Wasatch Global Investors, an asset management company, released its “Wasatch Micro-Cap Value Strategy” second-quarter 2024 investor letter. A copy of the same can be downloaded here. During the second quarter, the strategy fell but significantly outperformed the benchmark Russell Microcap Index which declined -5.27%. The firm did not observe any major changes in its long-term investment position during the quarter. However, it acknowledges that the majority of equities fell as investors’ concerns about the possibility of a recession, higher-for-longer inflation, and interest rates. A small group of stocks that are thought to be doing well because of the artificial intelligence (AI) boom kept going up at the same time. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Wasatch Micro-Cap Value Strategy highlighted stocks like Limbach Holdings, Inc. (NASDAQ:LMB), in the second quarter 2024 investor letter. Limbach Holdings, Inc. (NASDAQ:LMB) is a building systems solution company. The one-month return of Limbach Holdings, Inc. (NASDAQ:LMB) was 7.70%, and its shares gained 101.91% of their value over the last 52 weeks. On September 9, 2024, Limbach Holdings, Inc. (NASDAQ:LMB) stock closed at $64.47 per share with a market capitalization of $726.777 million.
Wasatch Micro-Cap Value Strategy stated the following regarding Limbach Holdings, Inc. (NASDAQ:LMB) in its Q2 2024 investor letter:
“We also added Limbach Holdings, Inc. (NASDAQ:LMB), a company that designs, installs and maintains mission-critical infrastructure systems related to heating, ventilation, air conditioning, electricity and plumbing. Because Limbach works directly with commercial building owners and facilities managers rather than through general contractors, it’s been able to generate better recurring revenues, improve margins and meaningfully accelerate earnings. Limbach’s competitive advantages include special expertise in hospital systems, knowledge of the latest energy-saving and eco-friendly applications and experience in integrating functions that might otherwise be handled by multiple providers.”
An engineer studying the blueprints of a large mechanical construction near a busy city skyline.
Limbach Holdings, Inc. (NASDAQ:LMB) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Limbach Holdings, Inc. (NASDAQ:LMB) at the end of the second quarter which was 14 in the previous quarter. In the second quarter, Limbach Holdings, Inc. (NASDAQ:LMB) reported $122.2 million in revenues compared to $124.9 million in Q2 2023. While we acknowledge the potential of Limbach Holdings, Inc. (NASDAQ:LMB) 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 Limbach Holdings, Inc. (NASDAQ:LMB) and shared Greystone Capital Management’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.
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.
