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, catalysed 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 Agilent Technologies, Inc. (NYSE:A) in its Q3 2024 investor letter. Agilent Technologies, Inc. (NYSE:A) offers application-focused solutions to life sciences, diagnostics, and applied chemical markets. The one-month return of Agilent Technologies, Inc. (NYSE:A) was -4.18%, and its shares gained 2.42% of their value over the last 52 weeks. On December 31, 2024, Agilent Technologies, Inc. (NYSE:A) stock closed at $134.34 per share with a market capitalization of $38.367 billion.
Impax Global Environmental Markets Fund stated the following regarding Agilent Technologies, Inc. (NYSE:A) in its Q3 2024 investor letter:
“Agilent Technologies, Inc. (NYSE:A) (Environmental Testing & Monitoring, US) rebounded during the quarter driven by an encouraging earnings release, indicating improving end-market conditions. Q3 top- and bottom-line results exceeded expectations, driven by strength in their instruments business. Guidance was modestly raised, and the company’s book-to-bill ratio was greater than 1 for the second consecutive quarter.”
A medical professional demonstrating the use of a Software-Based Prescription Digital Therapeutics Platform for treating Type 2 Diabetes.
Agilent Technologies, Inc. (NYSE:A) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Agilent Technologies, Inc. (NYSE:A) at the end of the third quarter which was 40 in the previous quarter. Agilent Technologies, Inc.’s (NYSE:A) revenue was $1.701 billion in the third quarter, a decline of 0.3% core from previous year’s quarter. While we acknowledge the potential of Agilent Technologies, Inc. (NYSE:A) 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 Agilent Technologies, Inc. (NYSE:A) and shared the list of stocks on Jim Cramer’s radar. 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.