Bronte Capital, an investment management company, released its “Amalthea Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund was down 3.72% for the quarter vs. +2.54% for the MSCI ACWI (in $A). It was down 5.59% in September vs. -0.35% for the index. The market rose in the third quarter, reaching new peaks, with a minor dip in late August and early September. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Amalthea Fund highlighted stocks like American Express Company (NYSE:AXP) in the Q3 2024 investor letter. American Express Company (NYSE:AXP) operates as integrated payments company. The one-month return of American Express Company (NYSE:AXP) was 5.28%, and its shares gained 74.34% of their value over the last 52 weeks. On November 19, 2024, American Express Company (NYSE:AXP) stock closed at $285.55 per share with a market capitalization of $201.154 billion.

Amalthea Fund stated the following regarding American Express Company (NYSE:AXP) in its Q3 2024 investor letter:

"US Credit cards have become a concentrated business. The leading players in order are Chase, a part of JPMorgan, American Express, Citi, Capital One, Bank of America and Discover. A combination of Capital One and Discover will become the number two player.

A close-up view of a payment terminal, capturing the sophistication of a payment network.

American Express Company (NYSE:AXP) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 62 hedge fund portfolios held American Express Company (NYSE:AXP) at the end of the third quarter which was 68 in the previous quarter. In the third quarter, American Express Company's (NYSE:AXP) revenues were $16.6 billion, up 8% from the previous year, and its earnings per share were $3.49.While we acknowledge the potential of American Express Company (NYSE:AXP) 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.