Optimist Fund, an investment management company, released its fourth quarter investor letter. A copy of the letter can be downloaded here. 2024 proved to be another impressive year for the fund, with a return of around 67%. Since the fund's inception, it has achieved approximately 15% annualized returns, net of fees, and the firm is nearing its 3-year anniversary. The firm believes that the portfolio has significant upside over the next 5 years. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.

Optimist Fund highlighted stocks like Teledyne Technologies Incorporated (NYSE:TDY), in the fourth quarter 2024 investor letter. Teledyne Technologies Incorporated (NYSE:TDY) offers enabling technologies for industrial growth markets. The one-month return of Teledyne Technologies Incorporated (NYSE:TDY) was 11.37%, and its shares gained 19.07% of their value over the last 52 weeks. On February 4, 2024, Teledyne Technologies Incorporated (NYSE:TDY) stock closed at $514.47 per share with a market capitalization of $23.98 billion.

Optimist Fund stated the following regarding Teledyne Technologies Incorporated (NYSE:TDY) in its Q4 2024 investor letter:

"Lastly, regarding notable portfolio changes this quarter, we initiated new investments in DSV A/S, a Danish freight forwarding company undergoing a transformational acquisition, and Teledyne Technologies Incorporated (NYSE:TDY), an industrial technology conglomerate with an impressive track record of compounding EPS at a ~20% annual growth rate over the past two decades. If either position evolves into a top 10 holding, we will provide a deeper dive into the investment thesis."

A technician in a lab coat calibrating advanced electronic components.

Teledyne Technologies Incorporated (NYSE:TDY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Teledyne Technologies Incorporated (NYSE:TDY) at the end of the third quarter which was 39 in the previous quarter. While we acknowledge the potential of Teledyne Technologies Incorporated (NYSE:TDY) 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 Teledyne Technologies Incorporated (NYSE:TDY) and shared Shelton Sustainable Equity Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.