Hotchkis & Wiley, an investment management company, released its “Hotchkis & Wiley Mid-Cap Value Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. The Hotchkis & Wiley Mid-Cap Value Fund returned -2.39% in the fourth quarter, underperforming the Russell Midcap Value Index’s -1.75% return. The portfolio underperformed the index over calendar year 2024. As in the previous year, value stocks lagged behind their growth counterparts for 2024. For more information on the fund’s best picks in 2024, please check its top five holdings.

In its fourth quarter 2024 investor letter, Hotchkis & Wiley Mid-Cap Value Fund emphasized stocks such as Crescent Energy Company (NYSE:CRGY). Crescent Energy Company (NYSE:CRGY) is an energy exploration and production company. The one-month return of Crescent Energy Company (NYSE:CRGY) was -3.55%, and its shares lost 4.62% of their value over the last 52 weeks. On March 28, 2025, Crescent Energy Company (NYSE:CRGY) stock closed at $11.14 per share with a market capitalization of $2.879 billion.

Hotchkis & Wiley Mid-Cap Value Fund stated the following regarding Crescent Energy Company (NYSE:CRGY) in its Q4 2024 investor letter:

"Crescent Energy Company (NYSE:CRGY) is an independent Exploration and Production (E&P) company operating in the Eagle Ford and Uinta Basin. The company has been a successful acquiror and integrator of E&P assets at attractive prices. The company’s shares moved higher in the quarter following solid Q3 earnings and the completion of the SilverBow acquisition. We continue to like the prospects for the company which trades at a very attractive valuation."

View of an oil & gas exploratory platform, surrounded by a vast expanse of sea & sky.

Crescent Energy Company (NYSE:CRGY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Crescent Energy Company (NYSE:CRGY) at the end of the fourth quarter compared to 22 in the third quarter. While we acknowledge the potential of Crescent Energy Company (NYSE:CRGY) 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.

We covered Crescent Energy Company (NYSE:CRGY) in another article, where we shared the list of hot oil stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q4 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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