The London Company, an investment management company, released “The London Company Mid Cap Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. U.S. equities experienced an upward trend in the third quarter, with most major indices recording mid-single-digit gains. Notable market changes characterized this period. Despite these challenges, the stock market concluded the quarter on a positive note. The portfolio returned 7.9% (7.8% net) during the quarter compared to a 9.2% increase for the Russell Midcap Index. Both stock selection and sector exposure were modest headwinds to relative performance. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
The London Company Mid Cap Strategy highlighted stocks like CBRE Group, Inc. (NYSE:CBRE), in the third quarter 2024 investor letter. CBRE Group, Inc. (NYSE:CBRE) is a commercial real estate services and investment company. The one-month return of CBRE Group, Inc. (NYSE:CBRE) was 11.43%, and its shares gained 82.23% of their value over the last 52 weeks. On November 5, 2024, CBRE Group, Inc. (NYSE:CBRE) stock closed at $134.72 per share with a market capitalization of $41.227 billion.
The London Company Mid Cap Strategy stated the following regarding CBRE Group, Inc. (NYSE:CBRE) in its Q3 2024 investor letter:
“CBRE Group, Inc. (NYSE:CBRE) – CBRE was a top performer during 3Q as its outsourcing business units continued to show strength, and transactional businesses improved. CBRE’S outsourcing business margins continue to improve due to new customer wins and cost-saving actions. CBRE has a strong balance sheet and deploys capital in efficient ways to drive long-term value. We remain attracted to its flexible cost structure, industry-leading scale, and capital allocation strategy.”
A downtown skyline, highlighting a successful real estate services company.
CBRE Group, Inc. (NYSE:CBRE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held CBRE Group, Inc. (NYSE:CBRE) at the end of the second quarter which was 54 in the previous quarter. While we acknowledge the potential of CBRE Group, Inc. (NYSE:CBRE) 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 CBRE Group, Inc. (NYSE:CBRE) and shared Vulcan Value Partners’ views on the company. 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.