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 Cushman & Wakefield plc (NYSE:CWK) in the third quarter 2024 investor letter. Cushman & Wakefield plc (NYSE:CWK) is a commercial real estate services provider, headquartered in London, the United Kingdom. The one-month return of Cushman & Wakefield plc (NYSE:CWK) was -4.52%, and its shares gained 88.49% of their value over the last 52 weeks. On October 16, 2024, Cushman & Wakefield plc (NYSE:CWK) stock closed at $13.10 per share with a market capitalization of $3.003 billion.
Vulcan Value Partners stated the following regarding Cushman & Wakefield plc (NYSE:CWK) in its Q3 2024 investor letter:
“Cushman & Wakefield plc (NYSE:CWK) provides commercial real estate services including property management, transaction management, leasing brokerage, and other services in the sale and servicing of commercial real estate. Cushman & Wakefield has a solid business model that is asset light, diversified, and benefiting from secular trends such as the outsourcing of property and facility management. We believe Cushman & Wakefield has the ability to improve future margins and free cash flow. The company experienced a solid quarter with leasing revenue slightly better than expected and announced further debt pre-payments and interest savings, indicating its focus on debt reduction. In addition, Cushman & Wakefield is benefitting from the recent decrease in interest rates.”
An impressive commercial building showcasing the real estate services of the company.
Cushman & Wakefield plc (NYSE:CWK) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Cushman & Wakefield plc (NYSE:CWK) at the end of the second quarter which was 22 in the previous quarter. While we acknowledge the potential of Cushman & Wakefield plc (NYSE:CWK) 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 Cushman & Wakefield plc (NYSE:CWK) and shared the list of best undervalued UK stocks to buy. 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.
