Choice Equities Capital Management, a hedge fund manager, recently released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund lost -1.8% on a net basis bringing year-to-date gain to +5.5% compared to the Russell 2000’s +9.3% gain for the quarter and +11.2% gain for YTD. The S&P 500 generated a quarterly gain of +5.9% taking year-to-date gains to +22.1%. Since its inception in 2017, the fund has generated annualized gains of +15.0% versus +7.8% and +14.5% returns for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Choice Equities Capital Management highlighted stocks like Magnite, Inc. (NASDAQ:MGNI), in the third quarter 2024 investor letter. Magnite, Inc. (NASDAQ:MGNI) operates an independent omnichannel sell-side advertising platform. The one-month return of Magnite, Inc. (NASDAQ:MGNI) was -0.16%, and its shares gained 69.21% of their value over the last 52 weeks. On November 4, 2024, Magnite, Inc. (NASDAQ:MGNI) stock closed at $12.20 per share with a market capitalization of $1.722 billion.
Choice Equities Capital Management stated the following regarding Magnite, Inc. (NASDAQ:MGNI) in its Q3 2024 investor letter:
“Magnite, Inc. (NASDAQ:MGNI) and CROX – Magnite, Inc. and Croc’s Inc. remain holdings in the portfolio and were recently discussed in detail on the Yet Another Value Blog podcast, which can be found here: YAVB podcast. As discussed herein, both remain well-positioned in their respective industries and represent attractive values on anticipated cash flows in years to come. Magnite, as highlighted, looks attractive on its own merits, though shares could become particularly interesting should a handful of industry anti-trust events break their way.”
A marketing manager examining a publisher’s digital inventory on a laptop.
Magnite, Inc. (NASDAQ:MGNI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Magnite, Inc. (NASDAQ:MGNI) at the end of the second quarter which was 24 in the previous quarter. in the second quarter, Magnite, Inc. (NASDAQ:MGNI) generated $163 million in revenues, up 7% from Q2 2023. While we acknowledge the potential of Magnite, Inc. (NASDAQ:MGNI) 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 Magnite, Inc. (NASDAQ:MGNI) and shared Choice Equities 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.