The London Company, an investment management company, released “The London Company Large Cap Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The US stocks’ performance was mixed in the second quarter measured by the Russell 3000 Index’s 3.2% return. The fund declined 1.9% (2.0% net) during the quarter compared to a 3.6% return for the Russell 1000 Index. For more information on the fund’s top picks in 2024, please check its top five holdings.
The London Company Large Cap Strategy highlighted stocks like Air Products and Chemicals, Inc. (NYSE:APD) in the second quarter 2024 investor letter. Headquartered in Allentown, Pennsylvania, Air Products and Chemicals, Inc. (NYSE:APD) provides atmospheric gases, process and specialty gases, equipment, and related services. The one-month return of Air Products and Chemicals, Inc. (NYSE:APD) was 10.53%, and its shares lost 1.94% of their value over the last 52 weeks. On August 2, 2024, Air Products and Chemicals, Inc. (NYSE:APD) stock closed at $281.74 per share with a market capitalization of $62.635 billion.
The London Company Large Cap Strategy stated the following regarding Air Products and Chemicals, Inc. (NYSE:APD) in its Q2 2024 investor letter:
“Air Products and Chemicals, Inc. (NYSE:APD) – We added to our position in APD this year and the stock subsequently outperformed during 2Q. APD continually posts results for its base business comparable to that of its closest industrial gas peers, and margins have recovered back towards industry-leading levels. We believe the offtake announcement in June between APD and Total Energies for 30% of NEOM’s green hydrogen output is a good first step towards alleviating investor concerns about the return profile for clean energy megaprojects. Added to the position following recent weakness in the shares. We believe the competitive advantages are intact and valuation is attractive.”
A line of workers in a refinery wearing protective suits and masks, overseeing the production process of specialty gases.
Air Products and Chemicals, Inc. (NYSE:APD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Air Products and Chemicals, Inc. (NYSE:APD) at the end of the first quarter which was 42 in the previous quarter. While we acknowledge the potential of Air Products and Chemicals, Inc. (NYSE:APD) 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 Air Products and Chemicals, Inc. (NYSE:APD) and shared the list of best hydrogen and fuel cell stocks to buy. 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.
