Infuse Asset Management, an investment management company, released its fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. The goal of Infuse is to become the best-performing public equity fund over the next 50 years. After operating for just over two years, it was a slow beginning to the process of executing the audacious goal. However, it has enabled the firm to selectively recruit amazing partners and truly return to its core values. Since its start, the fund has outperformed the S&P, and established a strong basis for long-term compounding, and it is growing stronger every day. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Infuse Asset Management highlighted stocks like NVIDIA Corporation (NASDAQ:NVDA), in the fourth 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 2.96%, and its shares gained 148.42% of their value over the last 52 weeks. On January 10, 2025, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $135.91 per share with a market capitalization of $3.33 trillion.
Infuse Asset Management stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2024 investor letter:
“We do still own some NVIDIA Corporation (NASDAQ:NVDA) as the forward multiple isn’t egregious and it powers over 90% of AI workloads. This company is only becoming increasingly important though the hyperscalers are actively trying to save money through their own ASIC programs. The moat CUDA provides has been underestimated time and time again. While I don’t think Nvidia has quite the upside as some of the other companies in the portfolio, it has a product that the best companies in the world literally can’t get enough of.”
A close-up of a colorful high-end graphics card being plugged in to a gaming computer.
NVIDIA Corporation (NASDAQ:NVDA) is in 5th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 193 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of the third quarter which was 179 in the previous quarter. NVIDIA Corporation (NASDAQ:NVDA) reported another record quarter in Q3 with $35.1 billion in revenues, representing a 94% year-over-year increase and 17% sequential growth. While we acknowledge the potential of NVIDIA Corporation (NASDAQ:NVDA) 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 NVIDIA Corporation (NASDAQ:NVDA) and shared the list of Jim Cramer stocks to watch in 2025. In addition, please check out our hedge fund investor letters Q4 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.