Impax Asset Management, an investment management company, released its “Impax Global Environmental Markets Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The MSCI All Country World Index (MSCI ACWI), which measures global equities, saw gains throughout the quarter as monetary easing by the US and Chinese central banks gave markets additional momentum and offset political and geopolitical unpredictability. A new cycle of rate-cutting in the US started in the last weeks of the quarter, catalyzed by improving job and inflation data. The strategy appreciated and outperformed its primary benchmark, the MSCI ACWI during the quarter. The portfolio benefited from a reversal in mega-cap outperformance and improved market breadth in third quarter, following an extended period of extreme market narrowness. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Impax Global Environmental Markets Fund highlighted stocks like Carrier Global Corporation (NYSE:CARR) in its Q3 2024 investor letter. Headquartered in Palm Beach Gardens, Florida, Carrier Global Corporation (NYSE:CARR) provides HVAC, refrigeration, fire, security, and building automation technologies. The one-month return of Carrier Global Corporation (NYSE:CARR) was -9.69%, and its shares gained 24.34% of their value over the last 52 weeks. On December 31, 2024, Carrier Global Corporation (NYSE:CARR) stock closed at $68.26 per share with a market capitalization of $61.245 billion.
Impax Global Environmental Markets Fund stated the following regarding Carrier Global Corporation (NYSE:CARR) in its Q3 2024 investor letter:
“Carrier Global Corporation (NYSE:CARR) (Buildings Energy Efficiency, US) outperformed over the quarter after delivering good results, particularly for HVAC orders. The company also advanced plans to become a HVAC pure play with the final disposal of its residential & commercial fire security business. Data continued to point towards a new recovery cycle in US residential HVAC, along with continuing secular trends in commercial HVAC.”
An engineer wearing a hardhat inspecting a newly-installed air conditioner system.
Carrier Global Corporation (NYSE:CARR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Carrier Global Corporation (NYSE:CARR) at the end of the third quarter which was 45 in the previous quarter. In the third quarter, Carrier Global Corporation (NYSE:CARR) reported sales of $6 billion were up 21% with organic sales up 4%. While we acknowledge the potential of Carrier Global Corporation (NYSE:CARR) 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 Carrier Global Corporation (NYSE:CARR) and shared Oppenheimer’s favorite stocks for the next 12 months and the top 32 stock picks. 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.