Polen Capital, an investment management company, released its “Polen International Growth Strategy” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The strategy rose 3.25% (net of fees) in the third quarter compared to an 8.06% return for the MSCI ACWI (ex-USA) index. After a relatively peaceful first half of 2024, bouts of volatility from various sources hit international markets in Q3. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Polen International Growth Strategy highlighted stocks like On Holding AG (NYSE:ONON), in the third quarter 2024 investor letter. On Holding AG (NYSE:ONON) develops and distributes sports products. The one-month return of On Holding AG (NYSE:ONON) was 24.03%, and its shares gained 113.85% of their value over the last 52 weeks. On December 4, 2024, On Holding AG (NYSE:ONON) stock closed at $59.00 per share with a market capitalization of $19.075 billion.

Polen International Growth Strategy stated the following regarding On Holding AG (NYSE:ONON) in its Q3 2024 investor letter:

"In the third quarter, we initiated a new position in On Holding AG (NYSE:ONON) and did not eliminate any positions. We also added to and trimmed several existing positions. On is a premium Swiss sports footwear brand known for its "Cloud" signature shoe. A young company, On established its brand with a performance and technology bent.

A team of athletes showcasing the company's athletic footwear in an outdoor stadium.

On Holding AG (NYSE:ONON) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held On Holding AG (NYSE:ONON) at the end of the third quarter which was 34 in the previous quarter. In the third quarter, On Holding AG (NYSE:ONON) generated CHF 636 million in net sales, growing by 33% on a constant currency basis. While we acknowledge the potential of On Holding AG (NYSE:ONON) 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.