Middle Coast Investing, an investment advisor firm, released its second-quarter investor letter. A copy of the letter can be downloaded here. It was a good and active quarter for the firm. The portfolio’s price to earnings for the trailing 12 months (TTM) was 20.8. Cash and equivalents accounted for 13.4% of the portfolio at the end of the quarter, with an estimated average yield of 3.9%. This compares to 14.7% of the portfolio and a 3.9% yield at the end of Q1. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Middle Coast Investing highlighted stocks like AerCap Holdings N.V. (NYSE:AER) in the second quarter 2024 investor letter. AerCap Holdings N.V. (NYSE:AER) engages in the lease, financing, sale, and management of flight equipment. The one-month return of AerCap Holdings N.V. (NYSE:AER) was 4.71%, and its shares gained 45.21% of their value over the last 52 weeks. On July 15, 2024, AerCap Holdings N.V. (NYSE:AER) stock closed at $96.65 per share with a market capitalization of $19.17 billion.
Middle Coast Investing stated the following regarding AerCap Holdings N.V. (NYSE:AER) in its Q2 2024 investor letter:
“One thing I try to do is apply what I know from one stock to another. AerCap Holdings N.V. (NYSE:AER) has been a long-time holding, and one of the reasons it is attractive to hold onto at a fair price is the huge backlog in planes that need to be built and sold to airlines. Boeing’s problems, the pandemic, supply chain issues, and so on have slowed delivery of planes and jets (Airbus is also struggling to get up to its production goals). That delay is good for Aercap’s business as the world’s biggest owner of planes, an in-demand commodity, but at some point, the manufacturers will have to figure it out.”
A commercial jetliner taking off, highlighting the advanced airframe and engine parts produced by the company.
AerCap Holdings N.V. (NYSE:AER) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 65 hedge fund portfolios held AerCap Holdings N.V. (NYSE:AER) at the end of the first quarter which was 61 in the previous quarter. AerCap Holdings N.V. (NYSE:AER) reported $3.29 of adjusted earnings per share in the first quarter, an increase of 40% from last year and adjusted net income of $658 million. While we acknowledge the potential of AerCap Holdings N.V. (NYSE:AER) 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 AerCap Holdings N.V. (NYSE:AER) and shared L1 Capital International Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.
