5 Best Growth Stocks to Buy and Hold in 2023 According to Billionaire Rajiv Jain

In this article, we discuss 5 best growth stocks to buy and hold in 2023 according to billionaire Rajiv Jain. If you want to see more stocks in this selection, check out 12 Best Growth Stocks to Buy and Hold in 2023 According to Billionaire Rajiv Jain. 

5. Apple Inc. (NASDAQ:AAPL)

GQG Partners’ Stake Value: $1,327,775,955

Number of Hedge Fund Holders: 131

Rajiv Jain recently added Apple Inc. (NASDAQ:AAPL) to his portfolio, purchasing the stock for the first time in the third quarter of 2022. In the first quarter of 2023, he significantly increased his investment in Apple, raising his stake by an impressive 32,822%. He now holds a position in Apple worth $1.32 billion.

On May 5, Canaccord analyst T. Michael Walkley raised the firm’s price target on Apple Inc. (NASDAQ:AAPL) to $185 from $180 and assigned a Buy rating to the shares. As per the analyst, Apple’s strong performance indicates its success in capturing market share in the higher-end segment and its ability to maintain a resilient consumer base even in challenging economic conditions.

According to Insider Monkey’s first quarter database, 131 hedge funds were bullish on Apple Inc. (NASDAQ:AAPL), compared to 135 funds in the earlier quarter. Warren Buffett’s Berkshire Hathaway is the largest stakeholder of the company, with 915.5 million shares worth approximately $151 billion. 

Alger Spectra Fund made the following comment about Apple Inc. (NASDAQ:AAPL) in its Q1 2023 investor letter:

“Apple Inc. (NASDAQ:AAPL) is a leading technology provider in telecommunications, computing, and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives particularly tight engagement with consumers and enterprises, which is fostering the growing purchase of high margin services like music, apps, and Apple Pay. While iPhone sales were down year-over-year (YoY). services revenues grew 7% YoY which was slightly above analyst estimates. Company earnings were also better-than-anticipated due to lower input costs, such as memory chips and cost control initiatives. Aside from production disruptions, negative sentiment had also weighed on shares as investors questioned how an economic slowdown would affect consumer demand for Apple products in 2023. However, management projected an acceleration in earnings for the fiscal first quarter, where they noted that iPhone and services growth should remain strong, along with encouraging impacts around product mix, lower input costs, and continued cost controls.”