Artisan Partners, an investment management company, released its “Artisan Select Equity Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. The fourth quarter delivered another record-breaking performance for US tech equities. The fund’s Investor Class ARTNX, Advisor Class APDNX, and Institutional Class APHNX returned -1.36%, -1.32%, and -1.33% respectively, in the fourth quarter compared to a 2.41% return for the S&P500 Index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Artisan Select Equity Fund emphasized stocks such as Alphabet Inc. (NASDAQ:GOOG). Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, offers various platforms and services operating through Google Services, Google Cloud, and Other Bets segments. The one-month return of Alphabet Inc. (NASDAQ:GOOG) was -15.01%, and its shares gained 28.33% of their value over the last 52 weeks. On February 28, 2025, Alphabet Inc. (NASDAQ:GOOG) stock closed at $172.12 per share with a market capitalization of $2.085 trillion.
Artisan Select Equity Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its Q4 2024 investor letter:
“Alphabet Inc.’s (NASDAQ:GOOG) stock gained 14% during the quarter. Last quarter, we wrote about how the antitrust case against Alphabet weighed on its share price. It appears that investors are less concerned about this case because it is weak (in our view) and perhaps because they view the incoming Trump administration as less hostile to Alphabet’s position. At any rate, the stock probably got too cheap last quarter; its business fundamentals are strong, and the share price this quarter reflected that.”
A laptop and phone open to Google’s services in an everyday setting.
Alphabet Inc. (NASDAQ:GOOG) is in 7th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 174 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the fourth quarter which was 160 in the previous quarter. In 2024, Alphabet Inc. (NASDAQ: GOOG) achieved a revenue growth of 14% compared to 2023, reaching $350 billion. For the fourth quarter, the revenue was $96.5 billion, reflecting a 12% increase in both reported and constant currency. While we acknowledge the potential of Alphabet Inc. (NASDAQ:GOOG) 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 Alphabet Inc. (NASDAQ:GOOG) and shared the list of best money-making 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.