Impax Asset Management, an investment management company, released its “Impax Global Environmental Markets Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The MSCI All Country World Index (MSCI ACWI), which measures global equities, saw gains throughout the quarter as monetary easing by the US and Chinese central banks gave markets additional momentum and offset political and geopolitical unpredictability. A new cycle of rate-cutting in the US started in the last weeks of the quarter, catalysed by improving job and inflation data. The strategy appreciated and outperformed its primary benchmark, the MSCI ACWI during the quarter. The portfolio benefited from a reversal in mega-cap outperformance and improved market breadth in third quarter, following an extended period of extreme market narrowness. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Impax Global Environmental Markets Fund highlighted stocks like Pentair plc (NYSE:PNR) in the third quarter 2024 investor letter. Pentair plc (NYSE:PNR) is a company that offers water solutions that operates through Flow, Water Solutions, and Pool segments. The one-month return of Pentair plc (NYSE:PNR) was -7.53%, and its shares gained 41.91% of their value over the last 52 weeks. On December 31, 2024, Pentair plc (NYSE:PNR) stock closed at $100.64 per share with a market capitalization of $16.629 billion.
Impax Global Environmental Markets Fund stated the following regarding Pentair plc (NYSE:PNR) in its Q3 2024 investor letter:
“Pentair plc (NYSE:PNR) (Water Distribution & Infrastructure, US) outperformed during the period. After weakness in Q2, driven by dour reports from other parts of its value chain, earnings released in July were better than expected. Guidance on the back of margin improvement from self-help initiatives (productivity, pricing and footprint rationalization initiatives) was also upbeat.”
A factory worker with protective goggles and a hardhat inspecting a water filtration system.
Pentair plc (NYSE:PNR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Pentair plc (NYSE:PNR) at the end of the third quarter which was 40 in the previous quarter. In the third quarter, Pentair plc’s (NYSE:PNR) sales were $993 million, down 2% year-over-year. While we acknowledge the potential of Pentair plc (NYSE:PNR) 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 Pentair plc (NYSE:PNR) and shared the list of best FTSE dividend stocks to buy. 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.