Mar Vista Investment Partners, LLC, an investment management company, released the “Strategic Growth Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The U.S. stock market had another successful time in the third quarter of 2024, with the S&P 500® Index growing for the fourth consecutive quarter, which hasn’t happened since Q4 2021. This year’s first three quarters have seen the best performance for the S&P 500® Index since 1997. However, it was still slightly below the remarkable start of 2023. In the third quarter, the strategy returned +5.49% net-of-fees compared to +3.19% and +5.89% returns for the Russell 1000 Growth Index and the S&P 500 Index. With interest rates that are not exceptionally high by historical standards, the market seems to be starting an easing cycle, which could encourage additional increases. Kindly check the top 5 stocks of the strategy to know its best picks in 2024.
Mar Vista Strategic Growth Strategy highlighted stocks like Fortive Corporation (NYSE:FTV), in the third quarter 2024 investor letter. Fortive Corporation (NYSE:FTV) designs, manufactures, and services professional and engineered products, software, and services that operates in Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions segments. The one-month return of Fortive Corporation (NYSE:FTV) was 10.60%, and its shares gained 15.61% of their value over the last 52 weeks. On December 2, 2024, Fortive Corporation (NYSE:FTV) stock closed at $78.96 per share with a market capitalization of $27.395 billion.
Mar Vista Strategic Growth Strategy stated the following regarding Fortive Corporation (NYSE:FTV) in its Q3 2024 investor letter:
“Fortive Corporation (NYSE:FTV) was sold during the quarter for violating our investment criteria. The company had been plagued by an inability to forecast their business fundamentals, which lead to chronic under achievement of quarterly revenue and earnings expectations. The second quarter was the final earnings report within our provisional timeline for the company to cure the issues and show progress. After failing to deliver on our financial expectations, we sold the shares.”
A technician checking a calibration tool in a laboratory environment.
Fortive Corporation (NYSE:FTV) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Fortive Corporation (NYSE:FTV) at the end of the third quarter which was 33 in the previous quarter. While we acknowledge the potential of Fortive Corporation (NYSE:FTV) 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 Fortive Corporation (NYSE:FTV) and shared the list of best scientific instruments stocks to buy. 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.