The London Company, an investment management company, released “The London Company Large Cap Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. U.S. equities increased during the third quarter, with most major indices recording mid-single-digit gains. The broader market, represented by the Russell 3000 Index, rose by 6.2%. Notably, there was a shift from large-cap growth stocks to small-cap and value styles. The portfolio increased 8.2% (8.1% net) during the quarter compared to a 6.1% increase for the Russell 1000 Index. Both stock selection and sector exposure were tailwinds to the relative performance of the strategy. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
The London Company Large Cap Strategy highlighted stocks like Chubb Limited (NYSE:CB), in the third quarter 2024 investor letter. Chubb Limited (NYSE:CB) is a global insurance and reinsurance products provider. The one-month return of Chubb Limited (NYSE:CB) was -1.96%, and its shares gained 26.61% of their value over the last 52 weeks. On November 5, 2024, Chubb Limited (NYSE:CB) stock closed at $277.29 per share with a market capitalization of $111.775 billion.
The London Company Large Cap Strategy stated the following regarding Chubb Limited (NYSE:CB) in its Q3 2024 investor letter:
Initiated: Chubb Limited (NYSE:CB) – CB engages in the provision of commercial and personal property and casualty insurance, personal accident and health (A&H), reinsurance, and life insurance. While the company is headquartered outside the U.S., roughly 2/3 of its profits are generated in the U.S. with Asian markets representing another 20% of earnings. CB has a portfolio of top-performing, multibillion-dollar businesses that have substantial scale and yet potential for growth. CB has a culture of superior underwriting discipline, and management has a strong track record of expense control. CB also has a well-balanced mix of business by customer and product, with extensive distribution channels. We are attracted to CB’s globally diversified business model, superior underwriting and expense management, consistent and best-in-class profitability, upside potential from growth in Asia, and the potential to benefit from higher interest rates in its investment portfolio.
A close-up of a hand signing a property casualty insurance product contract.
Chubb Limited (NYSE:CB) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Chubb Limited (NYSE:CB) at the end of the second quarter which was 53 in the previous quarter. While we acknowledge the potential of Chubb Limited (NYSE:CB) 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 Chubb Limited (NYSE:CB) and shared the list of undervalued insurance stocks to invest in. 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.