In this article, we will discuss 10 best Louis Navellier stocks billionaires are also piling into. If you want to skip our detailed analysis of Navellier's history, and investment philosophy performance, you can go directly to 5Best Louis Navellier Stocks Billionaires Are Also Piling Into.
Suggestions of a bumpy start in the equity market in 2024 are becoming way too common amid deteriorating macroeconomics, monetary policy uncertainty, and soaring geopolitical tensions. The concerns also come on the US equity market appearing overstretched, with the S&P 500 having rallied by about 21% and the Nasdaq 100 up by about 38% for the year. The rally has come amid aggressive monetary policy tightening by the US Federal Reserve in the race to tame runaway inflation.
A spike in interest rates to near-record highs has been a concern for most analysts and economists. For starters, there are growing fears that the high interest rates could plunge the US economy into the long recession and drag the global economy into it.
Nevertheless, some analysts feel the US economy will avoid a recession and US equities will rally, as has been the case for the better part of 2023. Louis Navellier, the founder of the Navellier & Associates, is a hedge fund manager bullish about equities heading into 2024.
Following the explosive rally in November, Navellier, who founded Navellier & Associates in 1980, believes the rally will likely continue into 2024 after a pause for a couple of weeks.
"It does [continue], but we probably have to pause for a couple of weeks, you know, we get tax selling, we have to digest the incredible gains that small caps had in November. Yesterday, you saw that the small caps were doing very well relative to the large caps, but they should give way a bit. I really think the best time to buy would be right between Christmas and New Years – that would be the best week to buy, and we'll get another surge in January," Navellier said
The rally heading into year-end comes amid growing expectations that the Fed will start cutting interest rates as early as the first half of next year. The prospects of the Fed cutting rates supported by easing inflation and companies recording growth in earnings are some of the factors that support the bullish thesis in the market.
10 Best Louis Navellier Stocks Billionaires Are Also Piling Into
Louis Navellier of Navellier & Associates
Navellier is another high-profile investor worth paying attention to for anyone looking for high-risk reward opportunities in the market. Like most billionaires, Navellier has inspired many investors with hush adeptness in navigating the stock market and turning a profit.
While Navellier & Associates' hedge fund boasts of a diversified portfolio spanning the services, basic materials, industrial goods, and financial sector, the hedge fund has been scanning for opportunities in the energy sector.
"Probably, the most controversial thing that we're doing is when we run our weekly stock selection screens, we've just been adding more and more energy stocks, and so, they're 60% of our portfolios right now, and they are going to have the best earnings for the next two quarters. Even though earnings have decelerated for the rest of the market, they've accelerated for us, so we're feeling pretty good," Navellier said.
Navellier has sought to strengthen the hedge fund portfolio in energy stocks with tremendous upside potential. The hedge fund already boasts holdings in Exxon Mobil Corporation (NYSE:XOM), ConocoPhillips (NYSE:COP), and Valero Energy Corporation (NYSE:VLO), among other energy plays.
Our Methodology
We checked the top fifteen stocks in Navellier & Associates' Q3 2023 portfolio and compared them with the stocks owned by billionaire hedge fund managers in Insider Monkey's database. We've ranked the stocks based on the number of billionaires holding shares in the company.
Best Louis Navellier Stocks Billionaires Are Also Piling Into
Navellier & Associates Equity Stakes: $9.46 Million
Number of Hedge Fund Holders: 44
Valero Energy Corporation (NYSE:VLO) manufactures, markets, and sells fuels and petrochemical products while operating under three segments: Refining, Renewable Diesel, and Ethanol. Valero Energy Corporation (NYSE:VLO) also makes and sells ethanol, dry distiller grains, syrup, and inedible corn oil primarily to animal feed customers.
Despite going down by about 4% for the year, Valero Energy Corporation (NYSE:VLO) remains one of the best Louis Navellier stocks that billionaires are also piling into. About 13 billionaires on Wall Street hold stakes in the company.
Navellier & Associates Equity Stakes: $11.87 Million
Number of Hedge Fund Holders: 45
EOG Resources, Inc. (NYSE:EOG) is one of the best Louis Navellier stocks that billionaires are also piling into for exposure in the energy sector. EOG Resources, Inc. (NYSE:EOG) explores, develops, produces, and markets crude and natural gas.
Navellier & Associates reduced its stakes in EOG Resources, Inc. (NYSE:EOG) by 1% in Q3 2023 to $11.87 million.
Navellier & Associates Equity Stakes: $9.56 Million
Number of Hedge Fund Holders: 51
Novo Nordisk A/S (NYSE:NVO) is another healthcare investment play attracting interest from billionaires on Wall Street. Novo Nordisk A/S (NYSE:NVO) engages in the research, manufacturing, development, and marketing of pharmaceutical products.
Novo Nordisk A/S (NYSE:NVO) has been on an impressive run in 2023, gaining 43% and outperforming the S&P 500, which is up by about 21%. The gain affirms why Novo Nordisk A/S (NYSE:NVO) boasts a following of 16 billionaires even though Navellier & Associates trimmed its stakes by 1% in Q3 2023 to $9.56 million.
Navellier & Associates Equity Stakes: $6.68 Million
Number of Hedge Fund Holders: 65
Costco Wholesale Corporation (NASDAQ:COST) is one of the best Louis Navellier stocks that billionaires are also piling into as a consumer defensive investment play. Costco Wholesale Corporation (NASDAQ:COST) operates membership warehouses in the US, offering private label products and a range of merchandise products like candies, coolers, freezers, deli, liquor, and tobacco; appliances, electronics, health and beauty aids; hardware, garden, and patio products.
Costco Wholesale Corporation (NASDAQ:COST)'s been one of the best-performing stocks in Navellier's portfolio, going by a 33% year-to-date gain.
Navellier & Associates Equity Stakes: $15.14 Million
Number of Hedge Fund Holders: 62
Houston, Texas-based ConocoPhillips (NYSE:COP) is an energy company that explores, produces, transports, and markets crude oil, natural gas, and natural gas liquids. ConocoPhillips (NYSE:COP) is one of the best Louis Navellier stocks that billionaires are also piling into to gain energy exposure.
While ConocoPhillips (NYSE:COP) is down by about 5% for the year, it comes with a 2.04% yield for generating passive income. In addition, about 16 billionaires have stakes in ConocoPhillips (NYSE:COP). Navellier & Associates trimmed its stakes in the company in Q3 2023 by 1% to $15.14 million.
