Qualivian Investment Partners, an investment partnership focused on long-only public equities, released its Q3 2024 investor letter. A copy of the same can be downloaded here. The fund outperformed the iShares MSCI USA Quality Factor ETF (QUAL) by 38.6% and 33.2% on a gross and net basis since its inception through June 30, 2024. It also exceeded the S&P 500 by 14.8% and 9.4%, respectively, on a gross and net basis. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Qualivian Investment Partners highlighted stocks like The TJX Companies, Inc. (NYSE:TJX) in the third quarter 2024 investor letter. The TJX Companies, Inc. (NYSE:TJX) is an off-price apparel and home fashion retailer. The one-month return of The TJX Companies, Inc. (NYSE:TJX) was 3.48%, and its shares gained 35.54% of their value over the last 52 weeks. On December 16, 2024, The TJX Companies, Inc. (NYSE:TJX) stock closed at $123.72 per share with a market capitalization of $139.081 billion.
Qualivian Investment Partners stated the following regarding The TJX Companies, Inc. (NYSE:TJX) in its Q3 2024 investor letter:
“The TJX Companies, Inc. (NYSE:TJX): TJX’s Q2 2024 results beat top- and bottom-line expectations, logging in a +4% same-store-sales (SSS) comp. Both their MarMaxx (TJ Max and Marshalls) delivered better than expected SSS comps at +5%. Operating and pre-tax margins also beat street expectations largely on better freight expenses. As a result, TJX increased their 2024 guidance.
We continue to believe that TJX will be a market-share winner at the expense of department stores who we believe are structurally disadvantaged. TJX’s “treasure hunt” format, offering superior brands at substantial discounts, is Amazon-resistant, and we think will deliver strong above-market returns to shareholders over the long haul.”
A busy retail store floor with customers trying on apparel and browsing the products.
The TJX Companies, Inc. (NYSE:TJX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held The TJX Companies, Inc. (NYSE:TJX) at the end of the third quarter which was 56 in the previous quarter. While we acknowledge the potential of The TJX Companies, Inc. (NYSE:TJX) 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 The TJX Companies, Inc. (NYSE:TJX) and shared the list of best department store stocks to buy. 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.