Horos Asset Management, an investment management firm, published its third quarter 2024 investor letter. A copy of the same can be downloaded here. During the quarter, Horos Value Internacional fund returned 2.9% (9.8% in 2024) and Horos Value Iberia fund returned -0.2% (3.0% in 2024). Asian markets have experienced unheard-of volatility in the third quarter of 2024, with the Chinese and Japanese stock markets experiencing sharp fluctuations not seen in decades. Equities markets in the West, meanwhile, have held steady, with key indices continuing their relentless rise. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Horos Asset Management highlighted stocks like Mistras Group, Inc. (NYSE:MG), in the third quarter 2024 investor letter. Mistras Group, Inc. (NYSE:MG) offers technology-enabled asset protection solutions. The one-month return of Mistras Group, Inc. (NYSE:MG) was -2.71%, and its shares gained 22.81% of their value over the last 52 weeks. On December 30, 2024, Mistras Group, Inc. (NYSE:MG) stock closed at $8.99 per share with a market capitalization of $278.78 million.

Horos Asset Management stated the following regarding Mistras Group, Inc. (NYSE:MG) in its Q3 2024 investor letter:

"We sold our entire stakes n Clarkson—a British company providing brokerage and support services to the shipping industry—and in Mistras Group, Inc. (NYSE:MG)—a U.S. company specializing in non-destructive testing and certification services—due to the great performance of their stock prices."

A technician conducting an in-line inspection of a pipeline using specialized tools.

Mistras Group, Inc. (NYSE:MG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Mistras Group, Inc. (NYSE:MG) at the end of the third quarter which was 10 in the previous quarter. Mistras Group, Inc.'s (NYSE:MG) revenue in the third quarter was up only 2% year-over-year, given the expected slowdown in the oil and gas industry. While we acknowledge the potential of Mistras Group, Inc. (NYSE:MG) 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 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.