Riverwater Partners, an investment management company, released its “Small Cap Core Strategy” Q3 2024 investor letter. A copy of the letter can be downloaded here. The strategy outperformed its benchmark, the Russell 2000, both in the third quarter and year-to-date, driven by disciplined stock selection across a diverse range of sectors. Energy and IT were the top-performing sectors while Consumer Staples and Healthcare holdings detracted. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Riverwater Partners Small Cap Core Strategy highlighted stocks like Limoneira Company (NASDAQ:LMNR), in the third quarter 2024 investor letter. Limoneira Company (NASDAQ:LMNR) is an agribusiness and real estate development company. The one-month return of Limoneira Company (NASDAQ:LMNR) was -13.17%, and its shares gained 16.63% of their value over the last 52 weeks. On December 30, 2024, Limoneira Company (NASDAQ:LMNR) stock closed at $24.06 per share with a market capitalization of $435.079 million.
Riverwater Partners Small Cap Core Strategy stated the following regarding Limoneira Company (NASDAQ:LMNR) in its Q3 2024 investor letter:
“Limoneira Company (NASDAQ:LMNR), our top performer this quarter, remains attractive in our view relative to its intrinsic value. Over the past 24 months, LMNR has made significant strides in unlocking the full potential of its asset base. Limoneira has strengthened its balance sheet by divesting non-core assets, selling and partnering on certain real estate holdings, and transitioning fruit production to a less capital-intensive model. It also owns significant water rights which could be monetized. While LMNR has shown strong performance in recent quarters, our expectations for the company remain high.”
A team of packing house workers packaging specialty citrus for customer orders.
Limoneira Company (NASDAQ:LMNR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held Limoneira Company (NASDAQ:LMNR) at the end of the third quarter which was 4 in the previous quarter. While we acknowledge the potential of Limoneira Company (NASDAQ:LMNR) 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 Limoneira Company (NASDAQ:LMNR) and shared the list of best small cap agriculture stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.