Silver Ring Value Partners, an investment management company, released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The strategy returned -9.2% (net) in the last 12 months compared to a 35.2% return for the Russell 3000 Index and a 33.1% return for the MSCI World Index during the same period. The portfolio is more undervalued and better balanced than a year ago, and the firm believes it will benefit them working toward the long-term objective of safely compounding capital. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Silver Ring Value Partners highlighted stocks like Qurate Retail, Inc. (NASDAQ:QRTEA), in the third quarter 2024 investor letter. Qurate Retail, Inc. (NASDAQ:QRTEA) is a video and online commerce company that markets and sells a wide range of consumer products. The one-month return of Qurate Retail, Inc. (NASDAQ:QRTEA) was -28.94%, and its shares lost 38.28% of their value over the last 52 weeks. On November 18, 2024, Qurate Retail, Inc. (NASDAQ:QRTEA) stock closed at $0.4046 per share with a market capitalization of $195.764 million.
Silver Ring Value Partners stated the following regarding Qurate Retail, Inc. (NASDAQ:QRTEA) in its Q3 2024 investor letter:
“I have been following Qurate Retail, Inc. (NASDAQ:QRTEA) since we exited our investment. Let me get the obvious out of the way: the business is clearly challenged and there is a not-insignificant risk of the equity being worth $0. So why invest? I will address this both at the level of the individual investment and from the perspective of the portfolio.
At the company level, I believe that there is a good probability that the business has stabilized, especially among existing customers, and may even be moving in the right direction. We can see that in metrics such as retention of the company’s “best” customers that buy 20+ items per year, and the quantity purchased by existing customers. I have also done research calls with former employees that have led me to better understand the company and gain incremental comfort that there is a valuable and largely stable core to what the company does…” (Click here to read the full text)
A customer selecting the perfect item on an Internet shopping platforms with a mobile device in hand.
Qurate Retail, Inc. (NASDAQ:QRTEA) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Qurate Retail, Inc. (NASDAQ:QRTEA) at the end of the third quarter which was 19 in the previous quarter. While we acknowledge the potential of Qurate Retail, Inc. (NASDAQ:QRTEA) 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 Qurate Retail, Inc. (NASDAQ:QRTEA) and shared the list of penny st0cks with low PE ratios. 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.