5 Best Stocks For Long Term Growth

4. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 120

P/E Ratio: 332.26

Headquartered in Santa Clara, California, Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global semiconductor company specializing in the development of computer processors and associated technologies, catering to both business and consumer markets.

According to data from Mercury Research cited by investment firm Citi, Advanced Micro Devices, Inc. (NASDAQ:AMD) has increased its CPU microprocessor market share to 18.4% in the fourth quarter, marking a gain of 73 basis points. Citi maintains a Buy rating on AMD as of February 7.

In the fourth quarter of last year, Insider Monkey’s analysis of 933 hedge fund portfolios revealed that 120 funds had purchased shares of Advanced Micro Devices, Inc. (NASDAQ:AMD). Ken Fisher’s Fisher Asset Management holds the largest stake in the company within our database, with a $41 billion investment.

White Falcon Capital Management stated the following regarding Advanced Micro Devices, Inc. (NASDAQ:AMD) in its fourth quarter 2023 investor letter:

“It is important to note that the returns depicted above actually originated in the market turmoil of 2022 and were only realized in 2023. We assess that about 75% of the returns in 2023 were derived from just 35% of the portfolio. Notably, the technology companies we acquired in 2022 – Advanced Micro Devices, Inc. (NASDAQ:AMD), Amazon, Docebo, NU, Rover – performed exceptionally well. In hindsight, the decision to allocate to technology stocks appears straightforward; but it actually demanded courage and conviction to buy and add to these stocks during the fear and uncertainty of the 2022 bear market.

The top 5 positions in the portfolio were: Precious Metals royalty basket, Nu Holdings, AMD Amazon.com and Converge Technology Services. AMD has worked out great for us but we must admit that it has gotten expensive. AI was not part of our original investment thesis and AMD is a great reminder of how one can get ‘lucky’ investing in quality businesses run by competent management teams (ditto for Amazon).”