Columbia Acorn Fund, distributed by Columbia Management Investment Distributors, released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter, the fund returned 9.15% while the benchmark, the Russell 2500 Growth Index, returned 6.99%. A strong market rally occurred throughout the quarter, and the Columbia Acorn Fund beat its benchmark due to positive stock selection. With recoveries for smaller caps and several cyclical stocks, the third quarter witnessed a return to animal spirits following the previous quarter’s more risk-averse environment. In addition, you can check the fund’s top 5 holdings for its best picks for 2024.
Columbia Acorn Fund highlighted stocks like Colliers International Group Inc. (NASDAQ:CIGI) in the third quarter 2024 investor letter. Colliers International Group Inc. (NASDAQ:CIGI) is a commercial real estate professional and investment management services provider. The one-month return of Colliers International Group Inc. (NASDAQ:CIGI) was 1.40%, and its shares gained 56.85% of their value over the last 52 weeks. On November 8, 2024, Colliers International Group Inc. (NASDAQ:CIGI) stock closed at $151.85 per share with a market capitalization of $7.857 billion.
Columbia Acorn Fund stated the following regarding Colliers International Group Inc. (NASDAQ:CIGI) in its Q3 2024 investor letter:
“Colliers International Group Inc. (NASDAQ:CIGI) is a diversified commercial real estate services company across capital markets, leasing, outsourcing and advisory, and investment management with global operations and approximately $100 billion in assets under management. Colliers differentiates itself with its exemplary culture and is well-positioned to build upon its long-term track record of success, with long runways for growth across all its businesses, especially as transactional activity picks up with Federal Reserve rate cuts. Management’s focus on adding the higher margin segments of value-added engineering and investment management services has continued to further differentiate the company versus peers.”
Colliers International Group Inc. (NASDAQ:CIGI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Colliers International Group Inc. (NASDAQ:CIGI) at the end of the second quarter which was 17 in the previous quarter. Colliers International Group Inc.’s (NASDAQ:CIGI) third quarter revenue was $1.2 billion, up 11% year-over-year. While we acknowledge the potential of Colliers International Group Inc. (NASDAQ:CIGI) 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 Colliers International Group Inc. (NASDAQ:CIGI) and shared Vulcan Value Partners’ views on the company. 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.