Investment management company Ave Maria recently released its “Ave Maria Focused Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund returned 5.65% compared to the S&P MidCap 400 Growth Index’s 4.63% return and the S&P500 Index’s 5.89% return. The operational performance of the Fund’s holdings has been strong throughout 2024. Unfortunately, the stock prices of some of these holdings have not mirrored their robust operating performance. The firm expects that, over time, the operating performance and stock price performance will align. You can check the fund’s top 5 holdings for its best picks for 2024
Ave Maria Focused Fund highlighted stocks like APi Group Corporation (NYSE:APG), in the third quarter 2024 investor letter. APi Group Corporation (NYSE:APG) is a safety and specialty services provider. The one-month return of APi Group Corporation (NYSE:APG) was 9.99%, and its shares gained 23.72% of their value over the last 52 weeks. On November 27, 2024, APi Group Corporation (NYSE:APG) stock closed at $37.55 per share with a market capitalization of $10.318 billion.
Ave Maria Focused Fund stated the following regarding APi Group Corporation (NYSE:APG) in its Q3 2024 investor letter:
“APi Group Corporation (NYSE:APG): APi Group has grown its EBITDA 16% year-to-date through a combination of organic growth of its services businesses and margin expansion. It also recently acquired Elevated Facilities Services, an independent elevator maintenance and repair company. Elevated should provide ample cross selling opportunities to APi’s Fire Safety business and vice versa, which should accelerate the company’s organic growth.”
A team of engineers surveying a construction site in preparation for a new underground infrastructure.
APi Group Corporation (NYSE:APG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held APi Group Corporation (NYSE:APG) at the end of the third quarter which was 52 in the previous quarter. APi Group Corporation’s (NYSE:APG) third quarter revenue increased 2.4% to $1.83 billion from $1.78 billion in the prior year period. While we acknowledge the potential of APi Group Corporation (NYSE:APG) 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 APi Group Corporation (NYSE:APG) and shared SouthernSun SMID Cap Strategy’s views on the company. 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.