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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 NICE Ltd. (NASDAQ:NICE), in the third quarter 2024 investor letter. NICE Ltd. (NASDAQ:NICE) is a cloud platform provider for AI-driven digital business solutions. The one-month return of NICE Ltd. (NASDAQ:NICE) was 5.76%, and its shares lost 6.65% of their value over the last 52 weeks. On December 3, 2024, NICE Ltd. (NASDAQ:NICE) stock closed at $185.37 per share with a market capitalization of $11.59 billion.
Broyhill Asset Management stated the following regarding NICE Ltd. (NASDAQ:NICE) in its Q3 2024 investor letter:
"NICE Ltd. (NASDAQ:NICE) develops software to run customer contact centers. The company’s cloud-based software enables the implementation of greater functionality versus its on-premise competitors. Many of these on-premise competitors, which do not offer cloud-based products, have stopped rolling out new features. This has prompted their customers to switch to companies like Nice where they have wider access to new developments. Artificial intelligence is a large part of this shift and of our differentiated view. The market views AI as a threat to Nice’s core operations; we view it as an enabler of additional revenue streams with improved economics."
A data scientist sitting in front of a monitor to review the performance of AI-driven digital business solutions.
NICE Ltd. (NASDAQ:NICE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held NICE Ltd. (NASDAQ:NICE) at the end of the third quarter which was 29 in the previous quarter. In the third quarter, NICE Ltd. (NASDAQ:NICE) reported $690 million in revenues, an increase of 15% from Q3 2023. While we acknowledge the potential of NICE Ltd. (NASDAQ:NICE) 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.