Investment management company Curreen Capital released its third quarter 2024 Investor letter. A copy of the letter can be downloaded here. Although the overall market has seen an increase, many of the “ugly duckling” stocks the firm is concentrating on have become cheaper. This creates excellent opportunities to buy quality businesses while they are temporarily out of favor in the stock market. In the third quarter, the fund was up 0.9% compared to 5.89% for the S&P 500 Index. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Curreen Capital highlighted stocks like Advantage Solutions Inc. (NASDAQ:ADV), in the third quarter 2024 investor letter. Advantage Solutions Inc. (NASDAQ:ADV) enables consumer goods companies and retailers to improve their business operations. The one-month return of Advantage Solutions Inc. (NASDAQ:ADV) was 21.90%, and its shares gained 91.28% of their value over the last 52 weeks. On November 7, 2024, Advantage Solutions Inc. (NASDAQ:ADV) stock closed at $3.73 per share with a market capitalization of $1.195 billion.
Curreen Capital stated the following regarding Advantage Solutions Inc. (NASDAQ:ADV) in its Q3 2024 investor letter:
“We also sold our position in Advantage Solutions Inc. (NASDAQ:ADV) this quarter, receiving $3.63 per share. We bought Advantage Solutions last year when the stock dropped well below my downside valuation, and added as it got even cheaper. Over the past year, the company’s turnaround has progressed, and while the stock is up from the very low prices that we paid, operating results did not meet my expectations. Though other parts of the business have rebounded, I want to see more recovery in the company’s Branded segment. I only tolerate temporarily weak operating results at “crazy cheap” stock prices, and Advantage Solutions had moved above those levels.”
A business professional in a room with multiple screens reviewing analytics of digital inventory.
Advantage Solutions Inc. (NASDAQ:ADV) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Advantage Solutions Inc. (NASDAQ:ADV) at the end of the second quarter which was 21 in the previous quarter. While we acknowledge the potential of Advantage Solutions Inc. (NASDAQ:ADV) 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 Advantage Solutions Inc. (NASDAQ:ADV) and shared the list of cheapest penny stocks to buy. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.