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 On Holding AG (NYSE:ONON), in the third quarter 2024 investor letter. On Holding AG (NYSE:ONON) develops and distributes sports products. The one-month return of On Holding AG (NYSE:ONON) was -3.33%, and its shares gained 109.08% of their value over the last 52 weeks. On December 26, 2024, On Holding AG (NYSE:ONON) stock closed at $56.39 per share with a market capitalization of $18.231 billion.
American Century Investments International Growth Fund stated the following regarding On Holding AG (NYSE:ONON) in its Q3 2024 investor letter:
“On Holding AG (NYSE:ONON). The stock performed well, helped by the introduction of new products and a positive price mix. The company has outperformed larger and more mature brands in its peer group like NIKE and Adidas. Demand remained strong across all regions, including Asia as the Chinese market improved.”
A team of athletes showcasing the company’s athletic footwear in an outdoor stadium.
On Holding AG (NYSE:ONON) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held On Holding AG (NYSE:ONON) at the end of the third quarter which was 34 in the previous quarter. In the third quarter, On Holding AG (NYSE:ONON) generated CHF 636 million in net sales, growing by 33% on a constant currency basis. While we acknowledge the potential of On Holding AG (NYSE:ONON) 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 On Holding AG (NYSE:ONON) and shared Artisan Small Cap Fund’s views on the company. 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.