The London Company, an investment management company, released “The London Company Small Cap Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter, the fund appreciated 7.1% (7%, net) compared to a 9.3% increase in the Russell 2000 Index. The positive impact of sector allocation was mitigated by stock selection in the third quarter. For more information on the fund’s top picks in 2024, please check its top five holdings.
The London Company Small Cap Strategy highlighted stocks like Vontier Corporation (NYSE:VNT) in the third quarter 2024 investor letter. Vontier Corporation (NYSE:VNT) is a global provider of mobility ecosystem solutions. The one-month return of Vontier Corporation (NYSE:VNT) was 14.68%, and its shares gained 17.10% of their value over the last 52 weeks. On November 12, 2024, Vontier Corporation (NYSE:VNT) stock closed at $39.52 per share with a market capitalization of $5.936 billion.
The London Company Small Cap Strategy stated the following regarding Vontier Corporation (NYSE:VNT) in its Q3 2024 investor letter:
“Vontier Corporation (NYSE:VNT) – VNT shares declined after the company reported weaker than expected quarterly results, reflecting a slowdown in demand across its portfolio. Short- term projects were delayed (particularly in convenience store retrofits), while macroeconomic pressures affected discretionary spending in the Repair Solutions segment. Near- term headwinds may persist as customers delay purchasing decisions due to ongoing economic uncertainty. Despite a weaker operating environment, VNT continues to advance its portfolio transformation and improve operational efficiencies. We remain confident that VNT’s resilient franchises are well positioned to serve its broad customer base and capture growth opportunities in the evolving mobility market.”
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Vontier Corporation (NYSE:VNT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Vontier Corporation (NYSE:VNT) at the end of the second quarter which was 30 in the previous quarter. Vontier Corporation (NYSE:VNT) reported third quarter of $750 million, reflecting core growth of around 3%. While we acknowledge the potential of Vontier Corporation (NYSE:VNT) 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 Vontier Corporation (NYSE:VNT) and shared Artisan Mid Cap Value Fund’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.