Broyhill Asset Management, an investment advisor, released a third-quarter 2024, investor letter. A copy of the letter can be downloaded here. Broyhill Partners appreciated 6% net of all fees and expenses in the third quarter. The top contributors in the quarter were Philip Morris, Fiserv, Avantor, and Baxter. There was only one material detractor: Dollar General. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.

Broyhill Asset Management highlighted stocks like Rentokil Initial plc (NYSE:RTO) in the third quarter 2024 investor letter. Rentokil Initial plc (NYSE:RTO) is a route-based services provider. The one-month return of Rentokil Initial plc (NYSE:RTO) was -2.60%, and its shares lost 2.82% of their value over the last 52 weeks. On December 3, 2024, Rentokil Initial plc (NYSE:RTO) stock closed at $25.82 per share with a market capitalization of $12.81 billion.

Broyhill Asset Management stated the following regarding Rentokil Initial plc (NYSE:RTO) in its Q3 2024 investor letter:

"Rentokil Initial plc (NYSE:RTO) is a UK-based pest control company that grew its US presence by acquiring Terminix in 2022. The industry is largely fragmented and has the tailwind of a warming environment, expanding the seasons and geographies where pests thrive. Trading at a steep discount to its nearest peer, Rollins, we see plenty of room for upside as activist investor Nelson Peltz holds management accountable during the Terminix integration."

A specialist cleaning service team in full protective equipment removing hazardous waste.

Rentokil Initial plc (NYSE:RTO) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Rentokil Initial plc (NYSE:RTO) at the end of the third quarter which was 18 in the previous quarter. While we acknowledge the potential of Rentokil Initial plc (NYSE:RTO) 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 another article, we discussed Rentokil Initial plc (NYSE:RTO) and shared Cooper Investors Global Equities Fund's views on the company. 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.