SaltLight Capital, an investment management company, released its “SaltLight SNN Worldwide Flexible Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The second quarter letter is discussing AI. The firm’s investment strategy for AI’s exciting future is guided by prudent caution. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Saltlight Capital highlighted stocks like AppLovin Corporation (NASDAQ:APP) in the second quarter 2023 investor letter. Headquartered in Palo Alto, California, AppLovin Corporation (NASDAQ:APP) engages in the development and operation of a mobile marketing platform. On August 16, 2023, AppLovin Corporation (NASDAQ:APP) stock closed at $39.05 per share. One-month return of AppLovin Corporation (NASDAQ:APP) was 37.21%, and its shares gained 32.76% of their value over the last 52 weeks. AppLovin Corporation (NASDAQ:APP) has a market capitalization of $13.409 billion.
Saltlight Capital made the following comment about AppLovin Corporation (NASDAQ:APP) in its second quarter 2023 investor letter:
“Beyond infrastructure, we do own some portfolio investments that we call ‘AI companies in sheep’s clothing‘ (we’re considering making a T-shirt with this on it). These traditional ‘ legacy’ businesses (we can see you rolling your eyes already) have created proprietary AI tools that will drive their future value creation.
One example is AppLovin Corporation (NASDAQ:APP), which connects game publishers and advertisers through its AI model. Applovin earns a ‘tax’ on each successful advertisement and therefore it depends on as much data going through its network as possible. This also widens their moat because more data means better pricing and better targeting for the ecosystem. It’s worth mentioning that having a ‘legacy’ label has been somewhat beneficial for us: last year during the height of the Apple App Tracking fears, we bought this business at a single-digit multiple.”
Copyright: dolgachov / 123RF Stock Photo
AppLovin Corporation (NASDAQ:APP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held AppLovin Corporation (NASDAQ:APP) at the end of second quarter which was 29 in the previous quarter.
We discussed AppLovin Corporation (NASDAQ:APP) in another article and shared the list of best performing stocks in the last 6 months. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 10 Best Industrial ETFs
- 15 Worst Performing Blue Chip Stocks in 2023
- 20 Countries with Highest Rates of Alcoholism
Disclosure: None. This article is originally published at Insider Monkey.
