Oakmark Funds, advised by Harris Associates, released its “Oakmark Select Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund returned 8.07% in the third quarter compared to a 5.89% return for the S&P 500 Index. The fund returned 11.76% since its inception compared to the index’s return of 9.82% over the same period. The largest contributing sectors were real estate and financials while the energy sector was the only detractor from performance. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Oakmark Select Fund 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 0.72%, and its shares gained 67.26% of their value over the last 52 weeks. On October 10, 2024, CBRE Group, Inc. (NYSE:CBRE) stock closed at $119.51 per share with a market capitalization of $36.622 billion.
Oakmark Select Fund stated the following regarding CBRE Group, Inc. (NYSE:CBRE) in its Q3 2024 investor letter:
“CBRE Group, Inc. (NYSE:CBRE was the top contributor during the quarter. The U.S.-headquartered real estate services company’s stock price rose following the release of positive second-quarter results, with revenue, earnings per share and free cash flow exceeding consensus expectations. Later in the quarter, we met with CEO Bob Sulentic who expressed enthusiasm about CBRE’s prospects and the caliber of the executive team. Sulentic also outlined several avenues for growth, including continued expansion of more cyclically resilient business lines. We continue to believe CBRE’s strong management team can unlock value for shareholders and appreciate their disciplined approach to managing the business and allocating capital.”
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 top picks from Jim Cramer’s best performers list. 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.