Investment management company Vulcan Value Partners recently released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. Although the firm is pleased with the results, the quarterly results were mixed during the quarter. The firm capitalized on stock price volatility by allocating capital to companies with better price-to-value ratios. In the quarter, the fund’s Large Cap Composite returned 8.2% net of fees and expenses, the Small Cap Composite returned 9.1% net, the Focus Composite returned 5.6% net, the Focus Plus composite returned 5.9% and the All-Cap Composite returned 8.1% net. For more information on the fund’s best picks in 2024, please check its top five holdings.
Vulcan Value Partners highlighted stocks like Jones Lang LaSalle Incorporated (NYSE:JLL), in the third quarter 2024 investor letter. Jones Lang LaSalle Incorporated (NYSE:JLL) provides real estate and investment management services. The one-month return of Jones Lang LaSalle Incorporated (NYSE:JLL) was 1.51%, and its shares gained 105.71% of their value over the last 52 weeks. On October 16, 2024, Jones Lang LaSalle Incorporated (NYSE:JLL) stock closed at $267.24 per share with a market capitalization of $12.684 billion.
Vulcan Value Partners stated the following regarding Jones Lang LaSalle Incorporated (NYSE:JLL) in its Q3 2024 investor letter:
“Jones Lang LaSalle Incorporated (NYSE:JLL) is one of the largest commercial real estate service providers in the world, serving both real estate investors and corporate occupiers of real estate. The company has weathered an industry downturn over the past couple of years and should benefit as interest rates begin to fall. Jones Lang LaSalle generates high levels of free cash flow, possesses a variable cost structure and is diversified across both recurring and transactional lines of business. The company continues to trade at a significant discount to our estimate of fair value.”
A real estate broker discussing options with a customer using digital maps and virtual reality.
Jones Lang LaSalle Incorporated (NYSE:JLL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Jones Lang LaSalle Incorporated (NYSE:JLL) at the end of the second quarter which was 28 in the previous quarter. In the second quarter, Jones Lang LaSalle Incorporated’s (NYSE:JLL) revenue increased 12% year-over-year to $5.6 billion. While we acknowledge the potential of Jones Lang LaSalle Incorporated (NYSE:JLL) 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 Jones Lang LaSalle Incorporated (NYSE:JLL) and shared Ariel Fund’s views on the company. 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.
