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 McKesson Corporation (NYSE:MCK). McKesson Corporation (NYSE:MCK) offers healthcare services through U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International segments. The one-month return of McKesson Corporation (NYSE:MCK) was 6.99%, and its shares gained 21.42% of their value over the last 52 weeks. On March 6, 2025, McKesson Corporation (NYSE:MCK) stock closed at $641.69 per share with a market capitalization of $80.42 billion.

Conventum – Alluvium Global Fund stated the following regarding McKesson Corporation (NYSE:MCK) in its Q4 2024 investor letter:

"McKesson Corporation (NYSE:MCK), the drug distributor (up 15.4%), released a decent set of results which included management again upgrading its guidance. From the immediate share price reaction together with its subsequent performance we surmise the market’s concerns we spoke of in last quarter’s report have now abated. The new guidance is a little above our view of its maintainable earnings, but we saw no need to change our analysis. With our buying last quarter, it had become the Fund’s largest position until we sold a little in December to now hold 6.3%."

A successful pharmacist in front of shelves of drugs in a community-based oncology pharmacy.

McKesson Corporation (NYSE:MCK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 78 hedge fund portfolios held McKesson Corporation (NYSE:MCK) at the end of the fourth quarter compared to 57 in the third quarter. McKesson Corporation's (NYSE:MCK) third quarter fiscal 2025 revenue increased 18% to $95.3 billion and adjusted operating profit grew 16% to $1.5 billion. While we acknowledge the potential of McKesson Corporation (NYSE:MCK) 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 McKesson Corporation (NYSE:MCK) and shared the list of high growth low dividend stocks to invest in. Conventum – Alluvium Global Fund increased its holdings in McKesson Corporation (NYSE:MCK) in the previous quarter. 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.