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 Ryanair Holdings plc (NASDAQ:RYAAY). Ryanair Holdings plc (NASDAQ:RYAAY) provides scheduled passenger airline services. The one-month return of Ryanair Holdings plc (NASDAQ:RYAAY) was 2.03%, and its shares lost 15.79% of their value over the last 52 weeks. On March 6, 2025, Ryanair Holdings plc (NASDAQ:RYAAY) stock closed at $47.79 per share with a market capitalization of $24.06 billion.

Conventum – Alluvium Global Fund stated the following regarding Ryanair Holdings plc (NASDAQ:RYAAY) in its Q4 2024 investor letter:

"Ryanair Holdings plc (NASDAQ:RYAAY), the European budget airline, was up 15.8%. The same theme continues - its business expansion is being hindered by Boeing delivery delays and it reduced its short term passenger growth guidance. It is not a lone ranger. All airlines, irrespective of their aircraft preferences, are affected by similar (or worse) delays. And although it receives some compensation, it is hardly enough to cover business disruption cost, for example paying for idle trained crew. (Pleasingly, in early January Ryanair announced it would take delivery of 29 new aircraft in 2025 - which was marginally above expectations). Meanwhile, its lowest cost position is only strengthening, it is continuing deals with the online travel agents which provide greater customer access, there are possibilities it may enter the package holiday segment (providing additional income streams), and its cash generation is fuelling share buybacks. All up, notwithstanding the growth setbacks from delivery delays, we are increasingly positive. We have adjusted our longer term maintainable earnings estimates to reflect greater contribution from auxiliary spending, and fewer shares outstanding, which leads us to a higher valuation. We bought a little during the quarter, such that at 6.4% of the Fund, our position now falls into the “greater than 5%” cohort of allowable investments (which we are comfortable with)."

A Boeing 737 aircrafts parked in an airport terminal with passengers awaiting to board.

Ryanair Holdings plc (NASDAQ:RYAAY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Ryanair Holdings plc (NASDAQ:RYAAY) at the end of the fourth quarter compared to 19 in the third quarter. While we acknowledge the potential of Ryanair Holdings plc (NASDAQ:RYAAY) 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 Ryanair Holdings plc (NASDAQ:RYAAY) and shared the list of best airline stocks to buy according to hedge funds. 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.