Aoris Investment Management, a specialist international equity manager, released its “Aoris International Fund” Q2 2024 investor letter. A copy of the letter can be downloaded here. In the quarter, Portfolio’s Class A (Unhedged) returned -2.9% compared to 0.5% return for the MSCI AC World Accum Index ex-Australia (AUD). The fund’s Class C (Hedged) returned -1.0% compared to a 3.3% return for the MSCI AC World Accum Index ex-Australia 100% Hedged (AUD). In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Aoris International Fund highlighted stocks like Accenture plc (NYSE:ACN), in the second quarter 2024 investor letter. Accenture plc (NYSE:ACN) is a professional services company. The one-month return of Accenture plc (NYSE:ACN) was 0.01%, and its shares gained 6.95% of their value over the last 52 weeks. On August 20, 2024, Accenture plc (NYSE:ACN) stock closed at $330.37 per share with a market capitalization of $206.938 billion.
Aoris International Fund stated the following regarding Accenture plc (NYSE:ACN) in its Q2 2024 investor letter:
“The largest detractors for the quarter were Accenture plc (NYSE:ACN) and CDW Corp, which both fell by around 14%. Accenture and CDW are currently experiencing flattish years in terms of revenue and earnings growth. This follows a period of post-pandemic elevated demand. We believe both companies continue to gain market share.
Accenture is the world’s largest IT outsourcing and consulting company. While earnings in its quarter ended May was essentially flat, we were very encouraged by underlying demand. This demand strength is reflected in a 22% year-on-year increase in client bookings for the quarter. Further, the number of $100m+ contracts signed in the nine months to May was 92, up from 85 in the same period a year earlier. All this bodes well for Accenture’s revenue and earnings in the next few years.”
![](https://imonkey-blog.imgix.net/blog/wp-content/uploads/2023/09/22183305/ACN-insidermonkey-1695421982218-768x430.jpg?auto=fortmat&fit=clip&expires=1756166400&width=480&height=269)
A team of data experts gathered around a computer monitor analyzing customer data.
Accenture plc (NYSE:ACN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 68 hedge fund portfolios held Accenture plc (NYSE:ACN) at the end of the second quarter which was 57 in the previous quarter. Accenture plc’s (NYSE:ACN) revenues for the third quarter of fiscal 2024 were $16.5 billion, a 1% decline in US dollars. While we acknowledge the potential of Accenture plc (NYSE:ACN) 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 Accenture plc (NYSE:ACN) and shared the list of best big data stocks to buy. Baron Fintech Fund reduced its stake in Accenture plc (NYSE:ACN) during Q2 2024 due to sustained weak demand. In addition, please check out our hedge fund investor letters Q2 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.