Columbia Threadneedle Investments, an investment management company released its “Columbia Threadneedle Global Technology Growth Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Equity markets rose once again, marking the fourth consecutive quarter of positive returns for stocks as the Federal Reserve lowered interest rates for the first time since the start of the pandemic, with a much anticipated 0.5% (50 basis point) cut marking a shift to a more balanced policy. In the quarter, the fund returned -0.94% compared to the S&P Global 1200 Information Technology Index-net’s 0.72% return. Security selection drove the fund’s performance relative to the benchmark. In addition, you can check the fund’s top 5 holdings for its best picks for 2024.
Columbia Threadneedle Global Technology Growth Strategy highlighted stocks like Apple Inc. (NASDAQ:AAPL), in the third quarter 2024 investor letter. Apple Inc. (NASDAQ:AAPL) is an American multinational company that designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories. The one-month return of Apple Inc. (NASDAQ:AAPL) was -1.51%, and its shares gained 21.12% of their value over the last 52 weeks. On November 22, 2024, Apple Inc. (NASDAQ:AAPL) stock closed at $229.87 per share with a market capitalization of $3.475 trillion.
Columbia Threadneedle Global Technology Growth Strategy stated the following regarding Apple Inc. (NASDAQ:AAPL) in its Q3 2024 investor letter:
“Shares of Apple Inc. (NASDAQ:AAPL) increased during the quarter after reporting quarterly results in August that met or exceeded expectations. The company also benefited from holding an investor event in September to introduce the newest iteration of products and accessories. Apple introduced the latest iteration of its flagship model, the iPhone 16, which features updated hardware and a refreshed operating system that integrates AI but will be exclusive to newer iPhone models, which could compel a refresh cycle. The gradual introduction of AI into the Apple product ecosystem is consistent with the company’s historical fast follower approach and represents a new tenant of the investment thesis as the market awaits further information related to the company’s AI strategy.”
An Apple store displaying the latest in consumer electronics, from smartphones to wearables.
Apple Inc. (NASDAQ:AAPL) is in 9th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 158 hedge fund portfolios held Apple Inc. (NASDAQ:AAPL) at the end of the third quarter which was 184 in the previous quarter. In the September quarter Apple Inc. (NASDAQ:AAPL) delivered $94.9 billion in revenues, up 6% from a year ago. While we acknowledge the potential of Apple Inc. (NASDAQ:AAPL) 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 Apple Inc. (NASDAQ:AAPL) and shared the list of best stocks to invest in for the next 3 months. Polen Focus Growth Strategy initiated a position in Apple Inc. (NASDAQ:AAPL) in Q3 2024.In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.