Here’s Why General Motors Company (GM) Rose in Q2

Diamond Hill Capital, an investment management company, released its “Large Cap Concentrated Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. US stocks climbed 3% as per the Russell 3000 Index, primarily driven by a nearly 4% increase in large-cap stocks. The strategy trailed the Russell 1000 Index in Q2 and returned -2.77% (net) vs 3.57% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.

Diamond Hill Large Cap Concentrated Strategy highlighted stocks like General Motors Company (NYSE:GM) in the second quarter 2024 investor letter. General Motors Company (NYSE:GM) is a global automobile manufacturer. The one-month return of General Motors Company (NYSE:GM) was -7.56%, and its shares gained 37.91% of their value over the last 52 weeks. On September 25, 2024, General Motors Company (NYSE:GM) stock closed at $45.73 per share with a market capitalization of $51.397 billion.

Diamond Hill Large Cap Concentrated Strategy stated the following regarding General Motors Company (NYSE:GM) in its Q2 2024 investor letter:

“Other top Q2 contributors included Extra Space Storage and General Motors Company (NYSE:GM). Shares of automobile manufacturer General Motors (GM) rose as its internal combustion engine business has also received a boost from the recent slowdown in electric vehicle adoption among consumers. GM also announced additional share repurchases in Q2, reinforcing its commitment to returning cash to shareholders.”

General Motors Company (NYSE:GM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 72 hedge fund portfolios held General Motors Company (NYSE:GM) at the end of the second quarter which was 78 in the previous quarter. While we acknowledge the potential of General Motors Company (NYSE:GM) 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 General Motors Company (NYSE:GM) and shared the list of best car stocks to invest in. 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.