Polaris Capital Management, an investment management company, released its third quarter 2024 investor letter. A copy of the same can be downloaded here. Global markets were in solidly positive territory for the third straight quarter of 2024 despite geopolitical volatility. Polaris Global Equity Composite (net of fees) returned 6.86% in the quarter, compared to 6.46% return for the MSCI World Index, gross dividends reinvested.  In addition, check the fund’s top five holdings to know its best picks in 2024.

Polaris Global Equity Strategy highlighted stocks like Shinhan Financial Group Co., Ltd. (NYSE:SHG), in the third quarter 2024 investor letter. Shinhan Financial Group Co., Ltd. (NYSE:SHG) operates as a financial products and services provider. The one-month return of Shinhan Financial Group Co., Ltd. (NYSE:SHG) was -14.87%, and its shares gained 11.72% of their value over the last 52 weeks. On December 20, 2024, Shinhan Financial Group Co., Ltd. (NYSE:SHG) stock closed at $33.84 per share with a market capitalization of $17.037 billion.

Polaris Global Equity Strategy stated the following regarding Shinhan Financial Group Co., Ltd. (NYSE:SHG) in its Q3 2024 investor letter:

"On the backdrop of interest rate cuts, financials shined on expectations for loan demand and cheaper cost of capital; in fact, all sector holdings were in absolute positive territory. Shinhan Financial Group Co., Ltd. (NYSE:SHG) was the top contributor, with a second quarter earnings beat on better non-interest income with credit costs under control. An enhanced shareholder return policy was a pleasant upside surprise, as Shinhan committed to returning 50% of earnings to investors through dividends and share buybacks by 2027."

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Shinhan Financial Group Co., Ltd. (NYSE:SHG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held Shinhan Financial Group Co., Ltd. (NYSE:SHG) at the end of the third quarter which was 8 in the previous quarter. While we acknowledge the potential of Shinhan Financial Group Co., Ltd. (NYSE:SHG) 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.

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