Seven Corners Capital, an investment management company, released its Q3 2024 investor letter. A copy of the letter can be downloaded here. Seven Corners Capital’s composite portfolio finished Q3 2024 increasing around 14%, while the S&P 500 increased by approximately 21%. This represents a 7% underperformance in the first half of the year. Since 2020 (on a “Pandemic stacked basis”), the SCC Composite Portfolio has increased by ~127% compared to ~79% for the S&P 500, including all dividends received. This is an outperformance of 4,800 basis points compared to the index. In addition, you can check the fund’s top 5 holdings to know its best picks in 2024.
Seven Corners Capital highlighted stocks like Genworth Financial, Inc. (NYSE:GNW), in the third quarter 2024 investor letter. Genworth Financial, Inc. (NYSE:GNW) offers mortgage and long-term care insurance products that operates through Enact, Long-Term Care Insurance, and Life and Annuities segments. mortgage and long-term care insurance products. The one-month return of Genworth Financial, Inc. (NYSE:GNW) was 0.27%, and its shares gained 15.83% of their value over the last 52 weeks. On December 9, 2024, Genworth Financial, Inc. (NYSE:GNW) stock closed at $7.39 per share with a market capitalization of $3.16 billion.
Seven Corners Capital stated the following regarding Genworth Financial, Inc. (NYSE:GNW) in its Q3 2024 investor letter:
“Genworth Financial, Inc. (NYSE:GNW), 15% position (Cost Basis: $3.75)
GNW increased 2.2% YTD in 2024, following a period of significant outperformance during the preceding 8 quarters vis-a-vis the S&P 500.
GNW trades at a discount to its 81% ownership stake in Enact Holdings (ticker ACT), which at the end of Q1 was valued at $4.6 billion (or 30% greater than GNW’s $3.5 billion aggregate enterprise value, up from 17% six months ago)…” (Click here to read the full text)
An individual signing financial documents with a representative from the life insurance company nearby.
Genworth Financial, Inc. (NYSE:GNW) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Genworth Financial, Inc. (NYSE:GNW) at the end of the third quarter which was 38 in the previous quarter. While we acknowledge the potential of Genworth Financial, Inc. (NYSE:GNW) 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 Genworth Financial, Inc. (NYSE:GNW) and shared the list of best US stocks to buy under $10. 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.