Investment management company Ave Maria recently released its “Ave Maria World Equity Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund returned -4.24% compared to the MSCI All Country World Index’s 2.87% return. Since its inception on April 30, 2010, the fund’s annualized return was 7.13% compared to the 9.11% annualized return for the benchmark. You can check the fund’s top 5 holdings for its best picks for 2024.
Ave Maria World Equity Fund highlighted stocks like SharkNinja, Inc. (NYSE:SN), in the second quarter 2024 investor letter. SharkNinja, Inc. (NYSE:SN) is a product design and technology company that provides cleaning, cooking, beverage, food preparation, and beauty appliances. The one-month return of SharkNinja, Inc. (NYSE:SN) was 8.02%, and its shares gained 139.73% of their value over the last 52 weeks. On September 10, 2024, SharkNinja, Inc. (NYSE:SN) stock closed at $96.30 per share with a market capitalization of $13.476 billion.
Ave Maria World Equity Fund stated the following regarding SharkNinja, Inc. (NYSE:SN) in its Q2 2024 investor letter:
“Top contributors to performance included SharkNinja, Inc. (NYSE:SN) and Taiwan Semiconductor Manufacturing Company Limited. SharkNinja, Inc. is a global product design and technology company focused on creating solutions that increase efficiency, convenience and enjoyment of consumers’ daily tasks and improve everyday lives. The company has built two billion-dollar brands, Shark and Ninja, and has a proven track record of establishing leadership positions by disrupting numerous household product categories, including cleaning, cooking, food preparation, home entertainment and beauty.”
A customer in an offline experience store testing out a new small appliance.
SharkNinja, Inc. (NYSE:SN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held SharkNinja, Inc. (NYSE:SN) at the end of the second quarter which was 57 in the previous quarter. SharkNinja, Inc.’s (NYSE:SN) second quarter net sales increased 31% year-over-year and adjusted net sales increased 38% year-over-year to nearly $1.25 billion. While we acknowledge the potential of SharkNinja, Inc. (NYSE:SN) 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 SharkNinja, Inc. (NYSE:SN) and shared the list of falling stocks amid latest market rotation Jim Cramer is Talking About. 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.
