Next Century Growth Investors, LLC, an investment Management Company, released its “Small Cap Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. The equities market in 2024 saw mixed results in the second quarter. Small-cap indices generally posted negative results, whereas large-cap indices posted favorable results. The strategy returned (3.32)% net of fees in the quarter, compared to a (2.91)% return for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
NCG Small Cap Strategy highlighted stocks like Universal Technical Institute, Inc. (NYSE:UTI) in the second quarter 2024 investor letter. Universal Technical Institute, Inc. (NYSE:UTI) offers transportation, skilled trades, and healthcare education programs. The one-month return of Universal Technical Institute, Inc. (NYSE:UTI) was -5.46%, and its shares gained 117.44% of their value over the last 52 weeks. On August 29, 2024, Universal Technical Institute, Inc. (NYSE:UTI) stock closed at $17.33 per share with a market capitalization of $932.558 million.
NCG Small Cap Strategy stated the following regarding Universal Technical Institute, Inc. (NYSE:UTI) in its Q2 2024 investor letter:
“Universal Technical Institute, Inc. (NYSE:UTI) is a for-profit education company focused on skilled trades, transportation, and healthcare. The company has over 30 campuses and the education programs are delivered in a hybrid model of on campus and online. The company is experiencing strong demand given a healthy job market and solid wages in their areas of focus. We believe the company can capitalize on this demand by opening new campuses, growing within existing programs, and adding new programs over time.”
An instructor at the front of a class teaching the fundamentals of business administration.
Universal Technical Institute, Inc. (NYSE:UTI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Universal Technical Institute, Inc. (NYSE:UTI) at the end of the second quarter which was 22 in the previous quarter. In the third quarter of fiscal 2024 Universal Technical Institute, Inc. (NYSE:UTI) reported nearly 16% growth in revenue to $177.5 million. While we acknowledge the potential of Universal Technical Institute, Inc. (NYSE:UTI) 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 Universal Technical Institute, Inc. (NYSE:UTI) and shared Conestoga Capital Advisors’ 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.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.
