Invesco Distributors, Inc., an investment management firm, released its “Invesco Growth and Income Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. US stocks experienced increases in the third quarter despite a drop in early August as inflation subsided and the Federal Reserve (Fed) initiated its much-anticipated monetary easing cycle. As interest rates became more predictable, investors shifted their focus from technology and artificial intelligence (AI) equities, which had dominated much of 2024, to small-cap and value stocks that may profit from lower rates. Against this benchmark, the fund underperformed the benchmark. The fund’s under performance was driven by the stock selection in the financial, consumer discretionary, information technology (IT), and communication services industries. Relative performance was enhanced by the choice of stocks in consumer staples, industrials, and real estate. In addition, check the fund’s top five holdings to know its best picks in 2024.
Invesco Growth and Income Fund highlighted stocks like CBRE Group, Inc. (NYSE:CBRE), in the third quarter 2024 investor letter. CBRE Group, Inc. (NYSE:CBRE) is a commercial real estate services and investment company. The one-month return of CBRE Group, Inc. (NYSE:CBRE) was -7.22%, and its shares gained 36.65% of their value over the last 52 weeks. On December 19, 2024, CBRE Group, Inc. (NYSE:CBRE) stock closed at $125.65 per share with a market capitalization of $38.451 billion.
Invesco Growth and Income Fund stated the following regarding CBRE Group, Inc. (NYSE:CBRE) in its Q3 2024 investor letter:
“CBRE Group, Inc. (NYSE:CBRE): The commercial real estate firm reported better-than-expected earnings and raised its outlook for the full year. CBRE also pointed to a possible inflection in commercial real estate, noting increased deal activity in anticipation of lower interest rates.”
A downtown skyline, highlighting a successful real estate services company.
CBRE Group, Inc. (NYSE:CBRE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held CBRE Group, Inc. (NYSE:CBRE) at the end of the third quarter which was 54 in the previous quarter. While we acknowledge the potential of CBRE Group, Inc. (NYSE:CBRE) 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 CBRE Group, Inc. (NYSE:CBRE) and shared Parnassus Value Equity Fund’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.