Riverwater Partners, an investment management company, released its “Small Cap Core Strategy” Q3 2024 investor letter. A copy of the letter can be downloaded here. The strategy outperformed its benchmark, the Russell 2000, both in the third quarter and year-to-date, driven by disciplined stock selection across a diverse range of sectors. Energy and IT were the top-performing sectors while Consumer Staples and Healthcare holdings detracted. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Riverwater Partners Small Cap Core Strategy highlighted stocks like Tecnoglass Inc. (NYSE:TGLS), in the third quarter 2024 investor letter. Tecnoglass Inc. (NYSE:TGLS) designs, manufactures, markets, and installs architectural glass, windows and associated aluminum products. The one-month return of Tecnoglass Inc. (NYSE:TGLS) was 0.73%, and its shares gained 76.18% of their value over the last 52 weeks. On December 30, 2024, Tecnoglass Inc. (NYSE:TGLS) stock closed at $80.68 per share with a market capitalization of $3.792 billion.
Riverwater Partners Small Cap Core Strategy stated the following regarding Tecnoglass Inc. (NYSE:TGLS) in its Q3 2024 investor letter:
“Our second-best performer during the quarter was Tecnoglass Inc. (NYSE:TGLS), a higher-end Columbia-based window manufacturer that generates nearly nearly all its revenue in the United States. Tecnoglass demonstrated robust performance due to its low-cost manufacturing base in Colombia, coupled with high-quality production capabilities. Its competitive pricing advantage and expanding product lineup have positioned it well to capture further market share. We believe Tecnoglass’s innovative approach and cost-efficient production give it a strong competitive edge for continued growth.”
A construction crew building a modern, energy-efficient skyscraper with a curtain wall of aluminum.
Tecnoglass Inc. (NYSE:TGLS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Tecnoglass Inc. (NYSE:TGLS) at the end of the third quarter which was 16 in the previous quarter. Tecnoglass Inc.’s (NYSE:TGLS) total revenues reached $238.3 million in the third quarter, the biggest in the company’s history, up 13.1% over the previous year’s quarter. While we acknowledge the potential of Tecnoglass Inc. (NYSE:TGLS) 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 Tecnoglass Inc. (NYSE:TGLS) and shared the list of best construction materials stocks to buy. 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.