$3 Billion Hedge Fund’s Top 10 Stock Bets

2. The AES Corporation (NYSE:AES)

Return since Q1 End: -1.2%

The AES Corporation (NYSE:AES) is a Virginia-based global power company that generates and sells electricity from coal, gas, wind, and solar sources. Headquartered in Arlington, Virginia, AES provides its services through its subsidiaries, including Indianapolis Power and Light Company, AES Solutions Management, LLC, AES Laurel Mountain, and more. It holds a portfolio of more than 34,500 megawatts. The company recently reported Q1 2024 earnings per share of $0.50, up from $0.22 last year, and announced a 1 GW solar-plus-storage deal with Amazon. AES reiterated its 2024 growth targets, projecting an adjusted EPS of $1.87 to $1.97 and adding 3.6 GW of new capacity. Analysts rate the stock a “Moderate Buy” with a $23.50 average price target.

According to the Regulatory filings, Cinctive Capital Management owned 2.2 million shares of The AES Corporation (NYSE:AES) at the end of the first quarter of 2024 worth over $40 million, representing 1.86% of the portfolio. Based on the hedge funds database being tracked by Insider Monkey, Orbis Investment Management is a leading shareholder in The AES Corporation (NYSE:AES) with 23 million shares worth over $415 million.