Conventum – Alluvium Global Fund Added Visa (V) to Its Portfolio in Q3
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Alluvium Asset Management, an asset management company, released its “Conventum – Alluvium Global Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The equity market continued its rally in the third quarter. The Fund was up 4.3%, 8.7% and 4.6% in EUR, USD and AUD terms, in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conventum – Alluvium Global Fund highlighted stocks like Visa Inc. (NYSE:V) in the third quarter 2024 investor letter. Visa Inc. (NYSE:V) is a payment technology company. The one-month return of Visa Inc. (NYSE:V) was 7.96%, and its shares gained 24.37% of their value over the last 52 weeks. On December 2, 2024, Visa Inc. (NYSE:V) stock closed at $316.65 per share with a market capitalization of $612.772 billion.
Conventum – Alluvium Global Fund stated the following regarding Visa Inc. (NYSE:V) in its Q3 2024 investor letter:
"We acquired two new investments, being Visa Inc. (NYSE:V) and Lockheed Martin. We have discussed over the last couple of years our evolving investment process to become increasingly focussed on quality. In June 2022 we undertook the first step of that process - making changes to our quantitative screen. Specifically, we loosened the requirements with regard to traditionally measured "cheapness" (how the business is priced relative to its past earnings) and tightened the "quality" criteria (the returns the business has generated relative to capital employed in the past). Both Mastercard and Visa have remained in the screen since those changes were introduced. Our initial, somewhat rudimentary analysis, concluded that these businesses were just way too expensive for us. However, we revisited this more recently and we now concede that we failed to appreciate the value associated with such high quality businesses.