Investment management company Vulcan Value Partners recently released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. Although the firm is pleased with the results, the quarterly results were mixed during the quarter. The firm capitalized on stock price volatility by allocating capital to companies with better price-to-value ratios. In the quarter, the fund’s Large Cap Composite returned 8.2% net of fees and expenses, the Small Cap Composite returned 9.1% net, the Focus Composite returned 5.6% net, the Focus Plus composite returned 5.9% and the All-Cap Composite returned 8.1% net. For more information on the fund’s best picks in 2024, please check its top five holdings.
Vulcan Value Partners highlighted stocks like CBRE Group, Inc. (NYSE:CBRE), in the third quarter 2024 investor letter. CBRE Group, Inc. (NYSE:CBRE) is a commercial real estate services and investment company. The one-month return of CBRE Group, Inc. (NYSE:CBRE) was 1.53%, and its shares gained 82.04% of their value over the last 52 weeks. On October 16, 2024, CBRE Group, Inc. (NYSE:CBRE) stock closed at $124.37 per share with a market capitalization of $38.111 billion.
Vulcan Value Partners stated the following regarding CBRE Group, Inc. (NYSE:CBRE) in its Q3 2024 investor letter:
“CBRE Group, Inc. (NYSE:CBRE) is a diversified services provider to commercial real estate occupiers and investors. Its transactional businesses, including property leasing and capital markets transactions, have been impacted by higher interest rates and pressure in the office market. However, its recurring businesses, primarily outsourced facilities management, have continued to grow steadily at a double-digit pace. CBRE reported solid second quarter results, which seemed to indicate its transactional businesses have bottomed and are now on the cusp of a recovery. CBRE should benefit from falling interest rates. We are pleased with CBRE’s performance through what has been a challenging environment for real estate services providers.”
A downtown skyline, highlighting a successful real estate services company.
CBRE Group, Inc. (NYSE:CBRE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held CBRE Group, Inc. (NYSE:CBRE) at the end of the second quarter which was 54 in the previous quarter. While we acknowledge the potential of CBRE Group, Inc. (NYSE:CBRE) 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 CBRE Group, Inc. (NYSE:CBRE) and shared Ariel Appreciation Fund’s views on the company. Artisan Mid Cap Fund initiated a position in CBRE Group, Inc. (NYSE:CBRE) during 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.
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Disclosure: None. This article is originally published at Insider Monkey.