4.50%, net of fees, in the quarter, compared to 6.61% for the MSCI AC World Net Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Hardman Johnston Global Equity highlighted stocks like Howmet Aerospace Inc. (NYSE:HWM), in the third quarter 2024 investor letter. Howmet Aerospace Inc. (NYSE:HWM) offers advanced engineered solutions for the aerospace and transportation industries that operate through Engine Products, Fastening Systems, Engineered Structures, and Forged Wheels segments. The one-month return of Howmet Aerospace Inc. (NYSE:HWM) was -7.94%, and its shares gained 101.40% of their value over the last 52 weeks. On December 18, 2024, Howmet Aerospace Inc. (NYSE:HWM) stock closed at $107.69 per share with a market capitalization of $43.75 billion.
Hardman Johnston Global Equity stated the following regarding Howmet Aerospace Inc. (NYSE:HWM) in its Q3 2024 investor letter:
“The main drivers of outperformance from a sector standpoint were Industrials and Consumer Discretionary. Within Industrials, Howmet Aerospace Inc. (NYSE:HWM) and Safran S.A. were the largest contributors to outperformance. Shares in Howmet outperformed after the company announced another set of solid earnings. While the company’s two main customers, Boeing and Airbus, continue to experience production delays, Howmet has been delivering on its contractual obligations as customers remain eager to accept engine deliveries given their large backlogs. Meanwhile, the aftermarket remains robust, as older planes are flying longer, and Howmet boasts an underappreciated aftermarket exposure through the sale of its proprietary air foils. As the aerospace recovery progresses, the acceleration in widebody production also bodes well for Howmet given its exposure to high-margin industrial fasteners used extensively in widebody composite aerostructures.”
Engineers examining stress tests of an aircraft engine, working to make sure its ready for flight.
Howmet Aerospace Inc. (NYSE:HWM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Howmet Aerospace Inc. (NYSE:HWM) at the end of the third quarter which was 45 in the previous quarter. In the third quarter, Howmet Aerospace Inc. (NYSE:HWM) delivered 11% year-over-year revenue growth, following a robust 14% increase in the first half. While we acknowledge the potential of Howmet Aerospace Inc. (NYSE:HWM) 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 Howmet Aerospace Inc. (NYSE:HWM) and shared billionaire Paul Singer’s top long-term stock picks. Howmet Aerospace Inc. (NYSE:HWM) contributed to Fidelity Growth Strategies Fund’s performance in Q3 2024, driven by strong travel demand and an aging global aircraft fleet. 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.