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In this article, we will discuss the top 15 Citron stocks. To skip the detailed analysis of Citron hedge funds, please go directly to: Top 5 Citron Stock Selection.
The S&P 500 ended 2023 on a high, gaining more than 4% in December and ending the year up about 24%. The outlook for 2024 is also solid, with expectations for a rate cut later this year.
Discovery Capital Management was one of the hedge funds that made impressive gains last year, particularly in the technology sector. Founded in 1999 by Rob Citron, this macro hedge fund is best known for its focus on: High growth stocks in technology and servicesBasic Materials and Financial Sector.
Since its inception, Citron’s hedge fund has posted an average annual return of about 17%. Therefore, it was always expected to perform well during one of the strongest bull markets in recent history. Discovery Capital Management fell 29% in 2022 at the height of the bear market, but rebounded in 2023 and rose about 48%, outperforming the S&P 500.
The $1.5 billion fund’s impressive performance was primarily driven by long-term investments in high-growth stocks, Latin American sovereign debt, and U.S. credit. Hedge funds also benefited. IahNo short selling of financial stocks. Strong stock-picking skills also helped Discovery Capital Management profit from the market-wide bull run.
Citron became one of Wall Street’s most successful hedge fund managers. He is best known for his emerging market experience through his work on the Latin American debt crisis. He also worked at Fidelity Investments in Boston, where he headed the firm’s emerging markets fixed income and currencies group.
The billionaire hedge fund manager, also known as the Tiger Cub, worked as a portfolio manager at Julian Robertson Tiger Management before founding Discovery Capital Management. Last year, he reiterated his firm belief that technology stocks are a good way to invest in the future.
Nevertheless, the hedge fund manager expressed concern about the technology sector’s valuation.
“Technology remains a great area to invest in, but I still think that multiple is too high for most companies. I don’t want to do anything when I’m with that company or when I’m talking about TAM.” Citron said
our methodology
Mr. Citron is one of the most sought-after fund managers because of his impressive track record of picking winners in the market. As a result, we analyzed Discovery Capital Management’s Q4 2023 13F filing to determine Citron’s top holdings. Stocks are arranged in ascending order based on hedge fund stock value. The top 10 consensus stocks selected by hedge funds have outperformed the S&P 500 index by more than 140 percentage points over the past 10 years (Please see here for the detail). That’s why we pay close attention to this often ignored metric.
Top Stock Selection Based on Citron’s Latest Portfolio
15. Abercrombie & Fitch (NYSE:ANF)
Discovery Capital Management’s equity investment: $13.78 million Lifestyle retailer Abercrombie & Fitch (NYSE:ANF) ranks No. 15 on Rob Citron’s list of top stocks. Discovery Capital purchased approximately $14 million worth of new shares in the company in the fourth quarter of 2023.
14. Compass, Inc. (NYSE:complete)
Discovery Capital Management’s equity investment: $13.99 million
Compass, Inc. (NYSE:COMP) is Citron’s top holding in the real estate sector. The company operates as a cloud-based platform that provides an integrated software suite for customer relationship management and marketing client services in the real estate sector. Compass, Inc. (NYSE: COMP) also offers a mobile app that allows agents to manage their business from anywhere.
13. Genius Sports Co., Ltd. (NYSE:GENI)
Discovery Capital Management’s equity investment: $14.22 million
Rob Citron’s hedge fund owned $14 million in Genius Sports stock as of the end of the fourth quarter of 2023. The stock price has increased about 14% over the past year.
12. CEMEX SAB De CV (NYSE:CX)
Discovery Capital Management’s equity investment: $15.13 million
Building materials company CEMEX SAB De CV (NYSE:CX) is a new addition to Citron’s portfolio in Q4 2023, as Citron’s hedge funds purchased over $15 million worth of company stock during the same period.
11. Invesco Listed FD T
Discovery Capital Management’s equity investment: $17.08 million Citron hedge funds increased their holdings in Invesco Exchange Traded Fund by 526% in the 4th quarter, ending the period with $17 million in shares.
Ten. Adecoagro SA (NYSE:AGRO)
Discovery Capital Management’s equity investment: $18.17 million
Citron hedge funds increased their stake in agro-industrial company Adecoa Agro SA (NYSE:AGRO) by 412% in 4Q 2023, with the company’s shares ending the year with $18.17 million.
9. Grupo Financiero Galicia SA (NASDAQ:GGAL)
Discovery Capital Management’s equity investment: $20.02 million
Grupo Financiero, an Argentina-based financial services company, ranks No. 9 on Rob Citron’s list of stocks to watch. As of the end of the fourth quarter, Discovery Capital reported that he owned $20 million in stock in the company.
8.RTX Corporation (NYSE:RTX)
Discovery Capital Management equity investment: $21 million Rtx Corp (NYSE:RTX), most commonly known as Raytheon, is one of Rob Citron’s top stocks. Discovery Capital purchased a new stake in the company worth approximately $21 million in the fourth quarter of 2023. The stock price has fallen about 5.2% over the past year.
7. Itau Unibanco Holding SA ADR (NYSE:ITUB)
Discovery Capital Management’s equity investment: $24.73 million The Brazilian financial services company is a new addition to Discovery Capital’s portfolio, with the fund purchasing approximately $25 million worth of shares in the company in the fourth quarter of 2023.
6. Credo Technology Group Holding Ltd (NASDAQ:C.R.D.O.)
Discovery Capital Management’s equity investment: $27.18 million
Credo Technology Group Holding Ltd (NASDAQ:CRDO), based in San Jose, California, is a technology company that provides solutions that enable high-speed connectivity solutions for optical and electrical Ethernet applications. Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s solutions include HiWire active electrical cables, optical digital signal processors, low-power line card PHYs, serializer/deserializer (SerDes) chipsets, and SerDes IP.
Credo Technology Group Holding Ltd (NASDAQ:CRDO) is one of the best-performing stocks in the Discovery Capital Management portfolio, gaining 46% in 2023.
Click to continue reading to see Citron’s top 5 stock picks.
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Disclosure: None. Top 15 Citron brands Originally published on Insider Monkey.
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