Polaris Capital Management, an investment management company, released its third quarter 2024 investor letter. A copy of the same can be downloaded here. Global markets were in solidly positive territory for the third straight quarter of 2024 despite geopolitical volatility. Polaris Global Equity Composite (net of fees) returned 6.86% in the quarter, compared to 6.46% return for the MSCI World Index, gross dividends reinvested. In addition, check the fund’s top five holdings to know its best picks in 2024.
Polaris Global Equity Strategy highlighted stocks like Science Applications International Corporation (NASDAQ:SAIC), in the third quarter 2024 investor letter. Science Applications International Corporation (NASDAQ:SAIC) offers technical, engineering, and enterprise information technology (IT) services. The one-month return of Science Applications International Corporation (NASDAQ:SAIC) was -8.84%, and its shares lost 9.99% of their value over the last 52 weeks. On December 20, 2024, Science Applications International Corporation (NASDAQ:SAIC) stock closed at $111.42 per share with a market capitalization of $5.446 billion.
Polaris Global Equity Strategy stated the following regarding Science Applications International Corporation (NASDAQ:SAIC) in its Q3 2024 investor letter:
“Science Applications International Corporation (NASDAQ:SAIC) announced tepid quarterly revenues, weighed down by some recompete losses. Management vowed to address the recompete bid process, while pointing to a fleet of new business wins. The market lauded SAIC’s initiatives, with the stock ticking up 18% during the quarter.”
A DOD assistant presenting a portfolio of products and solutions from the company, highlighting its expertise in the IT sector.
Science Applications International Corporation (NASDAQ:SAIC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Science Applications International Corporation (NASDAQ:SAIC) at the end of the third quarter which was 24 in the previous quarter. Science Applications International Corporation (NASDAQ:SAIC) reported organic revenue growth of 4.3% in the third quarter (see the details here). While we acknowledge the potential of Science Applications International Corporation (NASDAQ:SAIC) 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 Science Applications International Corporation (NASDAQ:SAIC) and shared the list of most undervalued cybersecurity stocks to buy according to hedge funds. 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.