Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund’s Institutional Class returned -2.96% compared to a +3.22% return for the Russell 3000 Index. Year-to-date the fund returned +5.01% compared to +13.56% return for the index. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.
Weitz Investment Management Partners III Opportunity Fund highlighted stocks like CoStar Group, Inc. (NASDAQ:CSGP) in the second quarter 2024 investor letter. CoStar Group, Inc. (NASDAQ:CSGP) is an information, analytics, and online marketplace services provider for commercial and residential property markets. CoStar Group, Inc.’s (NASDAQ:CSGP) one-month return was -2.89%, and its shares lost 4.99% of their value over the last 52 weeks. On August 21, 2024, CoStar Group, Inc. (NASDAQ:CSGP) stock closed at $75.59 per share with a market capitalization of $30.978 billion.
Weitz Investment Management Partners III Opportunity Fund stated the following regarding CoStar Group, Inc. (NASDAQ:CSGP) in its Q2 2024 investor letter:
“Liberty Media Corp.-Liberty SiriusXM (LSXMK) (83% owner of Sirius XM Holdings, Inc. (SIRI)) and CoStar Group, Inc. (NASDAQ:CSGP) were also top detractors for the quarterly and year-to-date periods. At CoStar, the recently launched residential real estate portal (Homes.com) generated strong initial sales results and drove healthy stock price appreciation in the first quarter. Recent reports, however, suggest the pace of real estate agents buying memberships to their site may have slowed, causing shares to give back prior quarter gains and then some. Progress for this new business vertical will likely continue in fits and starts, but importantly, our investment thesis is principally underwritten by CoStar’s existing and dominant commercial real estate and multifamily rental marketplace businesses. From current prices, eventual success at Homes.com represents potential upside optionality.”
Speedcurve Performance Analytics
CoStar Group, Inc. (NASDAQ:CSGP) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held CoStar Group, Inc. (NASDAQ:CSGP) at the end of the second quarter which was 40 in the previous quarter. The second quarter revenue of CoStar Group, Inc. (NASDAQ:CSGP) was $678 million, reflecting a 12% increase year-over-year. While we acknowledge the potential of CoStar Group, Inc. (NASDAQ:CSGP) 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 CoStar Group, Inc. (NASDAQ:CSGP) and shared Conestoga Capital Advisors’ views on the company. In addition, please check out our hedge fund investor letters Q2 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.
