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 Meta Platforms, Inc. (NASDAQ:META), in the third quarter 2024 investor letter. Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. The one-month return of Meta Platforms, Inc. (NASDAQ:META) was 6.06%, and its shares gained 68.65% of their value over the last 52 weeks. On December 18, 2024, Meta Platforms, Inc. (NASDAQ:META) stock closed at $597.19 per share with a market capitalization of $1.508 trillion.
Hardman Johnston Global Equity stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its Q3 2024 investor letter:
“During the quarter, we initiated one new position in Meta Platforms, Inc. (NASDAQ:META) and had no liquidations. Management at Meta has effectively addressed concerns about investment efficiency by shifting resources from Reality Labs towards broader AI initiatives with a clearer path to profitability. We believe management has successfully articulated the benefits of this strategy, highlighting how AI is driving user engagement and advertiser productivity. This, in turn, fuels continued revenue momentum and increases the likelihood of positive earnings surprises in the future. Additionally, the parent company of the social media platform, Facebook, has recently taken positive steps to enhance safety, which suggests to us a shift towards a more proactive and responsive approach to addressing important potential challenges and concerns. Weak oversight over data privacy protection was a key reason why we sold the position in the portfolio back in 2021. Removing this governance overhang allows us to feel comfortable to enter back into the stock at a time when we believe it is poised for strong earnings growth going forward.”
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Meta Platforms, Inc. (NASDAQ:META) is in third position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 235 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of the third quarter which was 219 in the previous quarter. While we acknowledge the potential of Meta Platforms, Inc. (NASDAQ:META) 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 Meta Platforms, Inc. (NASDAQ:META) and shared the list of AI stocks Wall Street analysts can’t stop talking about. Meta Platforms, Inc. (NASDAQ:META) was the best performer of RiverPark Large Growth Fund in the third quarter. 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.