Broyhill Asset Management, an investment advisor, released a third-quarter 2024, investor letter. A copy of the letter can be downloaded here. Broyhill Partners appreciated 6% net of all fees and expenses in the third quarter. The top contributors in the quarter were Philip Morris, Fiserv, Avantor, and Baxter. There was only one material detractor: Dollar General. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Broyhill Asset Management highlighted stocks like Philip Morris International Inc. (NYSE:PM) in the third quarter 2024 investor letter. Philip Morris International Inc. (NYSE:PM) tobacco company working to deliver a smoke-free future. The one-month return of Philip Morris International Inc. (NYSE:PM) was 3.50%, and its shares gained 42.36% of their value over the last 52 weeks. On December 3, 2024, Philip Morris International Inc. (NYSE:PM) stock closed at $129.69 per share with a market capitalization of $201.65 billion.
Broyhill Asset Management stated the following regarding Philip Morris International Inc. (NYSE:PM) in its Q3 2024 investor letter:
“Shares of Philip Morris International Inc. (NYSE:PM) gained 21% in Q3. Philip Morris was by far the largest contributor for the quarter. Our core thesis focuses on the shift in business mix from combustible cigarettes towards reduced risk products as well as the company’s re-entry to the US market with its acquisition of Swedish Match. This year, Zyn has become wildly popular. So much so that the company can barely keep it in stock, even as it expands production. We recently discussed how youth usage of these products, a common critique of the company, remains under 2%, even as its overall popularity drives higher volume.”
A man exhaling smoke from a cigarette indicating the use of tobacco products.
Philip Morris International Inc. (NYSE:PM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 75 hedge fund portfolios held Philip Morris International Inc. (NYSE:PM) at the end of the third quarter which was 70 in the previous quarter. While we acknowledge the potential of Philip Morris International Inc. (NYSE:PM) 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 Philip Morris International Inc. (NYSE:PM) and shared the list of dividend growth companies. In the previous quarter investor letter, Broyhill Asset Management highlighted Philip Morris International Inc.’s (NYSE:PM) growth in smoke-free business. 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.