Alluvium Asset Management, an asset management company, released its “Conventum – Alluvium Global Fund” second-quarter 2024 investor letter. A copy of the same can be downloaded here. The Fund retreated by 2.3%, 3.0%, and 5.3% in EUR, USD, and AUD respectively, in the quarter. Excitement over AI continues, and some are drawing comparisons between the current environment and the late 1990s dot-com bubble. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conventum – Alluvium Global Fund highlighted stocks like Robert Half Inc. (NYSE:RHI), in the second quarter 2024 investor letter. Robert Half Inc. (NYSE:RHI) is a talent solutions and business consulting services provider. One-month return of Robert Half Inc. (NYSE:RHI) was -0.02%, and its shares lost 15.79% of their value over the last 52 weeks. On August 2, 2024, Robert Half Inc. (NYSE:RHI) stock closed at $63.25 per share with a market capitalization of $6.582 billion.
Conventum – Alluvium Global Fund stated the following regarding Robert Half Inc. (NYSE:RHI) in its Q2 2024 investor letter:
“Robert Half Inc. (NYSE:RHI), the recruitment and outsourcing business, performed poorly, down 18.7%. There was little news of note. Its first quarter results continued the theme of cautious business hiring, which was in line with our expectations. There were no changes to our estimates. The share price suggests that the market is not too enthused by this business at the moment. We acknowledge the environment is not great and earnings are suffering. But in our opinion Robert Half has a valuable core franchise that is capital light and it has grown cash flows at a reasonable tick over a prolonged period, as demonstrated by its dividend increasing every year over the last twenty years. Trading in line with our valuation, and offering a yield of 7.5% based on our view of its maintainable earnings, we bought a little more during the quarter, so we ended with a 2.7% position.”
Robert Half Inc. (NYSE:RHI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Robert Half Inc. (NYSE:RHI) at the end of the first quarter which was 26 in the previous quarter. Robert Half Inc. (NYSE:RHI) generated $1.473 billion in revenues in the second quarter, down 10% year-over-year, on both a reported and as adjusted basis. While we acknowledge the potential of Robert Half Inc. (NYSE:RHI) 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 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.