Investment advisory firm Ithaka Group released the “Ithaka US Growth Strategy” first-quarter 2024 investor letter. A copy of the same can be downloaded here. The correlation between bond yields and stock prices decoupled in the first quarter of 2024, as the Dow increased 5.6%, the S&P 500 increased 10.6%, and the Russell 1000 Growth increased 11.4%. In the first quarter, the portfolio outperformed and returned 14.9% (gross of fees) compared to the Russell 1000 Growth’s (R1G) 11.4% return. Stock Selection led the portfolio to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Ithaka US Growth Strategy featured stocks like Lululemon Athletica Inc. (NASDAQ:LULU) in the first quarter 2024 investor letter. Headquartered in Vancouver, Canada, Lululemon Athletica Inc. (NASDAQ:LULU) designs and distributes athletic apparel, footwear, and accessories. On April 19, 2024, Lululemon Athletica Inc. (NASDAQ:LULU) stock closed at $352.47 per share. One-month return of Lululemon Athletica Inc. (NASDAQ:LULU) was -9.37%, and its shares lost 7.58% of their value over the last 52 weeks. Lululemon Athletica Inc. (NASDAQ:LULU) has a market capitalization of $44.414 billion.
Ithaka US Growth Strategy stated the following regarding Lululemon Athletica Inc. (NASDAQ:LULU) in its first quarter 2024 investor letter:
“Lululemon Athletica Inc. (NASDAQ:LULU) is principally a designer, distributor, and retailer of healthy lifestyle inspired athletic apparel. It‘s moat is almost entirely based on its intangible brand asset. Of late, the company has benefited from both the longstanding athleisure fashion trend and the more recent pandemic-induced, work-from-home trend toward more casual attire. Approximately 45% of sales are generated across ~700 company-owned stores, 45% of sales (and growing rapidly) are generated online (lululemon.com), and ~10% of sales are generated by wholesale partners, which primarily comprise fitness studios. The stock’s underperformance was concentrated around the F4Q earnings announcement, which saw the company meet expectations for the current quarter but provide cautious commentary regarding tepid US consumer spending behavior.”
A store employee in an athletic apparel store restocking merchandise.
Lululemon Athletica Inc. (NASDAQ:LULU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Lululemon Athletica Inc. (NASDAQ:LULU) was held by 52 hedge fund portfolios, down from 61 in the previous quarter, according to our database.
We previously discussed Lululemon Athletica Inc. (NASDAQ:LULU) in another article, where we shared Artisan Mid Cap Fund’s views on the company. 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.
