Vulcan Value Partners Shows Mixed Results in the Third Quarter of 2024

The investment company Vulcan Value Partners recently published its investor letter for the third quarter of 2024, achieving mixed results. The company leveraged stock market volatility to invest capital in companies with better price-value ratios. The fund's Large Cap Composite achieved a net return of 8.2%, while the Small Cap Composite recorded the strongest growth with 9.1% net. The Focus Composites also performed positively, with net gains of 5.6% and 5.9%, and the All-Cap Composite grew by 8.1% net. The stock of Jones Lang LaSalle was particularly highlighted, having increased by 1.51% last month and recording an impressive 105.71% value increase over the past 52 weeks. On October 16, 2024, the stock closed at USD 267.24, corresponding to a market capitalization of USD 12.684 billion. The real estate and investment management service provider reported a 12% year-over-year increase in revenue to USD 5.6 billion in the second quarter. Nevertheless, hedge funds' interest in the company seems to have declined, as only 21 portfolio managers held Jones Lang LaSalle in their portfolios, compared to 28 in the previous quarter. Vulcan Value Partners remained optimistic about the future prospects of AI stocks, which promise potentially higher and faster returns. It is particularly noted that there are AI companies as promising as NVIDIA, but trading well below five times their earnings.