Invesco Distributors, Inc., an investment management firm, released its “Invesco Growth and Income Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. AI-related stocks kept rising and propelled many equity indexes to record highs, in the quarter, while other non-AI-linked market segments saw declines. The fund underperformed its Russell 1000 Value Index (USD) benchmark in the second quarter. The fund’s relative underperformance was caused by stock selection in the industrial and healthcare sectors. Relative performance was added by stock selection in communication services and financials. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Invesco Growth and Income Fund highlighted stocks like Intel Corporation (NASDAQ:INTC), in the second quarter 2024 investor letter. Intel Corporation (NASDAQ:INTC) designs, develops, manufactures, markets, and sells computing and related products and services. The one-month return of Intel Corporation (NASDAQ:INTC) was -34.69%, and its shares lost 34.57% of their value over the last 52 weeks. On August 19, 2024, Intel Corporation (NASDAQ:INTC) stock closed at $21.52 per share with a market capitalization of $92.02 billion.
Invesco Growth and Income Fund stated the following regarding Intel Corporation (NASDAQ:INTC) in its Q2 2024 investor letter:
“Stock selection in the industrials and health care sectors detracted from relative performance during the quarter. Selection and an underweight in consumer staples also hurt relative return as the sector was one of just two index sectors with a positive return for the quarter.
Intel Corporation (NASDAQ:INTC): Shares declined after the semiconductor company reduced its second quarter revenue and earnings guidance. Investors also appeared concerned about the future of its foundry business and lack of AI market share gains.”
A technician soldering components for a semiconductor board.
Intel Corporation (NASDAQ:INTC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 75 hedge fund portfolios held Intel Corporation (NASDAQ:INTC) at the end of the first quarter which was 77 in the previous quarter. The second-quarter revenue of Intel Corporation (NASDAQ:INTC) was $12.8 billion, down 1% year-over-year and up 1% sequentially. While we acknowledge the potential of Intel Corporation (NASDAQ:INTC) 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 Intel Corporation (NASDAQ:INTC) and shared the list of best data center stocks to buy according to Jefferies, Citi and wall street analysts. 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.
