Alluvium Asset Management, an asset management company, released its “Conventum – Alluvium Global Fund” second-quarter 2024 investor letter. A copy of the same can be downloaded here. The Fund retreated by 2.3%, 3.0%, and 5.3% in EUR, USD, and AUD respectively, in the quarter. Excitement over AI continues, and some are drawing comparisons between the current environment and the late 1990s dot-com bubble. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conventum – Alluvium Global Fund highlighted stocks like Ryanair Holdings plc (NASDAQ:RYAAY), in the second quarter 2024 investor letter. Ryanair Holdings plc (NASDAQ:RYAAY) provides scheduled passenger airline services. One-month return of Ryanair Holdings plc (NASDAQ:RYAAY) was -17.59%, and its shares lost 3.17% of their value over the last 52 weeks. On August 1, 2024, Ryanair Holdings plc (NASDAQ:RYAAY) stock closed at $100.00 per share with a market capitalization of $21.782 billion.
Conventum – Alluvium Global Fund stated the following regarding Ryanair Holdings plc (NASDAQ:RYAAY) in its Q2 2024 investor letter:
“Ryanair Holdings plc (NASDAQ:RYAAY) (down 22.3%) released solid full year results, generally in-line with expectations. The only negative was the continued Boeing delivery delays (impacting passenger growth forecasts). To the positive, demand remains strong, the Pratt & Whitney engine issue continues to affect competitors, and industry consolidation is helping fare momentum. Ryanair has grown capacity by 36% since the pandemic, whereas almost all competitors are at lower levels. Management has demonstrated confidence with the EUR 700m buyback and the dividend being declared. There was no need for us to revise our assumptions, so our view of maintainable earnings and valuation are unchanged. As the share price fell further below our valuation, we took the opportunity to increase our holding which now stands at 4.6% of the Fund.”
A Boeing 737 aircrafts parked in an airport terminal with passengers awaiting to board.
Ryanair Holdings plc (NASDAQ:RYAAY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Ryanair Holdings plc (NASDAQ:RYAAY) at the end of the first quarter which was 26 in the previous quarter. While we acknowledge the potential of Ryanair Holdings plc (NASDAQ:RYAAY) 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 Ryanair Holdings plc (NASDAQ:RYAAY) and shared Fiduciary Management Inc’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.
