Rogue Funds, an investment management company, released its third quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund returned -3.03% net of fees in the quarter. The fund faced a slight decline in the value of the portfolio, which was quite disappointing. Two of the fund's core positions fell by more than 50% since the firm acquired them, mainly due to significant changes in their investment theses. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.

Rogue Funds highlighted stocks like ASP Isotopes Inc. (NASDAQ:ASPI) in the third quarter 2024 investor letter. ASP Isotopes Inc. (NASDAQ:ASPI) is a development stage advanced materials company specialized on focuses on the production, distribution, marketing, and sale of isotopes. The one-month return of ASP Isotopes Inc. (NASDAQ:ASPI) was -6.98%, and its shares gained 172.89% of their value over the last 52 weeks. On December 31, 2024, ASP Isotopes Inc. (NASDAQ:ASPI) stock closed at $4.53 per share with a market capitalization of $323.397 million.

Rogue Funds stated the following regarding ASP Isotopes Inc. (NASDAQ:ASPI) in its Q3 2024 investor letter:

"ASP Isotopes Inc. (NASDAQ:ASPI): I have contacted you all individually regarding this investment and we had significant news hit the portfolio last week. This has allowed the price to skyrocket on confirmation of the Quantum Enrichment technology at commercial scale. They have numerous catalysts (I think 8 major catalysts) expected to hit in the next 6-8 months. I think with so much short interest we still have a long way to go. We’ll continue to monitor this position going forward. This is our largest position in the portfolio by a substantial margin."

A chemist examining a beaker of colored liquid and advanced pharmaceuticals.

ASP Isotopes Inc. (NASDAQ:ASPI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held ASP Isotopes Inc. (NASDAQ:ASPI) at the end of the third quarter which was 3 in the previous quarter. While we acknowledge the potential of ASP Isotopes Inc. (NASDAQ:ASPI) 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.