The London Company, an investment management company, released “The London Company Large Cap Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. U.S. equities increased during the third quarter, with most major indices recording mid-single-digit gains. The broader market, represented by the Russell 3000 Index, rose by 6.2%. Notably, there was a shift from large-cap growth stocks to small-cap and value styles. The portfolio increased 8.2% (8.1% net) during the quarter compared to a 6.1% increase for the Russell 1000 Index. Both stock selection and sector exposure were tailwinds to the relative performance of the strategy. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
The London Company Large Cap Strategy highlighted stocks like BlackRock, Inc. (NYSE:BLK), in the third quarter 2024 investor letter. BlackRock, Inc. (NYSE:BLK) is a publicly owned investment management company. The one-month return of BlackRock, Inc. (NYSE:BLK) was 6.11%, and its shares gained 54.87% of their value over the last 52 weeks. On November 5, 2024, BlackRock, Inc. (NYSE:BLK) stock closed at $1,014.35 per share with a market capitalization of $150.254 billion.
The London Company Large Cap Strategy stated the following regarding BlackRock, Inc. (NYSE:BLK) in its Q3 2024 investor letter:
“BlackRock, Inc. (NYSE:BLK) – Shares of BLK rallied during 3Q as organic growth improved sequentially. Our long-term view of BLK has not changed. In the near-term, strong equity market performance is supportive of AUM and fee growth, and, visibility on declining interest rates is a potential tailwind to the fixed income ETF business. We continue to view BLK as a long-term share gainer with a broad spectrum of solutions, and we appreciate the strong balance sheet and steady capital return.”
A professional asset manager making an investment decision at their office.
BlackRock, Inc. (NYSE:BLK) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held BlackRock, Inc. (NYSE:BLK) at the end of the second quarter which was 45 in the previous quarter. BlackRock, Inc. (NYSE:BLK) reported net inflows of $221 billion, marking the highest quarter of net flows to date. While we acknowledge the potential of BlackRock, Inc. (NYSE:BLK) 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 BlackRock, Inc. (NYSE:BLK) and shared the list of stocks on Jim Cramer’s Radar. 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.