Hardman Johnston Global Advisors, an investment management company, released its “Hardman Johnston Global Equity” fourth quarter 2024, investor letter. A copy of the letter can be downloaded here. The fourth quarter concluded the portfolio’s successful year in comparison to its benchmark index. The strategy returned -0.17%, net of fees, in the quarter, compared to -0.99% return for the MSCI AC World Net Index. From a sector standpoint, the main drivers of the portfolio’s outperformance during the quarter were Industrials and Materials. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Hardman Johnston Global Equity emphasized stocks such as Universal Display Corporation (NASDAQ:OLED). Headquartered in Ewing, New Jersey, Universal Display Corporation (NASDAQ:OLED) researchs, develops, and commercializes organic light-emitting diode (OLED) technologies and materials. The one-month return Universal Display Corporation (NASDAQ:OLED) was -3.76%, and its shares lost 8.90% of their value over the last 52 weeks. On March 20, 2025, Universal Display Corporation (NASDAQ:OLED) stock closed at $151.38 per share with a market capitalization of $7.186 billion.
Hardman Johnston Global Equity stated the following regarding Universal Display Corporation (NASDAQ:OLED) in its Q4 2024 investor letter:
“The top individual detractors from relative performance were MercadoLibre, Inc., IQVIA, and Universal Display Corporation (NASDAQ:OLED). Shares of Universal Display have been under pressure since the company delayed its target for reaching commercial specifications of its blue emitter material and later reduced its 2024 revenue guidance due to demand weakness in consumer electronics like TVs, iPads, and smartphones. The company had expected a larger ramp with the first adoption of OLED display in the iPad, but a weaker than-expected recovery in consumer electronics has driven a modestly weaker outlook for OLED materials. Universal Display remains well positioned as a monopoly supplier of phosphorescent OLED materials in the ongoing adoption of OLED display across consumer devices, and we remain confident that when the company reaches commercial specifications for its blue material, the content and pricing lift will drive substantial positive revisions to its earnings expectations. Additionally, we believe that tablet and notebook adoption of OLED display will accelerate substantially as panel makers like Samsung, LGD, and BOE ramp meaningful capacity to target the large panel market.”
A technician in a lab coat carefully working with OLED displays and components.
Universal Display Corporation (NASDAQ:OLED) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Universal Display Corporation (NASDAQ:OLED) at the end of the fourth quarter which was 23 in the previous quarter. In 2024, Universal Display Corporation (NASDAQ:OLED) reported a 12% year-over-year revenue growth achieving $648 million. While we acknowledge the potential of Universal Display Corporation (NASDAQ:OLED) 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 Universal Display Corporation (NASDAQ:OLED) and shared the list of best mid cap tech stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.