Third Point Management, a New York-based investment advisor, released its fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. The Third Point Offshore Fund returned nearly 9.1% in the fourth quarter bringing the yearly returns to 24.2%. The performance was driven by positive results across all strategies – equities, corporate and structured credit, and privates. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Third Point Management emphasized stocks such as Brookfield Corporation (NYSE:BN). Brookfield Corporation (NYSE:BN) is an alternative asset manager and REIT/Real Estate Investment Manager firm. The one-month return Brookfield Corporation (NYSE:BN) was 9.38%, and its shares gained 47.06% of their value over the last 52 weeks. On February 6, 2024, Brookfield Corporation (NYSE:BN) stock closed at $60.06 per share, with a market capitalization of $90.593 billion.
Third Point Management stated the following regarding Brookfield Corporation (NYSE:BN) in its Q4 2024 investor letter:
“Last summer we initiated a position in Brookfield Corporation (NYSE:BN). Brookfield is one of the largest global alternative asset managers with over $500 billion in fee-earning AUM. We believe Brookfield is uniquely positioned to be a beneficiary of the secular growth tailwinds around infrastructure, where it is the preeminent global franchise, and private credit, where it is a top player with $250 billion in fee-earning credit assets. These are two of the fastest growing asset classes within alternatives.
We believe infrastructure is poised to benefit from the dual tailwinds of the enormous global funding gap in traditional infrastructure – estimated at $100 trillion of required investment through 2040 – and significant new demand for digital infrastructure to support data and compute needs. Brookfield has a long track record of first quartile returns within its global infrastructure business and a 100+ year history as an owner-operator of real assets that predates its asset management franchise. In 2022, it raised its offshoot Global Transition fund at in our view an impressive $13 billion first vintage, and in 2023, it closed on the largest infrastructure drawdown fund ever raised at $28 billion..” (Click here to read the full text)
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Brookfield Corporation (NYSE:BN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Brookfield Corporation (NYSE:BN) at the end of the third quarter which was 34 in the previous quarter. While we acknowledge the potential of Brookfield Corporation (NYSE:BN) 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 Brookfield Corporation (NYSE:BN) and shared the list of best stocks to buy from Bill Ackman’s stock portfolio. 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.