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S&P 500, NASDAQ EXTEND GAINS AS NVIDIA SURGE CONTINUES

Nvidia stock up 3% in early trading; shares have climbed more than 170% so far this year

Wasatch Micro Cap Value Strategy Sold Haynes International (HAYN) Due to Acquisition Announcement

Soumya Eswaran
·2 min read

Wasatch Global Investors, an asset management company, released its “Wasatch Micro Cap Value Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. During the first quarter, the strategy outperformed the benchmark Russell Microcap Index which rose 4.68%. Most of the portfolio holdings of the strategy met or exceeded earnings and revenue expectations in the quarter. Investor sentiments gradually improved as the quarter went on. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Wasatch Micro Cap Value Strategy highlighted stocks like Haynes International, Inc. (NASDAQ:HAYN), in the first quarter 2024 investor letter. Haynes International, Inc. (NASDAQ:HAYN) develops, manufactures, markets, and distributes nickel and cobalt-based alloys. The one-month return of Haynes International, Inc. (NASDAQ:HAYN) was -0.51%, and its shares gained 14.93% of their value over the last 52 weeks. On June 10, 2024, Haynes International, Inc. (NASDAQ:HAYN) stock closed at $58.88 per share with a market capitalization of $752.657 million.

Wasatch Micro Cap Value Strategy stated the following regarding Haynes International, Inc. (NASDAQ:HAYN) in its first quarter 2024 investor letter:

"Haynes International, Inc. (NASDAQ:HAYN) is a world leader in developing and manufacturing nickel‐ and cobalt‐based alloys for use in high-temperature and corrosion-susceptible applications. When we bought Haynes, we believed the company was benefiting from CEO Mike Shor’s efforts to improve margins by addressing plant and operating inefficiencies. The company was also capitalizing on a new build cycle in commercial airlines. We sold our position during the quarter because Haynes agreed to be acquired by Acerinox at a premium to the then-current stock price."

A machinist performing intricate work on a high-temperature resistant alloy for a jet engine.

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Haynes International, Inc. (NASDAQ:HAYN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Haynes International, Inc. (NASDAQ:HAYN) at the end of the first quarter which was 11 in the previous quarter. While we acknowledge the potential of Haynes International, Inc. (NASDAQ:HAYN) 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 Q1 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.