Paul Harris’ Top Stock Picks for September 2024: Expert Investment Insights

Paul Harris’ Expert Stock Picks for a Diverse, Resilient Investment Strategy in September 2024

Editorial Team (ET)May 11, 2025

The U.S. economy is showing clear signs of strain. With the weakening consumer sector and rising unemployment figures, many experts, including Paul Harris, expect the U.S. Federal Reserve to take action soon. The central bank is likely to reduce interest rates at its September meeting, marking the beginning of a much-anticipated easing cycle.

Harris believes that volatility will become the norm over the next three months as the U.S. approaches a crucial election period. Meanwhile, Canada's economic situation looks even grimmer. With deeper struggles than its southern neighbor, the Canadian economy is expected to experience further rate cuts. Harris sees a weaker Canadian dollar on the horizon and urges the Bank of Canada to take more aggressive measures to stabilize the situation.

Paul Harris’ Top Picks

Paul Harris, a well-known partner and portfolio manager at Harris Douglas Asset Management, has identified three top stocks for September 2024. These include Novo Nordisk A/S (NVO NYSE), MSCI (MSCI NYSE), and LVMH Moët Hennessy Louis Vuitton SE (MC EPA). These picks represent a diverse mix of industries, from pharmaceuticals to data analytics and luxury goods.

Novo Nordisk A/S (NVO NYSE)

Novo Nordisk, a Danish multinational pharmaceutical company, is a leader in the diabetes and obesity care segments. With a 28% stake held by Novo Holdings, the company is well-positioned to continue its dominance in these critical areas of health care. Two drugs, Ozempic and Wegovy, are at the forefront of Novo Nordisk's revenue growth. These drugs, which treat diabetes and obesity, are also showing promising results in reducing the risks of heart disease, stroke, and even sleep apnea.

Harris believes that Novo Nordisk is in the early stages of realizing the full potential of these blockbuster drugs. With ongoing research into new applications, the company is poised for continued growth, especially in cardiovascular treatments and rare disease therapies.

MSCI (MSCI NYSE)

MSCI is a powerhouse in providing decision support tools for the global investment community. Its key operating segments include indexes, analytics, ESG, and private assets. MSCI's tools are indispensable in areas like performance benchmarking, portfolio construction, and risk management.

As an oligopoly in the data analytics market, MSCI enjoys substantial profit margins—gross margins of 82% and operating margins of 53%. With such a strong financial footing, Harris sees MSCI as a stable and highly profitable investment. Moreover, the company's emphasis on ESG (environmental, social, and governance) solutions positions it at the forefront of the future of responsible investing.

LVMH Moët Hennessy Louis Vuitton SE (MC EPA)

LVMH is synonymous with luxury. As a French multinational holding company, it dominates the global luxury goods market, with brands like Christian Dior, Bulgari, Tiffany & Co., and Veuve Clicquot under its umbrella. The company operates across six segments: fashion, watches and jewelry, cosmetics, wines and spirits, retailing, and other activities.

Operating in 81 countries with over 6,000 stores, LVMH is a global leader in luxury. Its stock trades at 21 times forward earnings, with gross profit margins of 70% and a dividend yield of 1.93%. Harris believes that the company's strong brand presence and global reach make it a solid long-term investment.

Why These Stocks Are Top Picks

Harris’ rationale behind selecting these stocks lies in their diversity and resilience. Novo Nordisk taps into the ever-growing healthcare sector, particularly in areas like diabetes and obesity care. MSCI is indispensable for investment decisions and portfolio management, while LVMH is a force in the world of luxury goods, with unmatched brand loyalty.

In uncertain times, having a diverse portfolio spanning pharmaceuticals, data analytics, and luxury goods can help investors weather market volatility and capitalize on long-term growth.

Market Risks and Considerations

While Harris is optimistic about these picks, he acknowledges that there are risks. The U.S. election is likely to drive market volatility in the coming months. Additionally, a weaker Canadian dollar could create headwinds for international investments. Investors should remain cautious but not deterred by these risks.

Outlook for Novo Nordisk

Novo Nordisk's future looks bright, with its blockbuster drugs, Ozempic and Wegovy, continuing to gain traction in the market. As the global population ages and health issues like diabetes and obesity rise, demand for these treatments will only increase. Harris sees long-term growth opportunities in expanding the company's reach into cardiovascular and sleep disorder treatments.

Outlook for MSCI

MSCI's continued growth in the investment analytics and ESG segments places it in a prime position for future success. With investors increasingly focused on sustainability, MSCI’s role in ESG will become even more critical. Its dominance in data analytics and indexes makes it a reliable choice for long-term investors.

Outlook for LVMH

As the global economy continues to evolve, the demand for luxury goods remains strong. LVMH's ability to expand into emerging markets and maintain its dominance in established markets positions it for continued growth. Consumers' appetite for luxury goods, from high fashion to fine wine, ensures LVMH’s place as a top player in the luxury space.

Conclusion

Paul Harris’ top picks for September 2024—Novo Nordisk, MSCI, and LVMH—are all powerhouses in their respective industries. From pharmaceuticals to data analytics and luxury goods, these companies are well-positioned for growth despite a volatile market environment. By diversifying across different sectors, Harris believes these stocks offer both stability and potential upside for investors.

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