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 NV5 Global, Inc. (NASDAQ:NVEE), in the third quarter 2024 investor letter. NV5 Global, Inc. (NASDAQ:NVEE), with a market capitalization of $1.429 billion, offers technology, conformity assessment, consulting solutions, and software applications to public and private sector clients in the infrastructure, utility services, construction, real estate, environmental, and geospatial markets. The one-month return of NV5 Global, Inc. (NASDAQ:NVEE) was -6.23%, and its shares lost 11.39% of their value over the last 52 weeks. On November 15, 2024, NV5 Global, Inc. (NASDAQ:NVEE) stock closed at $21.96 per share.
Polen U.S. Small Company Growth Strategy stated the following regarding NV5 Global, Inc. (NASDAQ:NVEE) 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 includedNV5 Global, Inc. (NASDAQ:NVEE), Rambus, Paylocity Holdings, Insight Enterprises, elf Beauty, and Dutch Bros.
NV5 Global is an engineering consulting business that we find attractive as an enabler of infrastructure growth with a healthy mix of public and private clients. The company is well-diversified and has positions in a few unique categories including utilities undergrounding and geospatial services. It has a noteworthy track record as an acquirer with attractive and improving cash flow return on investment. We expect NV5 to grow earnings and free cash flow at a mid-teens rate.”
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NV5 Global, Inc. (NASDAQ:NVEE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held NV5 Global, Inc. (NASDAQ:NVEE) at the end of the second quarter which was 10 in the previous quarter. NV5 Global, Inc. (NASDAQ:NVEE) reported a net income of $17.1 million in the third quarter of 2024, compared to $13.1 million in Q3 2023. While we acknowledge the potential of NV5 Global, Inc. (NASDAQ:NVEE) 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 NV5 Global, Inc. (NASDAQ:NVEE) and shared Conestoga Capital Advisors’ views on the company in the previous quarter. 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.