Shares of alternative asset management firm Brookfield Corp. (TSX:BN) are up close to 60% for 2024. And as the page turns on 2024, there are reasons to stay in the name, as the stock looks to add to its recent strength. Undoubtedly, shares of BN will eventually be in for a pullback, but until the time comes, I view the name as one of the best long-term holds for any investor looking for an increased shot at outperforming over the next three to five years.

Bill Ackman's recent Brookfield Corp. buys are notable

Indeed, Bill Ackman, the legendary billionaire investor behind the curtain at Pershing Square Capital Holdings, has been a net buyer of BN shares over the past year, and for good reason.

The stock has looked absurdly underpriced, given the calibre of high-quality "real" assets underneath the hood. And while much of the recent gains have caused the discount to intrinsic value to narrow, I still think it's too soon to be taking profits off the table, especially as the firm looks to explore growth opportunities in emerging markets with one of the best management teams leading the charge. Thus far, Ackman has done incredibly well with his BN investment. Whether there's more room for an encore performance, though, remains the big question going into 2025. I think there's more performance in store.

As you may know, emerging markets tend to accompany higher growth rates. And though venturing into emerging markets can entail greater volatility, it's important to remember you're getting some of the best managers in the industry with Brookfield. As such, investors should expect the ship's captains to maintain relative steadiness even as the ship sails through some uncharted waters.

Brookfield remains dirt-cheap after its 2024 surge

Additionally, Brookfield seems to be a fantastic and highly underrated play to ride the renewable energy wave and the AI data center boom. Undoubtedly, Brookfield has made some brilliant investments over the years. As interest rates begin to creep lower and Brookfield takes advantage of opportunities as they arise, there are reasons to believe the name has a good chance of following up on a relatively strong year.

Also, the stock still looks cheap despite leaving the TSX Index behind with an extraordinary 60% pop. At the time of writing, shares of Brookfield Corp. go for 15.6 times forward price to earnings (P/E) and 0.9 times price to sales (P/S). Indeed, there are many moving parts with the alternative investment top dog. You're gaining exposure to various cash-producing "real" assets, most of which can withstand even a severe economic hurricane.

The bottom line on Brookfield Corp. stock

However, with such depressed multiples, I do think it's no mystery as to why the Canadian company is one of Pershing Square's most impressive core holdings. It will be interesting to see what Ackman's next move will be as Brookfield attempts to extend its rally in a potential run for the $100-per-share mark.

Either way, I'd be inclined to view the firm as a solid name to hang on for years rather than just a trade to make a quick gain off of. With the U.S. dollar as strong as it is (relative to the loonie), perhaps more big U.S. investors will be inclined to check out the undervalued Canadian alternative investment heavyweight before the multiple has a chance to expand.