The London Company, an investment management company, released “The London Company Mid Cap Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. US markets posted mixed results in 2024. The portfolio fell 5.9% (6%.0 net) during the quarter compared to a 3.4% decrease for the Russell Midcap Index. Both stock selection and sector exposure led the portfolio to lag relative to the index. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
The London Company Mid Cap Strategy highlighted stocks like Amphenol Corporation (NYSE:APH), in the second quarter 2024 investor letter. Amphenol Corporation (NYSE:APH) designs and manufactures electrical, electronic, and fiber optic connectors. The one-month return of Amphenol Corporation (NYSE:APH) was -14.48%, and its shares gained 35.41% of their value over the last 52 weeks. On August 6, 2024, Amphenol Corporation (NYSE:APH) stock closed at $59.88 per share with a market capitalization of $72.113 billion.
The London Company Mid Cap Strategy stated the following regarding Amphenol Corporation (NYSE:APH) in its Q2 2024 investor letter:
“Amphenol Corporation (NYSE:APH) – Shares rallied after APH reported a strong quarter and laid out a compelling case for its Al opportunities. The book-to-build ratio improved sequentially, and sales from its diversified end markets have held up. APH continues to take share via new content wins. In addition, APH continues to consolidate its fragmented market. APH is one of the few companies to have a long-term track record of successfully integrating acquisitions. As the leader in the connector industry, the company generates operating margins in the 20% range with high returns on capital.”
A technician wearing protective glasses installing optical fibers and cables.
Amphenol Corporation (NYSE:APH) is not on our list of 31 Most Popular Stocks Among Hedge Funds. Amphenol Corporation (NYSE:APH) was held by 51 hedge fund portfolios at the end of the first quarter, compared to 41 in the previous quarter, according to our database. The second quarter results of Amphenol Corporation (NYSE:APH) exceeded expectations with remarkable sales of $3.61 billion, representing an 18% increase in US dollars compared to Q2 2023. While we acknowledge the potential of Amphenol Corporation (NYSE:APH) 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 Amphenol Corporation (NYSE:APH) and shared Aristotle Atlantic Core Equity Strategy’s views on the company. 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.
