Delaware Funds by Macquarie, an investment management company, released its “Delaware Ivy Core Equity Fund” Q3 2024 investor letter. A copy of the letter can be downloaded here. The S&P 500® Index rose 5.9% in the third quarter, indicating continuing gains in the US large-cap equity market. Delaware Ivy Core Equity Fund Class I shares outperformed the Fund’s benchmark, the S&P 500 Index in the third quarter. Stock selection drove all of the relative outperformance compared with the Fund’s benchmark, while sector allocation was neutral to relative performance. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Delaware Ivy Core Equity Fund highlighted stocks like Lockheed Martin Corporation (NYSE:LMT) in the third quarter 2024 investor letter. Based in Bethesda, Maryland, Lockheed Martin Corporation (NYSE:LMT) is a security and aerospace company. The one-month return of Lockheed Martin Corporation (NYSE:LMT) was -7.45%, and its shares gained 8.11% of their value over the last 52 weeks. On December 26, 2024, Lockheed Martin Corporation (NYSE:LMT) stock closed at $489.98 per share with a market capitalization of $116.142 billion.
Delaware Ivy Core Equity Fund stated the following regarding Lockheed Martin Corporation (NYSE:LMT) in its Q3 2024 investor letter:
“Finally, we added Lockheed Martin Corporation (NYSE:LMT) to the portfolio. While demand for the company’s products remains strong as a function of increased defense industry expenditures and a favorable geopolitical backdrop, margins have been impaired by government contracts that were fixed in price before the onset of rapid inflation. We believe the longer-term profit outlook is inflecting as mispriced contracts are replaced by more favorable ones, beginning in 2025. As several observers have noted before, defense companies are a great insurance policy for what you don’t know, a saying that certainly rings true amid escalating conflict across the globe.”
A military aircraft in flight, showing the strength of the company’s combat & air mobility capability.
Lockheed Martin Corporation (NYSE:LMT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held Lockheed Martin Corporation (NYSE:LMT) at the end of the third quarter which was 56 in the previous quarter. While we acknowledge the potential of Lockheed Martin Corporation (NYSE:LMT) 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 Lockheed Martin Corporation (NYSE:LMT) and shared the list of top stocks from Jim Cramer’s latest portfolio heading into 2025. Conventum – Alluvium Global added Lockheed Martin Corporation (NYSE:LMT) to its portfolio during Q3 2024. 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.