Do You Think Alphabet (GOOG) is a Year-To-Date Standout?

Weitz Investment Management, an investment management firm, released its “Large Cap Equity Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund’s Institutional Class returned -1.74% compared to a -3.15% return for the Russell 1000 Index. The Fund’s Institutional Class has returned +17.04% year-to-date compared to a +13.01% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Weitz Investment Management Large Cap Equity Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q3 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On November 10, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $134.06 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -3.26%, and its shares gained 38.59% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.668 trillion.

Weitz Investment Management Large Cap Equity Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:

“As for other quarterly contributors, Alphabet Inc. (NASDAQ:GOOG) and Meta Platforms, Inc., (META) added to their exceptional year-to-date returns. Meta Platforms and Alphabet were the true year-to-date standouts. After steep declines in 2022, both stocks rebounded sharply due to a combination of solid fundamentals, disciplined operational execution, and improved sentiment. Despite outsized gains and attention, we think both Alphabet and Meta remain undervalued.”

Photo by Kai Wenzel on Unsplash

Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 152 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of second quarter which was 155 in the previous quarter.

We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of best edge computing 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.