Wasatch Global Investors, an asset management company, released its “Wasatch Micro Cap Value Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. During the first quarter, the strategy outperformed the benchmark Russell Microcap Index which rose 4.68%. Most of the portfolio holdings of the strategy met or exceeded earnings and revenue expectations in the quarter. Investor sentiments gradually improved as the quarter went on. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Wasatch Micro Cap Value Strategy highlighted stocks like GCM Grosvenor Inc. (NASDAQ:GCMG), in the first quarter 2024 investor letter. GCM Grosvenor Inc. (NASDAQ:GCMG) provides alternate asset management services. The one-month return of GCM Grosvenor Inc. (NASDAQ:GCMG) was 0.21%, and its shares gained 35.64% of their value over the last 52 weeks. On June 7, 2024, GCM Grosvenor Inc. (NASDAQ:GCMG) stock closed at $9.63 per share with a market capitalization of $1.792 billion.
Wasatch Micro Cap Value Strategy stated the following regarding GCM Grosvenor Inc. (NASDAQ:GCMG) in its first quarter 2024 investor letter:
“GCM Grosvenor Inc. (NASDAQ:GCMG) focuses on private equity, infrastructure ventures and credit finance. Institutional investors, including pension funds, have been increasing their allocations to private equity. And we believe this trend will continue. Our history with GCM Grosvenor dates back to 2020, when we bought the stock in the initial public offering. We subsequently sold our position at a higher valuation. Since then, earnings have grown and the valuation has come down. During the quarter, we saw a good opportunity to get back into the stock.”
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GCM Grosvenor Inc. (NASDAQ:GCMG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held GCM Grosvenor Inc. (NASDAQ:GCMG) at the end of the first quarter which was 18 in the previous quarter. While we acknowledge the potential of GCM Grosvenor Inc. (NASDAQ:GCMG) 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.
n addition, please check out our hedge fund investor letters Q1 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.
