Night Watch Investment Management, an investment management company, released its fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. In the fourth quarter the fund LP depreciated by -2.92% net of fees and ended the quarter at 10.30%. In the fourth quarter of 2024, the market experienced significant volatility. The initial excitement following the US elections quickly gave way to discouragement as rising inflation figures prompted the Federal Reserve to revise their interest rate cut expectations for 2025 downward. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Night Watch Investment Management highlighted stocks like A-Mark Precious Metals, Inc. (NASDAQ:AMRK), in the fourth quarter 2024 investor letter. A-Mark Precious Metals, Inc. (NASDAQ:AMRK) is a precious metals trading company. The one-month return of A-Mark Precious Metals, Inc. (NASDAQ:AMRK) was -3.85%, and its shares lost 4.15% of their value over the last 52 weeks. On January 7, 2025, A-Mark Precious Metals, Inc. (NASDAQ:AMRK) stock closed at $27.50 per share with a market capitalization of $637.563 million.
Night Watch Investment Management stated the following regarding A-Mark Precious Metals, Inc. (NASDAQ:AMRK) in its Q4 2024 investor letter:
“As a long-biased fund, we prefer to own various countercyclical companies to lower the risk of our portfolio. At the beginning of the year, we identified a pawn store operator and a wholesaler / retailer of precious metals called A-Mark Precious Metals, Inc. (NASDAQ:AMRK) as interesting long-term opportunities that simultaneously provided a hedging function to our portfolio. We have exited our position in AMRK during the year. We believed that economic uncertainty and higher precious metals prices would spark renewed consumer demand for physical gold and silver coins. This demand did not materialize and we therefore saw no immediate catalyst in AMRK.”
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A-Mark Precious Metals, Inc. (NASDAQ:AMRK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held A-Mark Precious Metals, Inc. (NASDAQ:AMRK) at the end of the second quarter which was 17 in the previous quarter. In the fiscal first quarter 0f 2025, A-Mark Precious Metals, Inc. (NASDAQ:AMRK) reported $2.72 billion in revenues, up 9% from prior year’s quarter. While we acknowledge the potential of A-Mark Precious Metals, Inc. (NASDAQ:AMRK) 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 A-Mark Precious Metals, Inc. (NASDAQ:AMRK) and shared Praetorian Capital’s views on the company in the previous quarter. 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.