Lakehouse Capital, a Sydney-based investment manager, released its “Lakehouse Global Growth Fund” May 2024 investor letter. A copy of the letter can be downloaded here. May was a positive month for global markets as discussions about inflation and the direction of interest rates went on. The Fund returned 2.2% net of fees and expenses for the month compared to 1.6% for its benchmark. Since its inception in December 2017, the Fund has returned 158.5% compared to 99.1% for its benchmark, the MSCI All Country World Index, Net Total Returns (AUD). In addition, please check the fund’s top five holdings to know its best picks in 2024.
Lakehouse Global Growth Fund highlighted stocks like Amazon.com, Inc. (NASDAQ:AMZN) in its Q1 2024 investor letter. Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products, advertising, and subscription services through online and physical stores. The one-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 11.52%, and its shares gained 53.59% of their value over the last 52 weeks. On July 2, 2024, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $200.00 per share with a market capitalization of $2.081 trillion.
Lakehouse Global Growth Fund stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its May 2024 investor letter:
“Amazon.com, Inc. (NASDAQ:AMZN) delivered an impressive quarterly result that also came in well ahead of analyst expectations. Net sales increased 13% year-on-year to $143.3 billion and operating profits increased 219% year-on-year to $15.3 billion (vs the high end of guidance at $12.0 billion). As has been the case for several quarters now, the highlight of the result was the significant improvement in profitability metrics, as management continues to drive cost efficiencies across its retail operations and Amazon Web Services (AWS). Amazon delivered to Prime members at its fastest speeds ever. In March, across the top 60 largest U.S. metro areas, nearly 60% of Prime member orders arrived the same or next day, and in London, Tokyo, and Toronto, 3 out of 4 items were delivered the same or next day. Bigger picture, we continue to believe that the market underestimates the length of the runway ahead in the core retail business (note that e-commerce sales in the U.S. still only make up 15% of total retail sales) and that there is still significant margin expansion ahead as scale and efficiency benefits continue to come through.”
A customer entering an internet retail store, illustrating the convenience of online shopping.
Amazon.com, Inc. (NASDAQ:AMZN) is in first position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 302 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of the first quarter which was 293 in the previous quarter. Amazon.com, Inc. (NASDAQ:AMZN) reported strong results in the first quarter and delivered $143.3 billion in revenue, up 13% year-over-year. While we acknowledge the potential of Amazon.com, Inc. (NASDAQ:AMZN) 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.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared Billionaire Phillipe Laffont’s top “Mostly AI” stock picks. In Q1 2024 investor letter, Meridian Hedged Equity Fund expressed its optimistic views on Amazon.com, Inc. (NASDAQ:AMZN). In addition, please check out our hedge fund investor letters Q1 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.
