American Century Investments, an investment management company, released its “International Growth Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Despite periods of volatility, equity markets held steady and ended the quarter higher as interest rates were lowered by central banks. Small-cap stocks outperformed large caps, and value narrowly performed better than growth. As anticipated, the multiyear pattern of value outperformance seems to be slowing down as global inflation declines. In addition, please check the fund’s top five holdings to know its best picks in 2024.
American Century Investments International Growth Fund highlighted stocks like ASML Holding N.V. (NASDAQ:ASML) in the third quarter 2024 investor letter. ASML Holding N.V. (NASDAQ:ASML) is an advanced semiconductor equipment systems manufacturer for chipmakers. The one-month return of ASML Holding N.V. (NASDAQ:ASML) was 4.26%, and its shares lost 5.42% of their value over the last 52 weeks. On December 26, 2024, ASML Holding N.V. (NASDAQ:ASML) stock closed at $715.86 per share with a market capitalization of $281.508 billion.
American Century Investments International Growth Fund stated the following regarding ASML Holding N.V. (NASDAQ:ASML) in its Q3 2024 investor letter:
“ASML Holding N.V. (NASDAQ:ASML). Shares of the Dutch chip equipment manufacturer were pressured by investors’ concerns over government restrictions limiting sales to China, along with uncertain demand outlooks. The company has labeled 2024 as a transition year while focusing on building out its production capacity.”
A technician in a clean room working on a semiconductor device, illuminated by the machines.
ASML Holding N.V. (NASDAQ:ASML) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held ASML Holding N.V. (NASDAQ:ASML) at the end of the third quarter which was 81 in the previous quarter. While we acknowledge the potential of ASML Holding N.V. (NASDAQ:ASML) 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 ASML Holding N.V. (NASDAQ:ASML) and shared Hardman Johnston Global Equity Fund’s views on the company. Polen International Growth Strategy increased its holdings in ASML Holding N.V. (NASDAQ:ASML) in Q3 2024 anticipating strong business growth in 2025 and beyond. 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.