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Giverny Capital Asset Management, LLC, an investment management company, recently published its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The portfolio returned 6.99% in the third quarter compared to a 5.89% return for the S&P 500 Total Return Index. The fund returned 20.16% year-to-date compared to the 22.08% return for the Index during the same period. The strategy continued to benefit from the exceptionally robust US stock market. For more information on the fund’s top picks in 2024, please check its top five holdings.
Giverny Capital Asset Management highlighted stocks like Medpace Holdings, Inc. (NASDAQ:MEDP), in the third quarter 2024 investor letter. Medpace Holdings, Inc. (NASDAQ:MEDP) is a clinical research-based drug and medical device development services provider. The one-month return of Medpace Holdings, Inc. (NASDAQ:MEDP) was -3.92%, and its shares gained 18.73% of their value over the last 52 weeks. On November 1, 2024, Medpace Holdings, Inc. (NASDAQ:MEDP) stock closed at $319.56 per share with a market capitalization of $9.932 billion.
Giverny Capital Asset Management stated the following regarding Medpace Holdings, Inc. (NASDAQ:MEDP) in its Q3 2024 investor letter:
"We used the proceeds of these sales to establish a new 2.5% position in Medpace Holdings, Inc. (NASDAQ:MEDP), a clinical research organization, or CRO, based in Cincinnati. Medpace conducts clinical drug trials for early stage biopharma companies. When young companies develop promising drug compounds, they need to conduct multiple stages of clinical trials over several years to prove the efficacy of the new drug before the Food & Drug Administration will approve it for use in people. Start-up companies do not have the expertise to conduct these trials, which are expensive and often go on for years.