Bronte Capital, an investment management company, released its “Amalthea Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund was down 3.72% for the quarter vs. +2.54% for the MSCI ACWI (in $A). It was down 5.59% in September vs. -0.35% for the index. The market rose in the third quarter, reaching new peaks, with a minor dip in late August and early September. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Amalthea Fund highlighted stocks like Visa Inc. (NYSE:V) in the third quarter 2024 investor letter. Visa Inc. (NYSE:V) is a payment technology company. The one-month return of Visa Inc. (NYSE:V) was 9.61%, and its shares gained 23.76% of their value over the last 52 weeks. On November 18, 2024, Visa Inc. (NYSE:V) stock closed at $312.16 per share with a market capitalization of $599.207 billion.
Amalthea Fund stated the following regarding Visa Inc. (NYSE:V) in its Q3 2024 investor letter:
“The big problem in September was our long book. Many of our important longs simply did not participate in the rally. Visa Inc. (NYSE:V) another long-standing long was down – and again the issue was Justice Department. Visa is another stock we have held many years, and which has done well. The company, along with Mastercard, has enormous powers in payments networks. Many businesses cannot survive without accepting Visa. If you want a history of the company detailing Visa’s exceptional power there is a good (though hagiographic) history on the Acquired podcast. There is another history of the beginning of Visa in Joe Nocera’s excellent (though now dated) book “A Piece of the Action”.
The stock has done well for us despite underperforming in recent years. Over the past few years the business has benefited from touch-to-pay and increased penetration during covid…” (Click here to read the full text)
A close-up of a credit card being swiped on a payment terminal, reflecting the company’s payments technology.
Visa Inc. (NYSE:V) is in 6th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 165 hedge fund portfolios held Visa Inc. (NYSE:V) at the end of the third quarter which was 163 in the previous quarter. Visa Inc. (NYSE:V) delivered strong results in the fiscal fourth quarter 2024, with net revenue of $9.6 billion, up 12% year over year, and EPS rising by 16%. While we acknowledge the potential of Visa Inc. (NYSE:V) 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 Visa Inc. (NYSE:V) and shared the list of best stocks to buy for beginners. 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.