Alluvium Asset Management, an asset management company, released its “Conventum – Alluvium Global Fund” second-quarter 2024 investor letter. A copy of the same can be downloaded here. The Fund retreated by 2.3%, 3.0%, and 5.3% in EUR, USD, and AUD respectively, in the quarter. Excitement over AI continues and some are drawing comparisons between the current environment and the late 1990s dot-com bubble. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conventum – Alluvium Global Fund highlighted stocks like THOR Industries, Inc. (NYSE:THO), in the second quarter 2024 investor letter. THOR Industries, Inc. (NYSE:THO) designs, manufactures, and sells recreational vehicles (RVs), and related parts and accessories. The one-month return of THOR Industries, Inc. (NYSE:THO) was 6.69%, and its shares lost 11.74% of their value over the last 52 weeks. On August 1, 2024, THOR Industries, Inc. (NYSE:THO) stock closed at $100.78 per share with a market capitalization of $5.236 billion.
Conventum – Alluvium Global Fund stated the following regarding THOR Industries, Inc. (NYSE:THO) in its Q2 2024 investor letter:
“THOR Industries, Inc. (NYSE:THO) (down 20.0%) released third quarter results that were in line with expectations, but management downgraded its guidance (for the second time). The same reasoning was given – poor consumer demand is expected to continue longer than previously envisaged. Our “through the cycle” estimates are unchanged. Based on the revised guidance, Thor trades at around 20 times earnings, however its earnings were five times higher in the peak years coming out of the pandemic. Our “maintainable earnings” estimates split these two extremes. With Thor trading at around 10 times that level, we do not see it as expensive. We have maintained our position, which is now 2.4% of the Fund.”
A family of four exploring a scenic mountain range in a recreational vehicle.
THOR Industries, Inc. (NYSE:THO) is not on our list of 31 Most Popular Stocks Among Hedge Funds. THOR Industries, Inc. (NYSE:THO) was held by 23 hedge fund portfolios at the end of the first quarter, compared to 21 in the previous quarter, according to our database. While we acknowledge the potential of THOR Industries, Inc. (NYSE:THO) 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 THOR Industries, Inc. (NYSE:THO) and shared Madison Mid Cap Fund’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.
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Disclosure: None. This article is originally published at Insider Monkey.
