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Mar Vista Investment Partners, LLC, an investment management company, released the “Mar Vista Global Quality Strategy” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. As investors welcomed reduced interest rates and inflation in developed economies, the global stock market rose in 2024. The MSCI World Net Index increased 18.7% for the year, finishing an incredible two-year run with a 47% total return and its second straight annual gain above 15%. In the fourth quarter, the strategy returned -3.31% net-of-fees compared to -0.16% and -0.99% returns for the MSCI World Net Index and the MSCI All Country World Net Index, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Mar Vista Global Quality Strategy emphasized stocks such as ASML Holding N.V. (NASDAQ:ASML). ASML Holding N.V. (NASDAQ:ASML) is an advanced semiconductor equipment systems manufacturer for chipmakers. The one-month return of ASML Holding N.V. (NASDAQ:ASML) was 6.82%, and its shares lost 22.20% of their value over the last 52 weeks. On February 21, 2025, ASML Holding N.V. (NASDAQ:ASML) stock closed at $737.21 per share with a market capitalization of $290.854 billion.
Mar Vista Global Quality Strategy stated the following regarding ASML Holding N.V. (NASDAQ:ASML) in its Q4 2024 investor letter:
"During the quarter, we established a new position in ASML Holding N.V. (NASDAQ:ASML). We initiated a position in ASML Holdings (ASML) due to its unmatched leadership in semiconductor lithography equipment and its pivotal role in enabling the next generation of chip production. ASML's extreme ultraviolet (EUV) technology remains unrivaled in the industry, leading to dominate market share and strong customer relationships with leading foundries like TSMC & Samsung. ASML’s wide economic moat is derived from its proprietary technology in the lithography market where its product offering is required to manufacture the most advanced semiconductors. We believe this monopoly like position should allow ASML to generate consistent long-term growth at very high returns.