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 Beacon Roofing Supply, Inc. (NASDAQ:BECN) in the third quarter 2024 investor letter. Beacon Roofing Supply, Inc. (NASDAQ:BECN) distributes residential and non-residential roofing materials, and complementary building products. The one-month return of Beacon Roofing Supply, Inc. (NASDAQ:BECN) was -6.60%, and its shares gained 16.10% of their value over the last 52 weeks. On December 18, 2024, Beacon Roofing Supply, Inc. (NASDAQ:BECN) stock closed at $101.41 per share with a market capitalization of $6.276 billion.
Invesco Small Cap Value Fund stated the following regarding Beacon Roofing Supply, Inc. (NASDAQ:BECN) in its Q3 2024 investor letter:
“Beacon Roofing Supply, Inc. (NASDAQ:BECN): The company sells residential and non-residential roofing products, as well as related building products in North America. The company’s recent operations were negatively affected by disruptive weather events that hurt earnings and resulted in a lower stock price during the quarter. We used this as an opportunity to purchase the shares at a price below our assessment of intrinsic value.”
A construction site with workers wearing hard hats and safety vests, installing roofing materials.
Beacon Roofing Supply, Inc. (NASDAQ:BECN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Beacon Roofing Supply, Inc. (NASDAQ:BECN) at the end of the third quarter which was 46 in the previous quarter. Beacon Roofing Supply, Inc. (NASDAQ:BECN) generated $2.8 billion in total net sales in the third quarter, up more than 7% compared to Q3 2023. While we acknowledge the potential of Beacon Roofing Supply, Inc. (NASDAQ:BECN) 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 Beacon Roofing Supply, Inc. (NASDAQ:BECN) and shared the list of best industrial distribution stocks to buy. 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.