Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The third quarter had a strong finish for U.S. small-cap equities, driven by interest rate reductions and fading recessionary concerns. In the third quarter, the fund delivered 7.65% gross, and 7.35% net of fees compared to an 8.41% return for the Russell 2000 Growth Index. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.
Polen U.S. Small Company Growth Strategy highlighted stocks like Insight Enterprises, Inc. (NASDAQ:NSIT), in the third quarter 2024 investor letter. Insight Enterprises, Inc. (NASDAQ:NSIT) offers information technology, hardware, software, and services. The one-month return of Insight Enterprises, Inc. (NASDAQ:NSIT) was -31.67%, and its shares gained 0.88% of their value over the last 52 weeks. On November 15, 2024, Insight Enterprises, Inc. (NASDAQ:NSIT) stock closed at $151.50 per share with a market capitalization of $4.812 billion.
Polen U.S. Small Company Growth Strategy stated the following regarding Insight Enterprises, Inc. (NASDAQ:NSIT) in its Q3 2024 investor letter:
“During the quarter, we instituted six new additions and five complete sales. We also added to and trimmed several existing positions. Additions included NV5 Global, Rambus, Paylocity Holdings, Insight Enterprises, Inc. (NASDAQ:NSIT), elf Beauty, and Dutch Bros.
Insight Enterprises is a global IT solutions provider to small- and medium-sized businesses across various end markets. Insight has developed capabilities in hardware management, and software and services and has also demonstrated an impressive long-term track record of double-digit returns on invested capital and robust free cash flow generation. The company has cemented itself as an important partner to its clients’ digital transformation initiatives. We estimate Insight will compound EPS at 18% over the next five years, driven by its deep customer relationships and leading cloud services business.”
A professional at a computerscreen, working on a complex hardware solution.
Insight Enterprises, Inc. (NASDAQ:NSIT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Insight Enterprises, Inc. (NASDAQ:NSIT) at the end of the second quarter which was 26 in the previous quarter. Insight Enterprises, Inc.’s (NASDAQ:NSIT) net revenue was $2.1 billion in the third quarter of 2024, down 8% year-over-year in U.S. dollars and also in constant currency. While we acknowledge the potential of Insight Enterprises, Inc. (NASDAQ:NSIT) 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 Insight Enterprises, Inc. (NASDAQ:NSIT) and shared Right Tail Capital’s 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.