Invesco Distributors, Inc., an investment management firm, released its “Invesco Growth and Income Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. AI-related stocks kept rising and propelled many equity indexes to record highs, in the quarter, while other non-AI-linked market segments saw declines. The fund underperformed its Russell 1000 Value Index (USD) benchmark in the second quarter. The fund’s relative underperformance was caused by stock selection in the industrial and healthcare sectors. Relative performance was added by stock selection in communication services and financials. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Invesco Growth and Income Fund highlighted stocks like Oracle Corporation (NYSE:ORCL), in the second quarter 2024 investor letter. Oracle Corporation (NYSE:ORCL) offers products and services that address enterprise information technology environments. The one-month return of Oracle Corporation (NYSE:ORCL) was -3.63%, and its shares gained 18.35% of their value over the last 52 weeks. On August 19, 2024, Oracle Corporation (NYSE:ORCL) stock closed at $137.92 per share with a market capitalization of $380.088 billion.
Invesco Growth and Income Fund stated the following regarding Oracle Corporation (NYSE:ORCL) in its Q2 2024 investor letter:
“Stock selection in communication services, financials and consumer discretionary added to relative performance during the quarter; several of the fund’s largest contributors came from these sectors. Oracle Corporation (NYSE:ORCL): Despite weaker-than-expected earnings, Oracle shares rose after management announced a significant increase in Oracle Cloud Infrastructure (OCI) bookings, including deals with OpenAI, Microsoft and Google.”
A team of IT professionals meticulously crafting a large-scale enterprise performance management system.
Oracle Corporation (NYSE:ORCL) is in 27th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 93 hedge fund portfolios held Oracle Corporation (NYSE:ORCL) at the end of the second quarter which was 96 in the previous quarter. Oracle Corporation’s (NYSE:ORCL) full fiscal year revenue reached $53 billion, representing a 6% growth. While we acknowledge the potential of Oracle Corporation (NYSE:ORCL) 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 Oracle Corporation (NYSE:ORCL) and shared the list of best big data stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
