Ashva Capital, an investment management company, released its Q3 2024 investor letter. A copy of the same can be downloaded here. 2024 is undoubtedly on track to be one of the best calendar years in the history of the US market. Since most professional fund managers are unable to outperform the market even in years of mediocre performance, many have their work cut out for them this year. The fund was up 23% for the first three quarters of 2024 compared to 20.8% for the S&P500 Index for the same period. The firm believes that the current strength of the overall market will continue into year-end. In addition, check the fund’s top five holdings to know its best picks in 2024.
Ashva Capital highlighted stocks like Altria Group, Inc. (NYSE:MO) in the Q3 2024 investor letter. Headquartered in Richmond, Virginia, Altria Group, Inc. (NYSE:MO) manufactures and sells smokeable and oral tobacco products. The one-month return of Altria Group, Inc. (NYSE:MO) was -5.13%, and its shares gained 33.40% of their value over the last 52 weeks. On December 20, 2024, Altria Group, Inc. (NYSE:MO) stock closed at $53.84 per share with a market capitalization of $91.249 billion.
Ashva Capital stated the following regarding Altria Group, Inc. (NYSE:MO) in its Q3 2024 investor letter:
“At Ashva Capital, our focus on intrinsic value–rather than market sentiment or temporary price metrics– sets our portfolio apart from peers. For example, we hold Altria Group, Inc. (NYSE:MO), which has demonstrated resilience and strong performance within our portfolio, particularly following a robust Q3 earnings report. Altria’s results highlighted increased demand for smokeless products, underscoring both the adaptability of its business model and its long-term growth potential—a key factor in our investment decision.
This approach to intrinsic value echoes insights from renowned value investor Bill Miller, whose strategy emphasized fundamental value over market-driven factors. Key principles from Miller’s approach that inform our strategy include:..” (Click here to read the full text)
A close-up of an assembly line with a blend of tobacco products.
Altria Group, Inc. (NYSE:MO) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Altria Group, Inc. (NYSE:MO) at the end of the third quarter which was 36 in the previous quarter. While we acknowledge the potential of Altria Group, Inc. (NYSE:MO) 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 Altria Group, Inc. (NYSE:MO) and shared the list of best dividend kings with the highest yields. 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.