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White Falcon Capital Management, an investment fund manager, released its fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. It was a good year for the fund on an absolute basis. However, the fund was unable to keep up with a fast charging market despite outperforming the popular indices for two years. It didn't witness any notable increases, and didn't suffer any large losses. In the quarter, the fund returned 5.5% compared to an 8.9% return for the S&P 500 (CAD), 5.0% for the MSCI All Country (CAD), and 3.8% for the S&P TSX TR. In addition, please check the fund’s top five holdings to know its best picks in 2024.
White Falcon Capital Management highlighted stocks like EPAM Systems, Inc. (NYSE:EPAM), in the fourth quarter 2024 investor letter. EPAM Systems, Inc. (NYSE:EPAM) provides a digital platform for engineering and software development services. The one-month return of EPAM Systems, Inc. (NYSE:EPAM) was -7.73%, and its shares lost 23.65% of their value over the last 52 weeks. On January 17, 2025, EPAM Systems, Inc. (NYSE:EPAM) stock closed at $229.08 per share with a market capitalization of $12.994 billion.
White Falcon Capital Management stated the following regarding EPAM Systems, Inc. (NYSE:EPAM) in its Q4 2024 investor letter:
"Our IT services holdings, Endava and EPAM Systems, Inc. (NYSE:EPAM), are showing positive inflections in key metrics. We believe these companies are entering a strong growth cycle, driven by the increasing need for businesses to modernize their core technology stacks in order to effectively implement AI solutions. Both holdings have significantly strengthened their operations through counter-cyclical acquisitions. In fact, EPAM made four acquisitions over the past 18 months, which, as the market cycle shifts, will substantially enhance their earnings potential."
A close-up of a coder at a computer, coding away to bring the latest software service to life.
EPAM Systems, Inc. (NYSE:EPAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held EPAM Systems, Inc. (NYSE:EPAM) at the end of the third quarter which was 37 in the previous quarter. EPAM Systems, Inc. (NYSE:EPAM) generated revenue of $1.168 billion in the third quarter, a year-over-year increase of 1.3% on a reported basis. While we acknowledge the potential of EPAM Systems, Inc. (NYSE:EPAM) 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.