Shelton Capital Management, an investment management company, released its “Shelton Sustainable Equity Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the portfolio returned -3.22% compared to the MSCI ACWI’s 2.44% return. Overall, the distribution across sectors considerably impacted growth in the information technology and utilities sectors. In contrast, the industrials, materials, and consumer staples sectors showed the worst declines in return. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Shelton Sustainable Equity Fund highlighted stocks like Teledyne Technologies Incorporated (NYSE:TDY), in the second quarter 2024 investor letter. Teledyne Technologies Incorporated (NYSE:TDY) offers enabling technologies for industrial growth markets. The one-month return of Teledyne Technologies Incorporated (NYSE:TDY) was 2.95%, and its shares gained 11.32% of their value over the last 52 weeks. On October 2, 2024, Teledyne Technologies Incorporated (NYSE:TDY) stock closed at $443.17 per share with a market capitalization of $20.733 billion.
Shelton Sustainable Equity Fund stated the following regarding Teledyne Technologies Incorporated (NYSE:TDY) in its Q2 2024 investor letter:
“Teledyne Technologies Incorporated (NYSE:TDY) provides electronic subsystems and instrumentation. The company provides aerospace and defense electronics, digital imaging products and software, monitoring instrumentation for marine and environmental applications, harsh environment interconnect products, and subsystems for satellite communications. Teledyne also provides engineered systems. Teledyne’s products are the key to our environmental thesis, as they make several devices that are leading the charge in climate data and analytics that serves various end markets. Teledyne imaging sensors are used to monitor carbon dioxide and methane across the world. Teledyne’s environmental monitoring products help utilities, industrials, aerospace, and oil/gas become more efficient and prevent environmentally damaging risks to its operations and supply chain.”
A technician in a lab coat calibrating advanced electronic components.
Teledyne Technologies Incorporated (NYSE:TDY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Teledyne Technologies Incorporated (NYSE:TDY) at the end of the second quarter which was 39 in the previous quarter. While we acknowledge the potential of Teledyne Technologies Incorporated (NYSE:TDY) 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 Teledyne Technologies Incorporated (NYSE:TDY) and shared the list of best scientific instruments stocks to buy. Madison Mid Cap Fund initiated a position in Teledyne Technologies Incorporated (NYSE:TDY) in the second quarter of 2024 due to its growth prospects in the current market conditions. 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.