The London Company, an investment management company, released “The London Company Mid Cap Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. U.S. equities experienced an upward trend in the third quarter, with most major indices recording mid-single-digit gains. Notable market changes characterized this period. Despite these challenges, the stock market concluded the quarter on a positive note. The portfolio returned 7.9% (7.8% net) during the quarter compared to a 9.2% increase for the Russell Midcap Index. Both stock selection and sector exposure were modest headwinds to relative performance. 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 Entegris, Inc. (NASDAQ:ENTG) in the third quarter 2024 investor letter. Headquartered in Billerica, Massachusetts, Entegris, Inc. (NASDAQ:ENTG) is a micro contamination control products manufacturing company. The one-month return of Entegris, Inc. (NASDAQ:ENTG) was -6.18%, and its shares gained 12.11% of their value over the last 52 weeks. On November 5, 2024, Entegris, Inc. (NASDAQ:ENTG) stock closed at $103.12 per share with a market capitalization of $15.571 billion.
The London Company Mid Cap Strategy stated the following regarding Entegris, Inc. (NASDAQ:ENTG) in its Q3 2024 investor letter:
“Entegris, Inc. (NASDAQ:ENTG) – ENTG lagged the broader market during 3Q due to a more gradual recovery for trailing edge nodes, slower wafer starts, and delayed manufacturing capex spending. The near-term market conditions and different recovery rates throughout the industry have led to a more cautious outlook for the remainder of the year. That said, its solutions for advanced technology and incremental wafer content gains should propel a faster recovery next year. ENTG is one of the most diversified players in the semi-materials industry with its size and scale. We remain attracted to the industry’s high barriers to entry, limited competitors, and high switching costs.”
A technician in a specialized cleanroom suit, preparing a microcontamination control pipeline.
Entegris, Inc. (NASDAQ:ENTG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Entegris, Inc. (NASDAQ:ENTG) at the end of the second quarter which was 42 in the previous quarter. Entegris, Inc.’s (NASDAQ:ENTG) third quarter sales were $808 million, down 9% year-over-year and 1% sequentially. While we acknowledge the potential of Entegris, Inc. (NASDAQ:ENTG) 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 Entegris, Inc. (NASDAQ:ENTG) and shared the list of trending AI stocks on latest news and analyst ratings. 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.