Shelton Capital Management, an investment management company, released its “Shelton Sustainable Equity Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the portfolio returned -3.22% compared to the MSCI ACWI’s 2.44% return. Overall, the distribution across sectors considerably impacted growth in the information technology and utilities sectors. In contrast, the industrials, materials, and consumer staples sectors showed the worst declines in return. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Shelton Sustainable Equity Fund highlighted stocks like E.l.f. Beauty, Inc. (NYSE:ELF), in the second quarter 2024 investor letter. E.l.f. Beauty, Inc. (NYSE:ELF) is a company that offers cosmetic and skin care products. The one-month return of E.l.f. Beauty, Inc. (NYSE:ELF) was -22.16%, and its shares gained 9.39% of their value over the last 52 weeks. On October 2, 2024, E.l.f. Beauty, Inc. (NYSE:ELF) stock closed at $105.62 per share with a market capitalization of $5.956 billion.
Shelton Sustainable Equity Fund stated the following regarding E.l.f. Beauty, Inc. (NYSE:ELF) in its Q2 2024 investor letter:
“E.l.f. Beauty, Inc. (NYSE:ELF) operates as a cosmetic company. The company offers beauty products such as eyeliners, lipsticks, creams, brushes, powder, and skin care products for eyes, lips, face, and paw. e.l.f. Beauty is the first beauty company that is Fair Trade Certified, the first mass brand to be 100% vegan and cruelty free, and fits our PRIME criteria, primarily the impact and principles portion of our thesis, as e.l.f.‘s low cost and high quality provides access to makeup and skincare for every customer.”
A close up of the lip and eye products from the company on a model in a fashion and beauty shoot.
E.l.f. Beauty, Inc. (NYSE:ELF) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held E.l.f. Beauty, Inc. (NYSE:ELF) at the end of the second quarter which was 33 in the previous quarter. E.l.f. Beauty, Inc.’s (NYSE:ELF) revenue grew 50% year-over-year in the fiscal first quarter of 2025, driven by strong sales across all channels. While we acknowledge the potential of E.l.f. Beauty, Inc. (NYSE:ELF) 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 E.l.f. Beauty, Inc. (NYSE:ELF) and shared Jim Cramer’s top stock picks you can’t ignore. 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.