Investment management company Maran Capital Management recently released its second-quarter 2024 investor letter. A copy of the letter can be downloaded here. Maran Partners Fund returned +4.4% in the second quarter, net of all fees and expenses, which makes the yearly returns +7.9%, net. The partnership compounded at a rate greater than 13% annually, net, over the past five years. In addition, you can check the fund's top 5 holdings to determine its best picks for 2024.

Maran Capital Management highlighted stocks like Turning Point Brands, Inc. (NYSE:TPB) in the second quarter 2024 investor letter. Headquartered in Louisville, Kentucky, Turning Point Brands, Inc. (NYSE:TPB) manufactures, markets, and distributes branded consumer products. The one-month return of Turning Point Brands, Inc. (NYSE:TPB) was -1.93%, and its shares gained 65.61% of their value over the last 52 weeks. On September 13, 2024, Turning Point Brands, Inc. (NYSE:TPB) stock closed at $39.10 per share with a market capitalization of $692.621 million.

Maran Capital Management stated the following regarding Turning Point Brands, Inc. (NYSE:TPB) in its Q2 2024 investor letter:

"In my first quarter 2024 letter, I indicated that we had purchased shares of a company, making it our sixth largest position. This company is now firmly in our top five. It will be familiar to long-time partners and readers of these letters: Turning Point Brands, Inc. (NYSE:TPB).

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Turning Point Brands, Inc. (NYSE:TPB) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Turning Point Brands, Inc. (NYSE:TPB) at the end of the second quarter which was 18 in the previous quarter. In the second quarter, Turning Point Brands, Inc.'s (NYSE:TPB) sales were up 2.8% year-over-year to $108.5 million, which is up 12% on a sequential basis. While we acknowledge the potential of Turning Point Brands, Inc. (NYSE:TPB) 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 Turning Point Brands, Inc. (NYSE:TPB) and shared the list of stocks that are on hedge funds’ radar. In addition, please check out our hedge fund investor letters Q2 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.