Harding Loevner, an asset management company, released its “Global Equity Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund generated a 6.9% gross of fee return in the first quarter compared to an 8.3% gain for the MSCI All Country World. Despite rising bond yields, the stock market gained throughout the quarter, partly because of continued interest in the potential applications of artificial intelligence. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Harding Loevner Global Equity Strategy highlighted stocks like NVIDIA Corporation (NASDAQ:NVDA), in the first quarter 2024 investor letter. NVIDIA Corporation (NASDAQ:NVDA) offers graphics and compute and networking solutions. The one-month return of NVIDIA Corporation (NASDAQ:NVDA) was 33.87%, and its shares gained 188.88% of their value over the last 52 weeks. On May 20, 2024, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $1,148.25 per share with a market capitalization of $2.823 trillion.
Harding Loevner Global Equity Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its first quarter 2024 investor letter:
“The Information Technology (‘IT’) sector was once again the top performer, closing the period with a 12% increase, led by substantial gains in semiconductor stocks. Shares of AI leader NVIDIA Corporation (NASDAQ:NVDA) soared, propelling its market capitalization above $2 trillion, which accounts for more than 40% of the entire MSCI World Semiconductors and Semiconductor Equipment Index (the market cap for Broadcom, the index’s next-largest constituent, is a quarter the size of Nvidia’s).
This quarter, we sold the last of our shares in Nvidia, a company we held for more than five years. Our initial purchase came at a time when concerns over excess inventory in gaming chips had been weighing on Nvidia’s valuation, which presented an attractive buying opportunity. Since then, the stock price has skyrocketed, particularly following the November 2022 launch of OpenAI’s ChatGPT tool, which introduced much of the business world to the practical applications of generative AI and put a spotlight on the key enabling technology—semiconductors…”(Click here to read the full text)
A close-up of a colorful high-end graphics card being plugged in to a gaming computer.
NVIDIA Corporation (NASDAQ:NVDA) reported another record quarter in Q1. The company generated $26 billion in revenues in the quarter, 262% year-on-year increase.
NVIDIA Corporation (NASDAQ:NVDA) is in 5th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 186 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of the first quarter which was 173 in the previous quarter.
In another article, we discussed NVIDIA Corporation (NASDAQ:NVDA) and shared the list of buzzing AI semiconductor stocks in 2024. Baron Fifth Avenue Growth Fund commented about NVIDIA Corporation (NASDAQ:NVDA) in its latest quarterly letter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
