Artisan Partners, an investment management company, released its “Artisan Developing World Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Investor Class) returned 9.64% compared to 8.72% for the MSCI Emerging Markets Index. The Artisan Developing World Fund has returned 149.38% cumulatively, since June 30, 2015, compared to 50.92% for the index. During the quarter, the US labor market’s weakness interrupted the steady year-over-year inflation rate improvement, which paved the way for a 50bps interest rate cut from the Federal Reserve at its September policy meeting. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Developing World Fund highlighted stocks like Sea Limited (NYSE:SE), in the third quarter 2024 investor letter. Sea Limited (NYSE:SE) engages in the digital entertainment, e-commerce, and digital financial service businesses. The one-month return of Sea Limited (NYSE:SE) was 24.37%, and its shares gained 126.34% of their value over the last 52 weeks. On October 4, 2024, Sea Limited (NYSE:SE) stock closed at $95.99 per share with a market capitalization of $55.131 billion.
Artisan Developing World Fund stated the following regarding Sea Limited (NYSE:SE) in its Q3 2024 investor letter:
“Top contributors to performance for the quarter included Southeast Asian e-commerce leader Sea Limited (NYSE:SE). Sea rose due to an improved competitive environment in its Shopee e-commerce business that set the stage for commission increases, while a positive inflection in its gaming business surprised market participants.”
A casino floor with multiple gaming tables and slot machines illuminated by neon lights.
Sea Limited (NYSE:SE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held Sea Limited (NYSE:SE) at the end of the second quarter which was 61 in the previous quarter. Sea Limited’s (NYSE:SE) net income in the second quarter of 2024 was $80 million compared to the net income of $331 million in Q2 2023. While we acknowledge the potential of Sea Limited (NYSE:SE) 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 Sea Limited (NYSE:SE) and shared the list of best global stocks to buy. Sea Limited (NYSE:SE) contributed to the performance of Artisan Developing World Fund in the previous quarter. 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.