Investment advisory firm Ithaka Group released the “Ithaka US Growth Strategy” fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. The outstanding gains that the global equity markets witnessed during the year continued in the fourth quarter of 2024. More than any other year in history, the S&P 500 reached 57 new all-time highs. During the quarter, the portfolio returned 8.4% (gross of fees) compared to the R1000G, which increased by 7.1%. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Ithaka US Growth Strategy highlighted stocks like Palantir Technologies Inc. (NASDAQ:PLTR), in the fourth quarter 2024 investor letter. Palantir Technologies Inc. (NASDAQ:PLTR) offers software platforms for the intelligence community. The one-month return of Palantir Technologies Inc. (NASDAQ:PLTR) was -6.70%, and its shares gained 322.20% of their value over the last 52 weeks. On January 16, 2025, Palantir Technologies Inc. (NASDAQ:PLTR) stock closed at $69.24 per share with a market capitalization of $157.73 billion.
Ithaka US Growth Strategy stated the following regarding Palantir Technologies Inc. (NASDAQ:PLTR) in its Q4 2024 investor letter:
“From the front-lines of warzones to Fortune 500 enterprises, Palantir Technologies Inc. (NASDAQ:PLTR) builds software to address high-level action items, respond to defense and security concerns, and improve organizational efficiency. The company offers a number of software products from data analysis and curation (Palantir Gotham and Foundry) to a cloud-based operations software (Apollo). The company rose to popularity, in part, due to several government contracts (~55% of revenues) arising from recent and continuous global conflicts. In addition to creating generative AI defense solutions for governments across the globe, commercial customers (~45% of revenues) have flocked to the company’s security and data analysis solutions to monitor and analyze business data and protect sensitive information. The stock’s meteoric rise in the quarter was due to a strong earnings report that beat Street expectations as well as investor excitement with regard to the company’s ability to further monetize its AI product across its growing customer base.”
A software engineer intently typing code into a laptop with multiple screens in an office.
Palantir Technologies Inc. (NASDAQ:PLTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Palantir Technologies Inc. (NASDAQ:PLTR) at the end of the third quarter which was 44 in the previous quarter. While we acknowledge the potential of Palantir Technologies Inc. (NASDAQ:PLTR) 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 Palantir Technologies Inc. (NASDAQ:PLTR) and shared the list of AI Stocks on latest analyst ratings and News. ClearBridge Growth Strategy purchased Palantir Technologies Inc. (NASDAQ:PLTR) in Q4 2024, to benefit from the rapid development in AI technology. 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.