Is This the Best Time to Add IDEX Corp. (IEX) to Your Portfolio?

Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund’s Institutional Class returned -2.96% compared to a +3.22% return for the Russell 3000 Index. Year-to-date the fund returned +5.01% compared to +13.56% return for the index. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.

Weitz Investment Management Partners III Opportunity Fund highlighted stocks like IDEX Corporation (NYSE:IEX) in its Q2 2024 investor letter. IDEX Corporation (NYSE:IEX) is a global provider of applied solutions. The one-month return of IDEX Corporation (NYSE:IEX) was -3.39%, and its shares lost 11.79% of their value over the last 52 weeks. On August 22, 2024, IDEX Corporation (NYSE:IEX) stock closed at $199.47 per share with a market capitalization of $15.101 billion.

Weitz Investment Management Partners III Opportunity Fund stated the following regarding IDEX Corporation (NYSE:IEX) in its Q2 2024 investor letter:

“The second quarter saw an elevated level of portfolio activity, including three new holdings. Extended downturns across several of multi-industrial IDEX Corporation’s (NYSE:IEX) businesses have pressured shares in recent months. At current prices, we believe these earnings headwinds overshadow IDEX’s potential, as well as management’s demonstrated track record of opportunistic acquisitions.”

A worker in a laboratory coat checking a Positive Displacement Pump.

IDEX Corporation (NYSE:IEX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held IDEX Corporation (NYSE:IEX) at the end of the second quarter which was 25 in the previous quarter. While we acknowledge the potential of IDEX Corporation (NYSE:IEX) 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 IDEX Corporation (NYSE:IEX) and shared the list of best manufacturing stocks to buy according to 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.