Alluvium Asset Management, an asset management company, released its “Conventum – Alluvium Global Fund” fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter, The Fund was up 1.3% in EUR terms and 5.4% in AUD terms but down 5.9% in USD terms. In addition, please check the fund’s top five holdings to know its best picks in 2024.

In its fourth quarter 2024 investor letter, Conventum – Alluvium Global Fund emphasized stocks such as Alphabet Inc. (NASDAQ:GOOG). Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, offers various platforms and services operating through Google Services, Google Cloud, and Other Bets segments. The one-month return of Alphabet Inc. (NASDAQ:GOOG) was -6.91%, and its shares gained 27.82% of their value over the last 52 weeks. On March 6, 2025, Alphabet Inc. (NASDAQ:GOOG) stock closed at $174.21 per share with a market capitalization of $2.11 trillion.

Conventum – Alluvium Global Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its Q4 2024 investor letter:

"Alphabet Inc. (NASDAQ:GOOG), ie Google/YouTube, was up 14.3%. Management reported positive results, and included examples of AI monetization opportunities, providing some justification for its capital spending over recent periods. There was also some exciting news of its quantum computing chip, Willow, and expansion of its driverless cars, Waymo into Japan. But there was no change to our view. It trades at a slight premium to our valuation, and we are comfortable with our 5.3% position."

A laptop and phone open to Google's services in an everyday setting.

Alphabet Inc. (NASDAQ:GOOG) is in 7th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 174 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the fourth quarter which was 160 in the previous quarter. In 2024, Alphabet Inc. (NASDAQ: GOOG) achieved a revenue growth of 14% compared to 2023, reaching $350 billion. For the fourth quarter, the revenue was $96.5 billion, reflecting a 12% increase in both reported and constant currency. While we acknowledge the potential of Alphabet Inc. (NASDAQ:GOOG) 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 Alphabet Inc. (NASDAQ:GOOG) and shared Artisan Select Equity Fund's views on the company. In addition, please check out our hedge fund investor letters Q4 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.