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Investment advisory firm Ithaka Group released the “Ithaka US Growth Strategy” fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. The outstanding gains that the global equity markets witnessed during the year continued in the fourth quarter of 2024. More than any other year in history, the S&P 500 reached 57 new all-time highs. During the quarter, the portfolio returned 8.4% (gross of fees) compared to the R1000G, which increased by 7.1%. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Ithaka US Growth Strategy highlighted stocks like Uber Technologies, Inc. (NYSE:UBER), in the fourth quarter 2024 investor letter. Uber Technologies, Inc. (NYSE:UBER) develops and operates proprietary technology applications. The one-month return Uber Technologies, Inc. (NYSE:UBER) was 13.90%, and its shares gained 5.70% of their value over the last 52 weeks. On January 16, 2024, Uber Technologies, Inc. (NYSE:UBER) stock closed at $68.58 per share with a market capitalization of $144.41 billion.
Ithaka US Growth Strategy stated the following regarding Uber Technologies, Inc. (NYSE:UBER) in its Q4 2024 investor letter:
"Uber Technologies, Inc. (NYSE:UBER) employs a marketplace-based technology platform used to match drivers and their vehicles with individuals, products, and packages moving from point A to point B. The company offers its ~6M independent contractors (drivers) access to its 130M monthly active users (riders), providing both parties real-time access to logistics services. Uber’s business consists of three segments: Mobility, Delivery, and Freight. These businesses combined for ~$140B in annual bookings across 9.5B trips in 2023. Uber’s stock suffered from the perceived risks autonomous vehicles would pose to the company’s base business. This fear intensified when Donald Trump won the 2024 election, as investors anticipated that one of Trump’s key allies, Tesla CEO Elon Musk, would leverage his burgeoning influence to accelerate the implementation of national autonomous driving regulations."
A close up view of a hand holding a smartphone, using a ride sharing app.
Uber Technologies, Inc. (NYSE:UBER) is in 10th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 136 hedge fund portfolios held Uber Technologies, Inc. (NYSE:UBER) at the end of the third quarter which was 145 in the previous quarter. While we acknowledge the potential of Uber Technologies, Inc. (NYSE:UBER) 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.