Invesco Distributors, Inc., an investment management firm, released its “Invesco Growth and Income Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. AI-related stocks kept rising and propelled many equity indexes to record highs, in the quarter, while other non-AI-linked market segments saw declines. The fund underperformed its Russell 1000 Value Index (USD) benchmark in the second quarter. The fund’s relative underperformance was caused by stock selection in the industrial and healthcare sectors. Relative performance was added by stock selection in communication services and financials. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Invesco Growth and Income Fund highlighted stocks like ConocoPhillips (NYSE:COP) in the second quarter 2024 investor letter. ConocoPhillips (NYSE:COP) produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids. The one-month return of ConocoPhillips (NYSE:COP) was 0.82%, and its shares lost 3.80% of their value over the last 52 weeks. On August 19, 2024, ConocoPhillips (NYSE:COP) stock closed at $111.74 per share with a market capitalization of $129.758 billion.
Invesco Growth and Income Fund stated the following regarding ConocoPhillips (NYSE:COP) in its Q2 2024 investor letter:
“Stock selection in the industrials and health care sectors detracted from relative performance during the quarter. Selection and an underweight in consumer staples also hurt relative return as the sector was one of just two index sectors with a positive return for the quarter. ConocoPhillips (NYSE:COP): The company announced its acquisition of Marathon Oil in May. The deal is expected to increase earnings and will increase the scale of Conoco’s production assets. However, the stock traded lower on the news.”
A processional line of imposing cargo ships in a large port, capturing the scope of the company’s ocean transportation business.
ConocoPhillips (NYSE:COP) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 72 hedge fund portfolios held ConocoPhillips (NYSE:COP) at the end of the second quarter which was 62 in the previous quarter. While we acknowledge the potential of ConocoPhillips (NYSE:COP) 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 ConocoPhillips (NYSE:COP) and shared stock picks from Louis Navellier’s firm, Navellier & Associates. In addition, please check out our hedge fund investor letters Q2 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.
