Night Watch Investment Management, an investment management company, released its fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. In the fourth quarter the fund LP depreciated by -2.92% net of fees and ended the quarter at 10.30%. In the fourth quarter of 2024, the market experienced significant volatility. The initial excitement following the US elections quickly gave way to discouragement as rising inflation figures prompted the Federal Reserve to revise their interest rate cut expectations for 2025 downward. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Night Watch Investment Management highlighted stocks like The St. Joe Company (NYSE:JOE), in the fourth quarter 2024 investor letter. The St. Joe Company (NYSE:JOE) is a real estate development, asset management, and operating company. The one-month return of The St. Joe Company (NYSE:JOE) was -7.17%, and its shares lost 22.10% of their value over the last 52 weeks. On January 7, 2025, The St. Joe Company (NYSE:JOE) stock closed at $44.39 per share with a market capitalization of $2.592 billion.
Night Watch Investment Management stated the following regarding The St. Joe Company (NYSE:JOE) in its Q4 2024 investor letter:
“We have been very modest in building out housing related exposure during the year, given the worsening outlook for US housing. We did increase our exposure to Senior Living Facilities, given the favorable supply / demand dynamics. Our long-term holding in The St. Joe Company (NYSE:JOE) detracted from our performance in Q4, despite steady growth. We are actively engaging with the company to figure out a way for the stock market to reward them for the significant value creation of the last 5 years.”
Aerial view of a newly-developed residential community with homesites and golf courses.
The St. Joe Company (NYSE:JOE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held The St. Joe Company (NYSE:JOE) at the end of the third quarter which was 17 in the previous quarter. While we acknowledge the potential of The St. Joe Company (NYSE:JOE) 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 The St. Joe Company (NYSE:JOE) and shared Praetorian Capital’s views on the company in the previous quarter. 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.