Investment management company Maran Capital Management recently released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. Maran Partners Fund returned +1.0% net of all fees and expenses in the third quarter, which makes the yearly returns +9.0% net. The partnership compounded at a rate greater than 14% annually net, over the past five years, just slightly less than a “five-year double.” In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Maran Capital Management highlighted stocks like Turning Point Brands, Inc. (NYSE:TPB) in the third quarter 2024 investor letter. Headquartered in Louisville, Kentucky, Turning Point Brands, Inc. (NYSE:TPB) manufactures, markets, and distributes branded consumer products. The one-month return of Turning Point Brands, Inc. (NYSE:TPB) was 16.77%, and its shares gained 123.48% of their value over the last 52 weeks. On November 4, 2024, Turning Point Brands, Inc. (NYSE:TPB) stock closed at $47.69 per share with a market capitalization of $844.785 million.
Maran Capital Management stated the following regarding Turning Point Brands, Inc. (NYSE:TPB) in its Q3 2024 investor letter:
“Turning Point Brands, Inc. (NYSE:TPB) was a bright spot in the quarter. The market is starting to catch on to what we have seen unfolding at TPB: A secular tailwind in its Zig Zag business; continued share gains and price increases in its Stoker’s business; and the growth of FRE in the white pouch oral nicotine market. If you missed it, please see last quarter’s letter for a more detailed write-up on TPB.”
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Turning Point Brands, Inc. (NYSE:TPB) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Turning Point Brands, Inc. (NYSE:TPB) at the end of the second quarter which was 18 in the previous quarter. In the second quarter, Turning Point Brands, Inc.’s (NYSE:TPB) sales were up 2.8% year-over-year to $108.5 million, which is up 12% on a sequential basis. While we acknowledge the potential of Turning Point Brands, Inc. (NYSE:TPB) 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 Turning Point Brands, Inc. (NYSE:TPB) and shared Maran Capital Management’s views on the company in the previous quarter. 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.