Investment advisory firm Ithaka Group released the “Ithaka US Growth Strategy” first-quarter 2024 investor letter. A copy of the same can be downloaded here. The correlation between bond yields and stock prices decoupled in the first quarter of 2024, as the Dow increased 5.6%, the S&P 500 increased 10.6%, and the Russell 1000 Growth increased 11.4%. In the first quarter, the portfolio outperformed and returned 14.9% (gross of fees) compared to the Russell 1000 Growth’s (R1G) 11.4% return. Stock Selection led the portfolio to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Ithaka US Growth Strategy featured stocks like Apple Inc. (NASDAQ:AAPL) in its Q1 2024 investor letter. Headquartered in Cupertino, California, Apple Inc. (NASDAQ:AAPL) is a multinational technology company that designs and manufactures smartphones, personal computers, tablets, wearables, and accessories. On April 19, 2024, Apple Inc. (NASDAQ:AAPL) stock closed at $165.00 per share. One-month return of Apple Inc. (NASDAQ:AAPL) was -3.42%, and its shares lost 0.20% of their value over the last 52 weeks. Apple Inc. (NASDAQ:AAPL) has a market capitalization of $2.548 trillion.
Ithaka US Growth Strategy stated the following regarding Apple Inc. (NASDAQ:AAPL) in its first quarter 2024 investor letter:
“Apple Inc. (NASDAQ:AAPL) is a global consumer electronics and software company that designs and markets mobile communications devices (iPhones), personal computers (Macs), multi-purpose tablets (iPads), and wearables (Apple Watch, AirPods, and Accessories). The company also sells several high-margin consumer services including Advertising, AppleCare, Cloud Services, Digital Content and Payment Services. The stock’s underperformance during the quarter was due to fears that the company’s slowing top-line growth and increased competitive threats make the stock’s premium valuation harder to justify.”
A busy sidewalk filled with people using Apple devices like iPhones, iPads and Apple Watches.
Apple Inc. (NASDAQ:AAPL) is in 10th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Apple Inc. (NASDAQ:AAPL) was held by 131 hedge fund portfolios, down from 134 in the previous quarter, according to our database.
We previously discussed Apple Inc. (NASDAQ:AAPL) in another article, where we shared the list of most popular stocks on Robinhood in 2024. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
