Choice Equities Capital Management, a hedge fund manager, recently released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund lost -1.8% on a net basis bringing year-to-date gain to +5.5% compared to the Russell 2000’s +9.3% gain for the quarter and +11.2% gain for YTD. The S&P 500 generated a quarterly gain of +5.9% taking year-to-date gains to +22.1%. Since its inception in 2017, the fund has generated annualized gains of +15.0% versus +7.8% and +14.5% returns for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Choice Equities Capital Management highlighted stocks like Genius Sports Limited (NYSE:GENI) in the third quarter 2024 investor letter. Genius Sports Limited (NYSE:GENI) develops and distributes technology-led products and services to the sports, sports betting, and sports media industries. The one-month return of Genius Sports Limited (NYSE:GENI) was -7.51%, and its shares gained 25.37% of their value over the last 52 weeks. On November 4, 2024, Genius Sports Limited (NYSE:GENI) stock closed at $6.74 per share with a market capitalization of $1.429 billion.
Choice Equities Capital Management stated the following regarding Genius Sports Limited (NYSE:GENI) in its Q3 2024 investor letter:
“CZR and Genius Sports Limited (NYSE:GENI) – Both Caesars Entertainment, Inc. and Genius Sports Limited operate in and around the entertainment, casino and gaming space. Caesars is a bit more well-known and discussed in brief below. Genius is not as well-known but possesses a bright future as a fast-growing company that has become a critical cog in the sports betting value chain. The company has exclusive data rights deals with many leagues including the English Premier League and the NFL (which owns an equity stake in the company) which afford the company the right to collect, synthesize and share pre-game and in-game data with their casino and sportsbook partners to generate betting lines. A more in-depth memo has been attached for existing investors.”
A close-up view of streaming hardware and software used for creating solutions on a computer screen.
Genius Sports Limited (NYSE:GENI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Genius Sports Limited (NYSE:GENI) at the end of the second quarter which was 28 in the previous quarter. While we acknowledge the potential of Genius Sports Limited (NYSE:GENI) 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 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.