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 Spectrum Brands Holdings, Inc. (NYSE:SPB) in the third quarter 2024 investor letter. Headquartered in Middleton, Wisconsin, Spectrum Brands Holdings, Inc. (NYSE:SPB) is a branded consumer products home essentials company. The one-month return of Spectrum Brands Holdings, Inc. (NYSE:SPB) was -4.42%, and its shares gained 6.90% of their value over the last 52 weeks. On December 18, 2024, Spectrum Brands Holdings, Inc. (NYSE:SPB) stock closed at $86.27 per share with a market capitalization of $2.42 billion.
Invesco Small Cap Value Fund stated the following regarding Spectrum Brands Holdings, Inc. (NYSE:SPB) in its Q3 2024 investor letter:
“Spectrum Brands Holdings, Inc. (NYSE:SPB): We sold the fund’s position in this consumer products and home appliance manufacturer because the stock price had appreciated. We used the proceeds to fund opportunities elsewhere that we found more attractive.”
A person enjoying the convenience of their pet products, that simplify clean-up.
Spectrum Brands Holdings, Inc. (NYSE:SPB) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Spectrum Brands Holdings, Inc. (NYSE:SPB) at the end of the third quarter which was 30 in the previous quarter. Spectrum Brands Holdings, Inc.’s (NYSE:SPB) organic net sales rose 4.8% in the fiscal fourth quarter of 2024 after excluding the $2.7 million impact of unfavorable foreign exchange. While we acknowledge the potential of Spectrum Brands Holdings, Inc. (NYSE:SPB) 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 Spectrum Brands Holdings, Inc. (NYSE:SPB) and shared the list of best pet stocks to invest in according to analysts. 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.