Here’s Artisan Select Equity Fund Views on Index’s NVIDIA Corporation (NVDA) Exposure
Artisan Partners, an investment management company, released its “Artisan Select Equity Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund returned -0.4% compared to a 4.28% return for the S&P 500 Index and a -2.2% return for the Russell 1000 Value Index. Year-to-date the fund increased 10.4% compared to 15.3% and 6.6% return for the indexes. In addition, you can check the fund's top 5 holdings to determine its best picks for 2024.
Artisan Select Equity Fund highlighted stocks like NVIDIA Corporation (NASDAQ:NVDA), in the second quarter 2024 investor letter. NVIDIA Corporation (NASDAQ:NVDA) offers graphics and compute and networking solutions. The one-month return of NVIDIA Corporation (NASDAQ:NVDA) was 5.23%, and its shares gained 176.79% of their value over the last 52 weeks. On August 19, 2024, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $130.00 per share with a market capitalization of $3.198 trillion.
Artisan Select Equity Fund stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2024 investor letter:
"What’s more, returns are increasingly concentrated in just a few names. Four companies—NVIDIA Corporation (NASDAQ:NVDA), Apple, Alphabet and Microsoft— generated essentially all of the MSCI ACWI Index’s and S&P 500® Index’s Q2 return. NVIDIA represented nearly 40% of the total return for the MSCI ACWI Index and 44% of the total return for the S&P 500® Index. Said another way, excluding NVIDIA from these indices would have reduced the benchmark’s return by nearly half.
Lest this increase in NVIDIA appear too abstract, consider this. NVIDIA’s year-to-date dollar value increase is $1.8 trillion. That’s equivalent to the 2023 increase in US GDP, which is, of course, representative of the collective economic efforts of about 330 million people. NVIDIA’s market cap is now $3 trillion. So is the GDP of France…” (Click here to read the full text)
Photo by Javier Esteban on Unsplash
NVIDIA Corporation (NASDAQ:NVDA) is in 5th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 179 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of the second quarter which was 186 in the previous quarter. NVIDIA Corporation (NASDAQ:NVDA) reported another record quarter in Q1 with $26 billion in revenues, representing a 262% year-over-year increase. While we acknowledge the potential of NVIDIA Corporation (NASDAQ:NVDA) 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 NVIDIA Corporation (NASDAQ:NVDA) and shared the list of best big data stocks to buy. 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.