Ensemble Capital Management, an investment management company, released its first quarter 2024 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy gained 10.48% compared to the S&P 500’s 10.56% return. The stock market rallied by 10.56% in Q1 2024, adding to the 11.69% rally in Q4 2023. The strategy performed in line with the S&P 500 returns this quarter after outperforming last quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Ensemble Capital Management featured stocks like Ferrari N.V. (NYSE:RACE) in the Q1 2024 investor letter. Headquartered in Maranello, Italy, Ferrari N.V. (NYSE:RACE) engages in the design, engineering, production, and sale of luxury performance sports cars. On April 15, 2024, Ferrari N.V. (NYSE:RACE) stock closed at $410.93 per share. One-month return of Ferrari N.V. (NYSE:RACE) was -5.18%, and its shares gained 46.45% of their value over the last 52 weeks. Ferrari N.V. (NYSE:RACE) has a market capitalization of $74.873 billion.
Ensemble Capital Management stated the following regarding Ferrari N.V. (NYSE:RACE) in its first quarter 2024 investor letter:
“Ferrari N.V. (NYSE:RACE): With the company’s utility vehicle, the Purosangue, sold out despite being priced much more aggressively than many investors expected, investor attention has been turning to the company’s long term ability to raise prices. With the business’s earnings power being regularly revised higher by investors who watched the company navigate COVID and inflation easily, the stock has been on a tear.
Ferrari has had a very successful run since we first bought shares in the company in 2017. It has been one of our most successful investments since, with shares rising over five times, and understandably so given how phenomenal this business is and how well it has been managed.
Initially spun out of Fiat (now Stellantis) in 2015, it was a rare jewel within the parent company, where its value was hidden among more standard and premium cars sold under brands such as Fiat, Alpha Romeo, Maserati, Chrysler, Jeep, and others. Under the leadership of the astute business manager Sergio Marchionne, who had run Fiat since 2004, Ferrari came to be recognized as the undervalued and unique asset that it was within its parent…” (Click here to read the full text)
A classic Ferrari sports car against a lush green hillside, symbolizing the company’s luxurious performance.
Ferrari N.V. (NYSE:RACE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Ferrari N.V. (NYSE:RACE) was held by 34 hedge fund portfolios, compared to 31 in the previous quarter, according to our database.
We previously discussed Ferrari N.V. (NYSE:RACE) in another article, where we shared the list of largest automotive companies and suppliers in the world. In addition, please check out our hedge fund investor letters Q1 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.
