Heartland Advisors, an investment management company, released its “Heartland Value Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund increased by 9.83% in the quarter compared to 10.15% for the Russell 2000 Value Index. Year-to-date the fund appreciated by 13.45% outperforming the 9.22% gain for the Index, primarily driven by security selection. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Heartland Value Fund highlighted stocks like Alexander & Baldwin, Inc. (NYSE:ALEX), in the third quarter 2024 investor letter. Alexander & Baldwin, Inc. (NYSE:ALEX) is a publicly-traded real estate investment trust to focus exclusively on Hawai’i commercial real estate and the state’s largest owner of grocery-anchored, neighborhood shopping centers. The one-month return of Alexander & Baldwin, Inc. (NYSE:ALEX) was -5.71%, and its shares gained 12.34% of their value over the last 52 weeks. On October 11, 2024, Alexander & Baldwin, Inc. (NYSE:ALEX) stock closed at $18.67 per share with a market capitalization of $1.354 billion.
Heartland Value Fund stated the following regarding Alexander & Baldwin, Inc. (NYSE:ALEX) in its Q3 2024 investor letter:
“It is worth noting that we don’t select securities in a vacuum. We are constantly assessing the portfolio’s overall risks and short falls. Then we identify ideas that are both attractive from an upside/downside perspective that can play a key role in addressing deficiencies in our Strategy. This active awareness is a critical part of our process. It is akin to constructing a winning football team. The impulse in every NFL draft may be to select the best quarterback coming out of college. But that may not make sense if you already have a franchise QB and need to shore up your defense. That’s how we go about picking stocks — we look for situations where our needs and opportunities converge.
A good example is Alexander & Baldwin, Inc. (NYSE:ALEX). We generally aim not to deviate too far from the sector weightings of our benchmark, preferring to let security selection and our 10 Principles of Value Investing™ — not industry bets — drive our performance relative to our active and passive peers…” (Click here to read the full text)
People strolling through a grocery-anchored shopping center.
Alexander & Baldwin, Inc. (NYSE:ALEX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Alexander & Baldwin, Inc. (NYSE:ALEX) at the end of the second quarter which was 19 in the previous quarter. While we acknowledge the potential of Alexander & Baldwin, Inc. (NYSE:ALEX) 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 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.