Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. During the quarter, the strategy returned 5.58% net of fees compared to the S&P 500’s 5.89% return. According to a three-factor performance attribution model, allocation and selection effects contributed positively to the portfolio’s performance while interaction effects contributed negatively. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.

Patient Capital Management highlighted stocks like Expedia Group, Inc. (NASDAQ:EXPE), in the third quarter 2024 investor letter. Expedia Group, Inc. (NASDAQ:EXPE) is an online travel company with a market capitalization of $19.636 billion. The one-month return of Expedia Group, Inc. (NASDAQ:EXPE) was 5.82%, and its shares gained 57.68% of their value over the last 52 weeks. On October 16, 2024, Expedia Group, Inc. (NASDAQ:EXPE) stock closed at $150.84 per share.

Patient Capital Management stated the following regarding Expedia Group, Inc. (NASDAQ:EXPE) in its Q3 2024 investor letter:

"Expedia Group, Inc. (NASDAQ:EXPE) is a leader in the online travel space. Despite travel demand remaining strong in 2024, Expedia has remained under pressure for most of the year as investors feared a hard landing. Those fears seemed to give way in the third quarter with Expedia returning as a top contributor. With a new management team, new single tech platform and new marketing strategy, the company has experienced a lot of change. Having successfully navigated these transitions, we see the company as well set up to gain market share in a very large industry while continuing to improve the margin profile of the business. At today’s valuation, the company is receiving little credit for their B2C business which is still generating ~54% of their corporate EBITDA (excluding VRBO). While the market is overly focused on near-term dynamics, the company continues to return cash to shareholders buying back 20% of outstanding shares since 2021."

A busy airport terminal with a family eagerly waiting for their business trip.

Expedia Group, Inc. (NASDAQ:EXPE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held Expedia Group, Inc. (NASDAQ:EXPE) at the end of the second quarter which was 62 in the previous quarter. The second quarter revenue of Expedia Group, Inc. (NASDAQ:EXPE) grew 6% year-over-year to 3.6 billion. While we acknowledge the potential of Expedia Group, Inc. (NASDAQ:EXPE) 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.