Polen Capital, an investment management company, released its “Polen International Growth Strategy” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The strategy rose 3.25% (net of fees) in the third quarter compared to an 8.06% return for the MSCI ACWI (ex-USA) index. After a relatively peaceful first half of 2024, bouts of volatility from various sources hit international markets in Q3. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Polen International Growth Strategy highlighted stocks like ASML Holding N.V. (NASDAQ:ASML) in the third quarter 2024 investor letter. ASML Holding N.V. (NASDAQ:ASML) is an advanced semiconductor equipment systems manufacturer for chipmakers. The one-month return of ASML Holding N.V. (NASDAQ:ASML) was 6.31%, and its shares gained 2.90% of their value over the last 52 weeks. On December 4, 2024, ASML Holding N.V. (NASDAQ:ASML) stock closed at $719.92 per share with a market capitalization of $280.5 billion.
Polen International Growth Strategy stated the following regarding ASML Holding N.V. (NASDAQ:ASML) in its Q3 2024 investor letter:
“During the period, we added to our ASML Holding N.V. (NASDAQ:ASML) position in the face of recent volatility across the semiconductor sector broadly. As readers may recall, we trimmed the position in 4Q 2023 as we expected stagnating business trends to set in during 2024. Stagnation did occur, as did Al hysteria. We now foresee robust growth and believe ASML will see a significant ramp in business trends in 2025 and beyond. ASML’s business backlog and its customers’ persistent development of leading-edge chip sizes drive our expectation of rapid growth for the company in the coming years. In our view, shares trade at a very reasonable valuation for one of the world’s most competitively advantaged growth companies, particularly considering the accelerated growth we expect.”
A technician in a clean room working on a semiconductor device, illuminated by the machines.
ASML Holding N.V. (NASDAQ:ASML) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held ASML Holding N.V. (NASDAQ:ASML) at the end of the third quarter which was 81 in the previous quarter. While we acknowledge the potential of ASML Holding N.V. (NASDAQ:ASML) 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 ASML Holding N.V. (NASDAQ:ASML) and shared the list of AI news that you should not miss. Baron Global Advantage Fund shared its confidence in the long-term growth potential of ASML Holding N.V. (NASDAQ:ASML) in its Q3 2024 investor letter. 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.