Invesco Distributors, Inc., an investment management firm, released its “Invesco Small Cap Value Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund underperformed the benchmark due to stock selection and an overweight in industrials. A lack of exposure to real estate also detracted from relative performance. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.

Invesco Small Cap Value Fund highlighted stocks like Adtalem Global Education Inc. (NYSE:ATGE), in the third quarter 2024 investor letter. Adtalem Global Education Inc. (NYSE:ATGE) offers workforce solutions that provides degree and non-degree programs as well as online certificates. The one-month return of Adtalem Global Education Inc. (NYSE:ATGE) was -3.20%, and its shares gained 45.06% of their value over the last 52 weeks. On December 18, 2024, Adtalem Global Education Inc. (NYSE:ATGE) stock closed at $85.98 per share with a market capitalization of $3.22 billion.

Invesco Small Cap Value Fund stated the following regarding Adtalem Global Education Inc. (NYSE:ATGE) in its Q3 2024 investor letter:

"Adtalem Global Education Inc. (NYSE:ATGE): We sold the fund’s position in the for-profit higher education provider based on valuation and to fund investment opportunities that we believe have better upside to intrinsic value."

A group of students in a lecture hall, with a professor lecturing to them in the forefront.

Adtalem Global Education Inc. (NYSE:ATGE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Adtalem Global Education Inc. (NYSE:ATGE) at the end of the third quarter which was 23 in the previous quarter. Adtalem Global Education Inc. (NYSE:ATGE) generated $417 million in revenues, reflecting a 13% increase compared to previous year's quarter. While we acknowledge the potential of Adtalem Global Education Inc. (NYSE:ATGE) 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 Adtalem Global Education Inc. (NYSE:ATGE) and shared the list of best education stocks to invest in. 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.