Wedgewood Partners, an investment management company, released its second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, Wedgewood Composite’s net return was 3.7% compared to the Standard & Poor’s 4.3%, the Russell 1000 Growth Index’s 8.3%, and the Russell 1000 Value Index’s -2.2% return for the same period. Year to date the composite returned 15.7% compared to the 15.3%, 20.7%, and 6.6% returns for the indexes, respectively. In addition, you can check the fund’s top 5 holdings to know its best picks in 2024.
Wedgewood Partners highlighted stocks like Motorola Solutions, Inc. (NYSE:MSI), in the second quarter 2024 investor letter. Motorola Solutions, Inc. (NYSE:MSI) is a public safety and enterprise security solutions provider. The one-month return of Motorola Solutions, Inc. (NYSE:MSI) was 2.64%, and its shares gained 34.85% of their value over the last 52 weeks. On July 17, 2024, Motorola Solutions, Inc. (NYSE:MSI) stock closed at $393.71 per share with a market capitalization of $65.666 billion.
Wedgewood Partners stated the following regarding Motorola Solutions, Inc. (NYSE:MSI) in its Q2 2024 investor letter:
“Motorola Solutions, Inc. (NYSE:MSI) was a contributor to performance as the Company continued its steady execution with +10% sales growth and +20% operating earnings growth. Motorola also continues to grow its backlog due to its competively advantaged core land mobile radio (LMR) business is a critical long-term solution for emergency services around the globe. The technology behind LMR is relatively simple compared to current 5G wireless standards, but it is an extremely robust implementation that must withstand regular and even mega catastrophes to guarantee uptime to the emergency services that depend on it for communications. Motorola has unmatched competitive positioning in this core business and should be able to continue to expand value-added service offerings to LMR and drive attractive long-term growth.”
A close-up view of a mission-critical communication device in action.
Motorola Solutions, Inc. (NYSE:MSI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Motorola Solutions, Inc. (NYSE:MSI) at the end of the first quarter which was 50 in the previous quarter. In the first quarter, Motorola Solutions, Inc. (NYSE:MSI) reported revenue growth of 10%, and earnings per share growth of 27% (see the details here). While we acknowledge the potential of Motorola Solutions, Inc. (NYSE:MSI) 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 Motorola Solutions, Inc. (NYSE:MSI) and shared Wedgewood Partners’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.
