Delaware Funds by Macquarie, an investment management company, released its “Delaware Ivy Core Equity Fund” Q3 2024 investor letter. A copy of the letter can be downloaded here. The S&P 500® Index rose 5.9% in the third quarter, indicating continuing gains in the US large-cap equity market. Delaware Ivy Core Equity Fund Class I shares outperformed the Fund’s benchmark, the S&P 500 Index in the third quarter. Stock selection drove all of the relative outperformance compared with the Fund’s benchmark, while sector allocation was neutral to relative performance. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Delaware Ivy Core Equity Fund highlighted stocks like Micron Technology, Inc. (NASDAQ:MU), in the third quarter 2024 investor letter. Micron Technology, Inc. (NASDAQ:MU) designs, develops, manufactures, and distributes memory and storage products globally. The one-month return of Micron Technology, Inc. (NASDAQ:MU) was -8.30%, and its shares gained 5.25% of their value over the last 52 weeks. On December 26, 2024, Micron Technology, Inc. (NASDAQ:MU) stock closed at $89.82 per share with a market capitalization of $100.075 billion.
Delaware Ivy Core Equity Fund stated the following regarding Micron Technology, Inc. (NASDAQ:MU) in its Q3 2024 investor letter:
Micron Technology, Inc. (NASDAQ:MU) – Fundamentals here also appear solid though concern about global demand for handsets and PCs drove the shares down during the quarter. We expect Micron to be a significant beneficiary of growth in AI demand as investment in new data centers is extremely memory (semiconductor) intensive.”
A close-up view of a computer motherboard with integrated semiconductor chips.
Micron Technology, Inc. (NASDAQ:MU) is in 16th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 107 hedge fund portfolios held Micron Technology, Inc. (NASDAQ:MU) at the end of the third quarter which was 120 in the previous quarter. While we acknowledge the potential of Micron Technology, Inc. (NASDAQ:MU) 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 Micron Technology, Inc. (NASDAQ:MU) and shared the list of buzzing AI stocks on latest analyst ratings and news. Micron Technology, Inc. (NASDAQ:MU) was among Parnassus Value Equity Fund’s lowest contributors in Q3 2024. 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.