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Rogue Funds, an investment management company, released its third quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund returned -3.03% net of fees in the quarter. The fund faced a slight decline in the value of the portfolio, which was quite disappointing. Two of the fund's core positions fell by more than 50% since the firm acquired them, mainly due to significant changes in their investment theses. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Rogue Funds highlighted stocks like Achieve Life Sciences, Inc. (NASDAQ:ACHV) in the third quarter 2024 investor letter. Achieve Life Sciences, Inc. (NASDAQ:ACHV) is a clinical-stage pharmaceutical company. The one-month return of Achieve Life Sciences, Inc. (NASDAQ:ACHV) was -22.30%, and its shares lost 15.59% of their value over the last 52 weeks. On December 31, 2024, Achieve Life Sciences, Inc. (NASDAQ:ACHV) stock closed at $3.52 per share with a market capitalization of $121.052 million.
Rogue Funds stated the following regarding Achieve Life Sciences, Inc. (NASDAQ:ACHV) in its Q3 2024 investor letter:
"Achieve Life Sciences, Inc. (NASDAQ:ACHV) (Stock and Calls) You can read more about this investment on the Rogue Funds blog here. The company will release results in Q1 at which point I think we will see a minor run-up before release and then a major run-up after this release. This will cause a massive re-rating in the stock in a very short time period. In the meantime, we have a rolling calls position that will continue to drain the portfolio for the next 6-9 months. We should see an NDA in 2Q 2025 and then PDUFA around Q4 at which point they will probably already be bought out. This is the 9th largest position in the Fund."
A scientist in a lab coat discussing clinical trial results in a laboratory.
Achieve Life Sciences, Inc. (NASDAQ:ACHV) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held Achieve Life Sciences, Inc. (NASDAQ:ACHV) at the end of the third quarter which was 7 in the previous quarter. While we acknowledge the potential of Achieve Life Sciences, Inc. (NASDAQ:ACHV) 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 addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.