Invesco Distributors, Inc., an investment management firm, released its “Invesco Discovery Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund outperformed its benchmark in the second quarter. The relative performance was primarily driven by stock selection. In the quarter, the leadership of large-cap growth stocks persisted, while value, mid-cap, and small-cap stocks experienced declines. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Invesco Discovery Fund highlighted stocks like Nova Ltd. (NASDAQ:NVMI), in the second quarter 2024 investor letter. Nova Ltd. (NASDAQ:NVMI) designs and develops process control systems used to manufacture semiconductors. The one-month return of Nova Ltd. (NASDAQ:NVMI) was -6.24%, and its shares gained 90.66% of their value over the last 52 weeks. On September 27, 2024, Nova Ltd. (NASDAQ:NVMI) stock closed at $209.61 per share with a market capitalization of $6.088 billion.
Invesco Discovery Fund stated the following regarding Nova Ltd. (NASDAQ:NVMI) in its Q2 2024 investor letter:
“Nova Ltd. (NASDAQ:NVMI) provides integrated monitoring and process control systems for other integrated circuit manufacturing processes. Wafer fab spending has been on the rise due to high memory prices and AI spending, resulting in strong earnings results for Nova.”
A technician calibrating a chemical mechanical planarization machine for precise applications.
Nova Ltd. (NASDAQ:NVMI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. Nova Ltd. (NASDAQ:NVMI), in the second quarter 2024 investor letter. As per our database, 22 hedge fund portfolios held Nova Ltd. (NASDAQ:NVMI) at the end of the second quarter which was 22 in the previous quarter. During the second quarter, Nova Ltd. (NASDAQ:NVMI) experienced an 11% sequential revenue growth and a 28% year-over-year increase. While we acknowledge the potential of Nova Ltd. (NASDAQ:NVMI) 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.
In another article, we discussed Nova Ltd. (NASDAQ:NVMI) and shared Wasatch Small Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
