Should You Consider Investing in CBRE Group (CBRE)?
Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund’s Investor Class fund ARTMX returned 2.35%, Advisor Class fund APDMX posted a return of 2.38%, and Institutional Class fund APHMX returned 2.40%, compared to a 6.54% return for the Russell Midcap Growth Index. Negative security selection within health care, information technology, and industrials led to the fund’s underperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Mid Cap Fund highlighted stocks like CBRE Group, Inc. (NYSE:CBRE), in the third quarter 2024 investor letter. CBRE Group, Inc. (NYSE:CBRE) is a commercial real estate services and investment company. The one-month return of CBRE Group, Inc. (NYSE:CBRE) was 2.01%, and its shares gained 75.89% of their value over the last 52 weeks. On October 15, 2024, CBRE Group, Inc. (NYSE:CBRE) stock closed at $122.77 per share with a market capitalization of $37.621 billion.
Artisan Mid Cap Fund stated the following regarding CBRE Group, Inc. (NYSE:CBRE) in its Q3 2024 investor letter:
"During the quarter, we initiated new GardenSM positions in CBRE Group, Inc. (NYSE:CBRE), Tetra Tech and Coherent. CBRE Group is the largest global commercial real estate broker with leading positions in its three business units: market advisory (property leasing, capital markets and mortgage servicing), global workforce solutions (facilities management and project management) and real estate investments. We believe the commercial real estate market may be bottoming as the rising interest rate headwind begins to ease. As the industry conditions begin to thaw, the company should see increased brokerage volumes and asset management returns. In addition, 51% of revenues are from its Workforce Solutions business, where CBRE is taking advantage of a secular trend toward facilities management outsourcing by expanding its capabilities to serve specialized facilities such as data centers and laboratories."
A downtown skyline, highlighting a successful real estate services company.
CBRE Group, Inc. (NYSE:CBRE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held CBRE Group, Inc. (NYSE:CBRE) at the end of the second quarter which was 54 in the previous quarter. While we acknowledge the potential of CBRE Group, Inc. (NYSE:CBRE) 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 CBRE Group, Inc. (NYSE:CBRE) and shared Oakmark Select Fund's views on the company. In addition, please check out our hedge fund investor letters Q3 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.