The London Company, an investment management company, released “The London Company Large Cap Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The US stocks’ performance was mixed in the second quarter measured by the Russell 3000 Index’s 3.2% return. The fund declined 1.9% (2.0% net) during the quarter compared to a 3.6% return for the Russell 1000 Index. For more information on the fund’s top picks in 2024, please check its top five holdings.
The London Company Large Cap Strategy highlighted stocks like Texas Instruments Incorporated (NASDAQ:TXN) in the second quarter 2024 investor letter. Texas Instruments Incorporated (NASDAQ:TXN) is a semiconductor manufacturer. The one-month return of Texas Instruments Incorporated (NASDAQ:TXN) was -5.70%, and its shares gained 11.29% of their value over the last 52 weeks. On August 2, 2024, Texas Instruments Incorporated (NASDAQ:TXN) stock closed at $187.46 per share with a market capitalization of $171.16 billion.
The London Company Large Cap Strategy stated the following regarding Texas Instruments Incorporated (NASDAQ:TXN) in its Q2 2024 investor letter:
“Texas Instruments Incorporated (NASDAQ:TXN) – TXN rallied in 2Q despite declining revenue in its latest update. TXN is beginning to see some encouraging signs of destocking nearing an end and some sub segments of the market are experiencing improving demand. TXN continued to spend on capex and should begin to see positive benefits to cash flow next year from the CHIPS Act.”
A robotic arm in the process of assembling a complex circuit board – showing the industrial scale the company operates at.
Texas Instruments Incorporated (NASDAQ:TXN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held Texas Instruments Incorporated (NASDAQ:TXN) at the end of the first quarter which was 55 in the previous quarter. The second quarter revenue of Texas Instruments Incorporated (NASDAQ:TXN) was $3.8 billion, up 4% sequentially and down 16% year-over-year. While we acknowledge the potential of Texas Instruments Incorporated (NASDAQ:TXN) 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 Texas Instruments Incorporated (NASDAQ:TXN) and shared Jim Cramer latest portfolio: 10 stocks to buy and sell. Texas Instruments Incorporated (NASDAQ:TXN) was one of the top contributors to Diamond Hill Select Strategy’s performance in Q2 2024. 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.
