Middle Coast Investing, an investment advisor firm, released its fourth-quarter investor letter. A copy of the letter can be downloaded here. It was a strong quarter for the strategy which outperformed the S&P 500 and the Russell 2000. However, in full year 2024, the strategy beat the Russell 2000, the most relevant benchmark, but trailed the S&P 500, the most important benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Middle Coast Investing highlighted stocks like Ingram Micro Holding Corporation (NYSE:INGM), in the fourth quarter 2024 investor letter. Ingram Micro Holding Corporation (NYSE:INGM) engages in the provision of technology services and solutions to vendor, reseller, and retailer partners. The one-month return of Ingram Micro Holding Corporation (NYSE:INGM) was -11.44%, and YTD its shares lost 25.91% of their value. On January 8, 2025, Ingram Micro Holding Corporation (NYSE:INGM) stock closed at $19.59 per share with a market capitalization of $4.6 billion.
Middle Coast Investing stated the following regarding Ingram Micro Holding Corporation (NYSE:INGM) in its Q4 2024 investor letter:
“Ingram Micro Holding Corporation (NYSE:INGM) is a technology distributor of both hardware software. It is the biggest competitor in size to TD Synnex (SNX), which we also own. Ingram just went public again after being bought out and then resold a few years ago. It has the baggage of private equity ownership, which will put pressure on shares in the coming years. The company’s revenue has not been growing, though I think that’s an industry level issue. It has scale and is a leader in the industry, and trades meaningfully cheaper than its peers. We again have a starter position, but I don’t think that discount should persist (and in owning SNX, we believe there is value in the sector as a whole).”
A computer engineer seated in front of several connected consoles, illustrating the depth of cloud services offered by the company.
Ingram Micro Holding Corporation (NYSE:INGM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. Ingram Micro Holding Corporation (NYSE:INGM) reported net sales of $11.76 billion in the third quarter, down 1.4% year-over-year. While we acknowledge the potential of Ingram Micro Holding Corporation (NYSE:INGM) 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.
