Madison Investments, an investment advisor, released its “Madison Investors Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Class Y) appreciated 7.80% compared to a 5.89% return for the S&P 500 index. In the YTD, nine months period, the fund returned 16.96% compared to a 22.08% return for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Madison Investors Fund highlighted stocks like Brookfield Asset Management Ltd. (NYSE:BAM), in the third quarter 2024 investor letter. Brookfield Asset Management Ltd. (NYSE:BAM) is a real estate investment firm specializing in alternative asset management services. The one-month return of Brookfield Asset Management Ltd. (NYSE:BAM) was 10.13%, and its shares gained 69.46% of their value over the last 52 weeks. On October 18, 2024, Brookfield Asset Management Ltd. (NYSE:BAM) stock closed at $51.55 per share with a market capitalization of $21.601 billion.
Madison Investors Fund stated the following regarding Brookfield Asset Management Ltd. (NYSE:BAM) in its Q3 2024 investor letter:
“During the quarter, we sold our stake in Brookfield Asset Management Ltd. (NYSE:BAM), a leading alternative asset manager. In late 2022, we received shares in the company following its spin-off from Brookfield Corporation. We admire Brookfield Asset Management’s owner-operator culture and long-term track record of generating impressive investment performance. However, during the quarter, we sold our stake to fund other opportunities. We continue to be optimistic on the outlook for Brookfield Asset Management and have indirect exposure to the company though our stake in Brookfield Corporation, which remains Brookfield Asset Management’s largest shareholder.”
A skyline of modern office towers built with investments from the alternative asset manager.
Brookfield Asset Management Ltd. (NYSE:BAM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Brookfield Asset Management Ltd. (NYSE:BAM) at the end of the second quarter which was 17 in the previous quarter. While we acknowledge the potential of Brookfield Asset Management Ltd. (NYSE:BAM) 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 Brookfield Asset Management Ltd. (NYSE:BAM) and shared Aristotle Capital International Equity Strategy’s views on the company. 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.