Artisan Partners, an investment management company, released its “Artisan Developing World Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Investor Class) returned 9.64% compared to 8.72% for the MSCI Emerging Markets Index. The Artisan Developing World Fund has returned 149.38% cumulatively, since June 30, 2015, compared to 50.92% for the index. During the quarter, the US labor market's weakness interrupted the steady year-over-year inflation rate improvement, which paved the way for a 50bps interest rate cut from the Federal Reserve at its September policy meeting. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Artisan Developing World Fund highlighted stocks like Adyen N.V. (OTC:ADYEY), in the third quarter 2024 investor letter. Adyen N.V. (OTC:ADYEY) is a payment platform company headquartered in Amsterdam, the Netherlands. The one-month return of Adyen N.V. (OTC:ADYEY) was 5.92%, and its shares gained 90.59% of their value over the last 52 weeks. On October 4, 2024, Adyen N.V. (OTC:ADYEY) stock closed at $14.82 per share with a market capitalization of $46.436 billion.

Artisan Developing World Fund stated the following regarding Adyen N.V. (OTC:ADYEY) in its Q3 2024 investor letter:

"Top contributors to performance for the quarter included global payments processor Adyen N.V. (OTC:ADYEY). Adyen benefited from improved investor communication and stability in financial results relative to expectations, while experiencing wallet share gains with its core digital enterprise customer base and strong growth in its platform initiatives for small businesses."

A modern payment processor with illuminated buttons in a busy financial district.

Adyen N.V. (OTC:ADYEY) is not on our list of 31 Most Popular Stocks Among Hedge Funds.  While we acknowledge the potential of Adyen N.V. (OTC:ADYEY) 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 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.