Hardman Johnston Global Advisors, an investment management company, released its “Hardman Johnston Global Equity” fourth quarter 2024, investor letter. A copy of the letter can be downloaded here. The fourth quarter concluded the portfolio’s successful year in comparison to its benchmark index. The strategy returned -0.17%, net of fees, in the quarter, compared to -0.99% return for the MSCI AC World Net Index. From a sector standpoint, the main drivers of the portfolio’s outperformance during the quarter were Industrials and Materials. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Hardman Johnston Global Equity Strategy emphasized stocks such as Bank of America Corporation (NYSE:BAC). Bank of America Corporation (NYSE:BAC) offers various financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments. The one-month return of Bank of America Corporation (NYSE:BAC) was -5.20%, and its shares gained 14.66% of their value over the last 52 weeks. On March 20, 2025, Bank of America Corporation (NYSE:BAC) stock closed at $42.48 per share with a market capitalization of $322.967 billion.
Hardman Johnston Global Equity Strategy stated the following regarding Bank of America Corporation (NYSE:BAC) in its Q4 2024 investor letter:
“Bank of America Corporation (NYSE:BAC) is the second largest bank in the developed world and operates the third largest branch network in the US. With 86% of revenues coming from the US, the bank is a clear beneficiary of the lower regulatory environment expected from the incoming administration. The company’s business is highly diversified across retail, commercial, wealth management, and investment banking, with significant scale across all verticals. Management believes there is a big opportunity going forward in growing and monetizing its mass retail client base. Wealth is another huge opportunity, with the Merrill Lynch platform enabling customers to make more transactions and purchase additional products. Lastly, Bank of America has an opportunity to increase efficiency through cost reduction and online banking. Our expectation is for the bank’s ROE to move significantly higher, driving EPS growth and higher multiples.”
A business owner discussing commercial business loans with a bank representative.
Bank of America Corporation (NYSE:BAC) is in 24th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 113 hedge fund portfolios held Bank of America Corporation (NYSE:BAC) at the end of the fourth quarter which was 98 in the previous quarter. While we acknowledge the potential of Bank of America Corporation (NYSE:BAC) 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 Bank of America Corporation (NYSE:BAC) and shared the list of best and cheap stocks to buy according to billionaires. In addition, please check out our hedge fund investor letters Q4 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.