Invesco Distributors, Inc., an investment management firm, released its “Invesco Small Cap Value Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund underperformed the benchmark due to stock selection and an overweight in industrials. A lack of exposure to real estate also detracted from relative performance. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Invesco Small Cap Value Fund highlighted stocks like Western Alliance Bancorporation (NYSE:WAL) in the Q3 2024 investor letter. Western Alliance Bancorporation (NYSE:WAL) is a bank holding company for Western Alliance Bank that offers a wide range of banking products and related services. The one-month return of Western Alliance Bancorporation (NYSE:WAL) was -8.26%, and its shares gained 28.91% of their value over the last 52 weeks. On December 18, 2024, Western Alliance Bancorporation (NYSE:WAL) stock closed at $83.74 per share with a market capitalization of $9.217 billion.
Invesco Small Cap Value Fund stated the following regarding Western Alliance Bancorporation (NYSE:WAL) in its Q3 2024 investor letter:
“Western Alliance Bancorporation (NYSE:WAL): Shares of this regional bank rose after management reported strong financial results for the second quarter. The company raised its full year guidance for 2024 based on higher net interest income, robust deposit growth and a pickup in loan activity.”
A professional banker meeting with a customer in her office to discuss his finances.
Western Alliance Bancorporation (NYSE:WAL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Western Alliance Bancorporation (NYSE:WAL) at the end of the third quarter which was 32 in the previous quarter. While we acknowledge the potential of Western Alliance Bancorporation (NYSE:WAL) 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 Western Alliance Bancorporation (NYSE:WAL) and shared Ariel Global Fund’s views on the company. 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.