Broyhill Asset Management, an investment advisor, released a third-quarter 2024, investor letter. A copy of the letter can be downloaded here. Broyhill Partners appreciated 6% net of all fees and expenses in the third quarter. The top contributors in the quarter were Philip Morris, Fiserv, Avantor, and Baxter. There was only one material detractor: Dollar General. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.

Broyhill Asset Management highlighted stocks like PayPal Holdings, Inc. (NASDAQ:PYPL), in the third quarter 2024 investor letter. PayPal Holdings, Inc. (NASDAQ:PYPL) is a technology platform that enables digital payments. The one-month return of PayPal Holdings, Inc. (NASDAQ:PYPL) was 4.58%, and its shares gained 43.02% of their value over the last 52 weeks. On December 3, 2024, PayPal Holdings, Inc. (NASDAQ:PYPL) stock closed at $85.14 per share with a market capitalization of $85.36 billion.

Broyhill Asset Management stated the following regarding PayPal Holdings, Inc. (NASDAQ:PYPL) in its Q3 2024 investor letter:

"PayPal Holdings, Inc. (NASDAQ:PYPL). We owned shares in PayPal based on its dominant position in the digital payments industry paired with its reasonable valuation. Following the recent share appreciation on the heels of the rollout of Fastlane, a product whose growth trajectory we see as unclear, we decided to step aside. We exited the position in September."

A consumer in a cafe paying for goods using a mobile payment app.

PayPal Holdings, Inc. (NASDAQ:PYPL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 90 hedge fund portfolios held PayPal Holdings, Inc. (NASDAQ:PYPL) at the end of the third quarter which was 87 in the previous quarter. PayPal Holdings, Inc. (NASDAQ:PYPL) reported $7.8 billion in revenue in the third quarter, up 6% on a currency neutral basis. While we acknowledge the potential of PayPal Holdings, Inc. (NASDAQ:PYPL) 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 PayPal Holdings, Inc. (NASDAQ:PYPL) and shared Artisan Value Fund's views on the company. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.