Alluvium Asset Management, an asset management company, released its “Conventum – Alluvium Global Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The equity market continued its rally in the third quarter. The Fund was up 4.3%, 8.7% and 4.6% in EUR, USD and AUD terms, in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conventum – Alluvium Global Fund highlighted stocks like Lockheed Martin Corporation (NYSE:LMT) in the third quarter 2024 investor letter. Based in Bethesda, Maryland, Lockheed Martin Corporation (NYSE:LMT) is a security and aerospace company. The one-month return of Lockheed Martin Corporation (NYSE:LMT) was -7.65%, and its shares gained 15.04% of their value over the last 52 weeks. On December 3, 2024, Lockheed Martin Corporation (NYSE:LMT) stock closed at $517.00 per share with a market capitalization of $123.339 billion.
Conventum – Alluvium Global Fund stated the following regarding Lockheed Martin Corporation (NYSE:LMT) in its Q3 2024 investor letter:
“Lockheed Martin Corporation (NYSE:LMT) is a new investment for the Fund. This defence contractor had been on our radar for some time, and in July we pulled the trigger. Call it dumb luck, but by quarter’s end that initial 2.0% tranche had grown to 2.4% as a result of its 25.8% return. There was reason for it. In the interim Lockheed’s management reported impressive results revealing its strong backlog and upgrading its full year guidance. We increased our estimates slightly, but not enough to warrant increasing our position at what we now see to be a reasonably (perhaps slightly highly) priced business.”
A military aircraft in flight, showing the strength of the company’s combat & air mobility capability.
Lockheed Martin Corporation (NYSE:LMT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held Lockheed Martin Corporation (NYSE:LMT) at the end of the third quarter which was 56 in the previous quarter. While we acknowledge the potential of Lockheed Martin Corporation (NYSE:LMT) 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 Lockheed Martin Corporation (NYSE:LMT) and shared the list of stocks that are close to becoming dividend aristocrats. In its Q3 2024 investor letter, Ariel Focus Fund shared its confidence in Lockheed Martin Corporation’s (NYSE:LMT) future growth and its strong position in the defense industry. 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.