Ensemble Capital Management, an investment management company, released its third quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy declined by 5.68% compared to the S&P 500’s 3.27% decline. The underperformance of the fund was driven by large declines in two holdings that have recently elected activist shareholders to their boards. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ensemble Capital Management highlighted stocks like Booking Holdings Inc. (NASDAQ:BKNG) in the third quarter 2023 investor letter. Headquartered in Norwalk, Connecticut, Booking Holdings Inc. (NASDAQ:BKNG) provides online travel and restaurant booking services. On October 31, 2023, Booking Holdings Inc. (NASDAQ:BKNG) stock closed at $2,789.56 per share. One-month return of Booking Holdings Inc. (NASDAQ:BKNG) was -8.43%, and its shares gained 56.88% of their value over the last 52 weeks. Booking Holdings Inc. (NASDAQ:BKNG) has a market capitalization of $99.566 billion.
Ensemble Capital Management made the following comment about Booking Holdings Inc. (NASDAQ:BKNG) in its Q3 2023 investor letter:
“Booking Holdings Inc. (NASDAQ:BKNG) (+14.21%): Despite macroeconomic worries and inflation eating into global consumers’ ability to spend, households around the world continue to prioritize travel. While so called “revenge travel,” or increased travel spending after being stuck inside during COVID, has likely run its course, global hotel room nights have only recently returned to pre-COVID trends. As COVID has mostly ceased to have an impact on travel, other than in Asia where China’s extended lockdown means a recovery is still ongoing, growth going forward is likely to be more modest. But during COVID, Booking stayed on offense and has been taking market share. Notably, the company’s alternative accommodations offering has grown substantially and in recent quarters has grown faster than Airbnb.”
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Booking Holdings Inc. (NASDAQ:BKNG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 78 hedge fund portfolios held Booking Holdings Inc. (NASDAQ:BKNG) at the end of second quarter which was 77 in the previous quarter.
We previously discussed Booking Holdings Inc. (NASDAQ:BKNG) in another article and shared the list of best travel stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 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.
