Horos Asset Management Trimmed Affiliated Managers Group (AMG) Following Strong Performance

Horos Asset Management, an investment management firm, published its third quarter 2024 investor letter. A copy of the same can be downloaded here. During the quarter, Horos Value Internacional fund returned 2.9% (9.8% in 2024) and Horos Value Iberia fund returned -0.2% (3.0% in 2024). Asian markets have experienced unheard-of volatility in the third quarter of 2024, with the Chinese and Japanese stock markets experiencing sharp fluctuations not seen in decades. Equities markets in the West, meanwhile, have held steady, with key indices continuing their relentless rise. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Horos Asset Management highlighted stocks like Affiliated Managers Group, Inc. (NYSE:AMG), in the third quarter 2024 investor letter. Affiliated Managers Group, Inc. (NYSE:AMG) is an investment management company that provides investment management services. The one-month return of Affiliated Managers Group, Inc. (NYSE:AMG) was -0.09%, and its shares gained 22.34% of their value over the last 52 weeks. On December 30, 2024, Affiliated Managers Group, Inc. (NYSE:AMG) stock closed at $185.25 per share with a market capitalization of $5.599 billion.

Horos Asset Management stated the following regarding Affiliated Managers Group, Inc. (NYSE:AMG) in its Q3 2024 investor letter:

“This quarter, we reduced our stake in Affiliated Managers Group, Inc. (NYSE:AMG), a U.S.-based company that invests in other asset management firms, following its strong performance and its relatively lower attractiveness compared to new alternatives added to the portfolio.”

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Affiliated Managers Group, Inc. (NYSE:AMG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Affiliated Managers Group, Inc. (NYSE:AMG) at the end of the third quarter which was 30 in the previous quarter. While we acknowledge the potential of Affiliated Managers Group, Inc. (NYSE:AMG) 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 Affiliated Managers Group, Inc. (NYSE:AMG) and shared Ariel Focus Fund’s views on the company in the previous quarter. 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.