Artisan Partners, an investment management company, released its "Artisan Developing World Fund" third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Investor Class) returned 9.64% compared to 8.72% for the MSCI Emerging Markets Index. The Artisan Developing World Fund has returned 149.38% cumulatively, since June 30, 2015, compared to 50.92% for the index. During the quarter, the US labor market's weakness interrupted the steady year-over-year inflation rate improvement, which paved the way for a 50bps interest rate cut from the Federal Reserve at its September policy meeting. In addition, please check the fund's top five holdings to know its best picks in 2024.
Artisan Developing World Fund highlighted stocks like MakeMyTrip Limited (NASDAQ:MMYT), in the third quarter 2024 investor letter. MakeMyTrip Limited (NASDAQ:MMYT) is an online travel company, based in Gurugram, India. The one-month return of MakeMyTrip Limited (NASDAQ:MMYT) was 6.39%, and its shares gained 147.07% of their value over the last 52 weeks. On October 4, 2024, MakeMyTrip Limited (NASDAQ:MMYT) stock closed at $99.37 per share with a market capitalization of $10.909 billion.
Artisan Developing World Fund stated the following regarding MakeMyTrip Limited (NASDAQ:MMYT) in its Q3 2024 investor letter:
A busy airport terminal with travelers queuing up for flights, revealing the sheer volumes of travelers served by the company.
MakeMyTrip Limited (NASDAQ:MMYT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held MakeMyTrip Limited (NASDAQ:MMYT) at the end of the second quarter which was 22 in the previous quarter. While we acknowledge the potential of MakeMyTrip Limited (NASDAQ:MMYT) 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 MakeMyTrip Limited (NASDAQ:MMYT) and shared the list of best Indian stocks for next 10 years. In addition, please check out our hedge fund investor letters Q3 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.