Despite the doom and gloom pervading over 2022, July was actually a great month for ASX shares.
In fact, the S&P/ASX 200 Index (ASX: XJO) shot up 6% for the month.
During such a boom period, there are bound to be some ASX shares that reaped massive returns.
But which ones were one-offs and which are set to continue their flight upwards?
One way to figure this out is to see which rising stocks the professional investors are retaining in their portfolios.
Here are a couple of July stars that Glenmore Asset Management is holding onto:
An ASX share that's yet to reach the pinnacle
Investment distributor Pinnacle Investment Management Group Ltd (ASX: PNI) saw its share price rocket 42.4% upwards in July.
Glenmore portfolio manager Robert Gregory said in a memo to clients that the company did make an announcement to the ASX during the month.
"Pinnacle provided a market update, stating that ten affiliates had crystallised performance fees for FY22 totalling $57.1 million, [with] Pinnacle's share being $16.4 million."
But still, that update was not worth in itself a 40% increase in this ASX share's market capitalisation.
"Whilst this news was obviously positive in the sense it shows outperformance across a number of Pinnacle's funds, the strong rally in Pinnacle's stock price in July was, in our view, more driven by improving investor risk appetite to equity market linked growth stocks."
Glenmore is holding onto Pinnacle shares, expecting more of the same.
Macquarie analysts agree with Gregory's team, just last week rating it as 'outperform'.
Who doesn't love it when a share price skyrockets for no reason
Stocks for financial services provider MA Financial Group Ltd (ASX: MAF) lifted 36.7% in value over July.
Unlike Pinnacle, MA Financial didn't even have to say anything for this to happen.
"MA Financial did not release anything company specific during July, however, as was the case with Pinnacle, the company benefited from improving risk appetite towards growth stocks, particularly in the asset management sector," Gregory said.
Analyst coverage for this ASX share is sparse, but on CMC Markets at least the team at Ord Minnett agrees with Gregory. It rates the stock as a strong buy.
Late last month The Motley Fool reported Perennial Partners also liked the look of MA Financial.
"Perennial noted it sees notable upside — possibly between 50% and 100% — in many of its small-cap holdings, including MA Financial, over the medium term."
Gregory noted that both stocks ended the 2022 financial year at dirt-cheap levels.
"Both PNI and MAF commenced July from a starting point of very cheap valuations, following material sell-offs during 1H of 2022."
The stocks each pay out a handy income too. Pinnacle's dividend yield is currently above 3% and MA Financial gives out about 2.6%.
