Mar Vista Investment Partners, LLC, an investment management company, released the “Mar Vista Strategic Growth Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The stock market experienced a strong rally in the first quarter, everything from stocks to bitcoin, and even gold, saw significant gains. Most of the companies in the S&P 500 index reached a 52-week high in the first quarter. The strategy returned +6.68% net-of-fees in the first quarter compared to +11.41% and +10.56% returns of the Russell 1000 Growth Index and the S&P 500 indexes. Kindly check the top 5 stocks of the strategy to know its best picks in 2024.
Mar Vista Strategic Growth Strategy highlighted stocks like GXO Logistics, Inc. (NYSE:GXO), in the first quarter 2024 investor letter. Incorporated in 2021, GXO Logistics, Inc. (NYSE:GXO) is a logistics services provider. The one-month return of GXO Logistics, Inc. (NYSE:GXO) was -10.78%, and its shares lost 21.60% of their value over the last 52 weeks. On June 14, 2024, GXO Logistics, Inc. (NYSE:GXO) stock closed at $47.94 per share with a market capitalization of $5.726 billion.
Mar Vista Strategic Growth Strategy stated the following regarding GXO Logistics, Inc. (NYSE:GXO) in its first quarter 2024 investor letter:
“GXO Logistics, Inc. (NYSE:GXO) experienced a setback this quarter. Customer volumes dropped 9%, stalling any organic growth. This slump was primarily driven by weakness in the omnichannel retail and consumer packaging sectors. As a result, the company’s 2024 forecasts fell short of analyst expectations, leading to a drop in share price after the announcement.
Despite cyclical headwinds, there are signs of a turnaround for GXO. Management indicated that customer volumes in January have already begun to improve. Additionally, they expect easier comparisons in the later half of 2024 to further aid recovery. To us, this suggests that the first half of 2024 may be the cyclical low point, with a rebound on the horizon. Over the next few quarters, GXO should get back on track towards achieving its long-term financial goals.”
A fleet of trucks leaving a depot, loaded with consumer goods, representing the companies logistical services.
GXO Logistics, Inc. (NYSE:GXO) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held GXO Logistics, Inc. (NYSE:GXO) at the end of the first quarter which was 37 in the previous quarter. GXO Logistics, Inc. (NYSE:GXO) generated revenue of $2.5 billion in the quarter, up 6% year-over-year. While we acknowledge the potential of GXO Logistics, Inc. (NYSE:GXO) 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 GXO Logistics, Inc. (NYSE:GXO) and shared the list of biggest supply chain companies to know. In addition, please check out our hedge fund investor letters Q1 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.
