Columbia Threadneedle Investments, an investment management company released its “Columbia Seligman Global Technology Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. The U.S. stock market rose 2.75% in Q4, bringing its full-year return to 24.51%, as measured by the Russell 1000 Index. The November election result removed investor uncertainty, raising hopes for pro-growth government policies. In addition, U.S. equities remained attractive due to high economic growth. The fund’s Institutional Class shares returned 7.45% in the quarter, compared to a 4.61% return for the MSCI World Information Technology Index-Net. In addition, you can check the fund’s top 5 holdings for its best picks for 2024.
In its fourth quarter 2024 investor letter, Columbia Seligman Global Technology Fund emphasized stocks such as Bloom Energy Corporation (NYSE:BE). Bloom Energy Corporation (NYSE:BE) engages in the design manufacture and installation of solid-oxide fuel cell systems for on-site power generation. The one-month return of Bloom Energy Corporation (NYSE:BE) was -0.65%, and its shares gained 171.87% of their value over the last 52 weeks. On March 12, 2025, Bloom Energy Corporation (NYSE:BE) stock closed at $24.55 per share with a market capitalization of $5.656 billion.
Columbia Seligman Global Technology Fund stated the following regarding Bloom Energy Corporation (NYSE:BE) in its Q4 2024 investor letter:
“The fund held an out-of-benchmark position in Bloom Energy Corporation (NYSE:BE). The company manufactures and markets solid oxide fuel cells that produce electricity and can provide an alternative source of energy compared to traditional suppliers. Our thesis on Bloom has been that they have the necessary technology to provide a solution to the electricity shortage that overhangs new AI data center builds in the U.S. and around the world. Bloom’s fuel cells plug into a natural gas line that can fit on a data center’s campus without taking up too much real estate, and the company has informed customers they can ramp up power delivery quicker than other energy providers. Bloom partnered with two new clients during the fourth quarter. The first is a continued partnership with existing client SK Eternix in South Korea. The second deal Bloom announced was a partnership with American Electric Power to provide power to their data centers.”
A bird’s eye view of a power generation platform with a power plant in the background.
Bloom Energy Corporation (NYSE:BE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Bloom Energy Corporation (NYSE:BE) at the end of the fourth quarter which was 25 in the previous quarter. In the fourth quarter, Bloom Energy Corporation (NYSE:BE) reported record revenue of $572 million, an increase of 60% from Q4 2023. While we acknowledge the potential of Bloom Energy Corporation (NYSE:BE) 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 Bloom Energy Corporation (NYSE:BE) and shared the list of top AI stocks analysts are monitoring. 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.