Hotchkis & Wiley Funds, an investment management company, released its “Hotchkis & Wiley Mid-Cap Value Fund” third quarter 2024 investor letter. A copy of the same can be downloaded here. In the third quarter of 2024, the Russell Midcap Index produced a strong +9.2% return. Over the course of the quarter, the Russell Midcap Value Index beat the Russell Midcap Growth Index by +10.1% vs +6.5%. Macroeconomic factors significantly influenced market performance during the quarter. The fund returned 6.03% in the quarter, underperforming the 10.08% returns for the Russell Midcap Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Hotchkis & Wiley Mid-Cap Value Fund highlighted stocks like Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC), in the third quarter 2024 investor letter. Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) offers telecommunications equipment and related services to mobile and fixed network operator. The one-month return of Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) was -0.37%, and its shares gained 30.93% of their value over the last 52 weeks. On December 24, 2024, Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) stock closed at $8.17 per share with a market capitalization of $26.802 billion.
Hotchkis & Wiley Mid-Cap Value Fund stated the following regarding Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) in its Q3 2024 investor letter:
“Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) is one of the largest vendors of hardware and software for operating wireless networks outside of China. The company built on the prior quarter’s outperformance, with signs of revenue stabilization and margin improvement continuing, and management seeing signs of recovery in the North American market.”
An aerial view of a large telecommunications network covering a city skyline.
Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) at the end of the third quarter which was 8 in the previous quarter. While we acknowledge the potential of Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) 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 Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) and shared the list of eco-friendly companies in 2024. 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.