GreensKeeper Asset Management, an investment management company, released its third quarter investor letter. A copy of the letter can be downloaded here. The Value Fund appreciated +4.7% (net) in the third quarter, +16.7% year to date and +24.4% over the past twelve months, however, the US dollar lowered returns by about -1.1% in Q3. The broader markets are clearly in positive territory for the year after a successful quarter. After the Federal Reserve decided to lower interest rates by 50 basis points in September, the major indices saw a surge, with the DJIA and S&P 500 closing the quarter at all-time highs. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
GreensKeeper Asset Management highlighted stocks like Cisco Systems, Inc. (NASDAQ:CSCO) in the third quarter 2024 investor letter. Cisco Systems, Inc. (NASDAQ:CSCO) manufactures and supplies Internet Protocol-based networking and other products related to the communications and information technology industry. The one-month return of Cisco Systems, Inc. (NASDAQ:CSCO) was 3.02%, and its shares gained 24.99% of their value over the last 52 weeks. On December 4, 2024, Cisco Systems, Inc. (NASDAQ:CSCO) stock closed at $59.62 per share with a market capitalization of $237.452 billion.
GreensKeeper Asset Management stated the following regarding Cisco Systems, Inc. (NASDAQ:CSCO) in its Q3 2024 investor letter:
“In the third quarter, we decided to exit our investment in Cisco Systems, Inc. (NASDAQ:CSCO), as we believed the stock had become fully valued and reallocated the capital to one of our international positions. We also initiated a new position in a Canadian company shortly after the quarter ended. As we may still accumulate shares, we will defer discussing this new holding for the time being. Our top ten positions are detailed in the table below. Further portfolio disclosures, including performance statistics, are available on the pages immediately following this letter.”
Engineers using the latest Cisco TelePresence technology to collaborate with colleagues around the world.
Cisco Systems, Inc. (NASDAQ:CSCO) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held Cisco Systems, Inc. (NASDAQ:CSCO) at the end of the third quarter which was 61 in the previous quarter. While we acknowledge the potential of Cisco Systems, Inc. (NASDAQ:CSCO) 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 Cisco Systems, Inc. (NASDAQ:CSCO) and shared the list of most undervalued cybersecurity stocks to buy according to hedge funds. The London Company Large Cap Strategy sold its holdings in Cisco Systems, Inc. (NASDAQ:CSCO) in Q3 2024. 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.