Bronte Capital, an investment management company, released its “Amalthea Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund was down 3.72% for the quarter vs. +2.54% for the MSCI ACWI (in $A). It was down 5.59% in September vs. -0.35% for the index. The market rose in the third quarter, reaching new peaks, with a minor dip in late August and early September. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Amalthea Fund highlighted stocks like Capital One Financial Corporation (NYSE:COF), in the third quarter 2024 investor letter. Capital One Financial Corporation (NYSE:COF) is a financial services holding company for the Capital One, National Association. The one-month return of Capital One Financial Corporation (NYSE:COF) was 16.01%, and its shares gained 71.11% of their value over the last 52 weeks. On November 19, 2024, Capital One Financial Corporation (NYSE:COF) stock closed at $181.00 per share with a market capitalization of $181.00 billion.
Amalthea Fund stated the following regarding Capital One Financial Corporation (NYSE:COF) in its Q3 2024 investor letter:
“US Credit cards have become a concentrated business. The leading players in order are Chase, a part of JPMorgan, American Express, Citi, Capital One Financial Corporation (NYSE:COF), Bank of America and Discover. A combination of Capital One and Discover will become the number two player.
A smiling face of a customer as they make a deposit at this company’s branch.
Capital One Financial Corporation (NYSE:COF) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Capital One Financial Corporation (NYSE:COF) at the end of the third quarter which was 65 in the previous quarter. While we acknowledge the potential of Capital One Financial Corporation (NYSE:COF) 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.
