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Do You Think HDFC Bank Limited (HDB) Has a Long Runway For Growth?

Soumya Eswaran
·2-min read

Investment management company Ave Maria recently released its “Ave Maria World Equity Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund returned 6.54% compared to the MSCI All Country World Index’s 8.20% return. Since its inception on April 30, 2010, the fund’s annualized return was 7.60% compared to the 9.06% annualized return for the benchmark. You can check the top 5 holdings of the fund to know its best picks in 2024.

Ave Maria World Equity Fund highlighted stocks like HDFC Bank Limited (NYSE:HDB), in the first quarter 2024 investor letter. HDFC Bank Limited (NYSE:HDB) is a banking and financial services provider. HDFC Bank Limited’s (NYSE:HDB) one-month return was 7.84%, and its shares lost 8.29% of their value over the last 52 weeks. On June 17, 2024, HDFC Bank Limited (NYSE:HDB) stock closed at $60.94 per share with a market capitalization of $154.546 billion.

Ave Maria World Equity Fund stated the following regarding HDFC Bank Limited (NYSE:HDB) in its first quarter 2024 investor letter:

"HDFC Bank Limited (NYSE:HDB) is a well-managed bank in India that has a track record of gobbling up market share and creating shareholder value. The bank has a long runway for growth, is overcapitalized, and is a highly skilled underwriter."

A customer walking into a bank branch, expressing the convenience of consumer banking services.

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HDFC Bank Limited (NYSE:HDB) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held HDFC Bank Limited (NYSE:HDB) at the end of the first quarter which was 41 in the previous quarter. HDFC Bank Limited’s (NYSE:HDB) net revenues for the quarter were at INR 396 billion, increased by 25.8% over prior year. While we acknowledge the potential of HDFC Bank Limited (NYSE:HDB) 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 HDFC Bank Limited (NYSE:HDB) and shared Polen Emerging Markets Growth Strategy's views on the company.  In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.