Investment management company Ave Maria recently released the Investor Letter for the Ave Maria World Equity Fund for the first quarter of 2024. A copy of the letter can be downloaded here. In the first quarter, the fund returned 6.54%, beating the MSCI All Country World Index’s return of 8.20%. Since its inception on April 30, 2010, the fund’s annualized return has been 7.60%, beating the benchmark’s annualized return of 9.06%. You can check out the fund’s top 5 stocks to find out the best picks for 2024.
Ave Maria World Equity Fund highlighted stocks such as SAP SE (NYSE:SAP) in its investor letter for Q1 2024. SAP SE (NYSE:SAP) is a global provider of applications, technology, and services. SP SE (NYSE:SAP) has a one-month return of -2.70% and has seen its stock price rise 38.42% over the past 52 weeks. On June 17, 2024, SAP SE (NYSE:SAP) stock price closed at $190.02 per share with a market capitalization of $221.797 billion.
Ave Maria World Equity Fund said the following about SAP SE (NYSE: SAP) in its first quarter 2024 investor letter:
“SAP SE (NYSE:SAP) provides enterprise application software products worldwide. SAP has successfully transitioned from a perpetual license model to a SAAS model, which it believes will enable it to expand its total addressable market (TAM), improve profit margins, and reduce capital intensity.
Data center room with cloud technology showing enterprise application software services.
SAP SE (NYSE:SAP) is not included in our list of the 31 most popular stocks among hedge funds. According to our database, 24 hedge fund portfolios held SAP SE (NYSE:SAP) at the end of the first quarter, up from 22 in the previous quarter. SAP SE (NYSE:SAP) posted first-quarter revenues of nearly $8 billion, up 9% year over year. While we see the potential of SAP SE (NYSE:SAP) as an investment, we believe AI stocks offer a better chance of delivering higher returns in a shorter time frame. If you are looking for AI stocks that are as promising as NVIDIA but trade at less than 5x price to value, check out our report. Cheapest AI Stocks.
In another article, we covered SAP SE (NYSE:SAP) and shared a list of the biggest supply chain companies to know about. Harding Loevner Global Equity Strategy covered SAP SE (NYSE:SAP) in our investor letter for Q1 2024. Additionally, you can check out our Hedge Fund Investor Letters Q1 2024 page for other investor letters from hedge funds and other leading investors.
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Disclosures: None. This article was originally published on Insider Monkey.
