In this piece, we will take a look at the five best ASX stocks to buy now. If you want to skip our introduction to the Australian stock market, then you can take a look at the 11 Best ASX Stocks To Buy Now.
5. James Hardie Industries plc (NYSE:JHX)
Number of Q4 2023 Hedge Fund Shareholders: 7
James Hardie Industries plc (NYSE:JHX) is an Ireland based company that sells building materials and products. It is a sizeable firm, with a presence in Asia, Europe, and North America. Its investors were in for some bad news in February 2024 when Bank of America kept a Sell rating for the shares.
Seven out of the 933 hedge funds part of Insider Monkey’s Q4 2023 database had bought and owned James Hardie Industries plc (NYSE:JHX)’s shares. Jim Simons’s Renaissance Technologies was the biggest investor courtesy of its $5.4 million investment.
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Follow James Hardie Industries Plc (NYSE:JHX)
4. Woodside Energy Group Ltd (NYSE:WDS)
Number of Q4 2023 Hedge Fund Shareholders: 10
Woodside Energy Group Ltd (NYSE:WDS) is an Australian oil and gas mining company headquartered in the Western economic hub of Perth. The firm reported a weak set of financial results for 2023 in February 2024 which saw net profit tank by 74%.
As of Decembee 2023 end, ten out of the 933 hedge funds profiled by Insider Monkey had bought a stake in Woodside Energy Group Ltd (NYSE:WDS).
3. News Corporation (NASDAQ:NWS)
Number of Q4 2023 Hedge Fund Shareholders: 17
News Corporation (NASDAQ:NWS) is a global media company headquartered in New York City. March 2024 is proving to be an interesting month for the firm, with rumors suggesting that News Corporation (NASDAQ:NWS) is eager to further expand its global portfolio and acquire the British publication, The Telegraph.
During 2023’s fourth quarter, 17 out of the 933 hedge funds surveyed by Insider Monkey were News Corporation (NASDAQ:NWS)’s shareholders. The firm’s largest hedge fund shareholder is Donald Yacktman’s Yacktman Asset Management through its $410 million stake.
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2. BHP Group Limited (NYSE:BHP)
Number of Q4 2023 Hedge Fund Shareholders: 24
BHP Group Limited (NYSE:BHP) is the global mining giant headquartered in Melbourne, Australia. The shares are rated Buy on average and the average analyst share price target is $64.85.
Insider Monkey scoured through 933 hedge fund portfolios for their December quarter of 2023 shareholdings and found that 24 had invested in the firm. BHP Group Limited (NYSE:BHP)’s biggest investor among these is Ken Fisher’s Fisher Asset Management due to its $1.3 billion stake.
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1. Rio Tinto Group (NYSE:RIO)
Number of Q4 2023 Hedge Fund Shareholders: 34
Rio Tinto Group (NYSE:RIO) is one of the biggest mining companies in the world. The firm scored a win nin March 2024 when a U.S. court allowed the Federal Government to give it land to build a copper line.
As of Q4 2023 end, 34 out of the 933 hedge funds covered by Insider Monkey’s research had bought Rio Tinto Group (NYSE:RIO)’s shares. Ken Fisher’s Fisher Asset Management was the largest shareholder due to its $1.1 billion stake.
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Follow Rio Tinto Plc (NYSE:RIO)
Disclosure: None. You can also take a look at 20 Biggest Natural Gas Companies in the World and 15 NATO Members with the Largest Militaries.
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