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 CrowdStrike Holdings, Inc. (NASDAQ:CRWD), in the third quarter 2024 investor letter. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a global cyber security solutions provider. The one-month return of CrowdStrike Holdings, Inc. (NASDAQ:CRWD) was 23.54%, and its shares gained 77.21% of their value over the last 52 weeks. On November 22, 2024, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) stock closed at $372.26 per share with a market capitalization of $91.251 billion.
Columbia Threadneedle Global Technology Growth Strategy stated the following regarding CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its Q3 2024 investor letter:
“Shares of cybersecurity company CrowdStrike Holdings, Inc. (NASDAQ:CRWD) cratered on July 19 after the company distributed a faulty update to its security software that caused widespread problems with Microsoft Windows computers running the software. Overall, approximately 8.5 million Microsoft Windows operating systems crashed worldwide, which did cause global disruption of critical services such as mass transportation. The investment narrative shifted to wait-and-see mode in the fallout of the outage, as deal cycles are expected to lengthen with customers requiring greater assurance that their digital footprint remains secure.”
Security personnel at their consoles, monitoring a global network of threats in real-time.
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 74 hedge fund portfolios held CrowdStrike Holdings, Inc. (NASDAQ:CRWD) at the end of the third quarter which was 69 in the previous quarter. While we acknowledge the potential of CrowdStrike Holdings, Inc. (NASDAQ:CRWD) 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 CrowdStrike Holdings, Inc. (NASDAQ:CRWD) and shared the list of AI news and ratings investors should not miss. Carillon Eagle Mid Cap Growth Fund shared its optimistic views on CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its Q3 2024 investor letter. 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.