Wedgewood Partners, an investment management company, released its “Wedgewood Partners Large Cap Focused Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, Wedgewood Composite’s net return was 8.1% compared to the Standard & Poor’s 8.7%, Russell 1000 Growth Index’s 12.8%, and Russell 1000 Value Index’s 4.1% return for the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wedgewood Partners Large Cap Focused Growth Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in the second quarter 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On July 19, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $122.78 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -0.88%, and its shares gained 6.73% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.545 trillion.
Wedgewood Partners Large Cap Focused Growth Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its second quarter 2023 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) was also a top contributor to performance as revenues returned to year-over-year growth after a brief period of post-pandemic advertising spending digestion. The Company’s Cloud division also turned a small profit on a roughly $30 billion revenue run-rate. The Company’s internal engineering prowess should continue to drive longer hardware useful life and better profitability for this unit over time. Alphabet and its Google subsidiary have been pioneers in AI development, creating some of the most important software and hardware specifications and standards that developers rely on today. Alphabet should be able to continue to capitalize on its long-term AI investments by rolling out product improvements for users and advertisers featuring more automation that can deliver better returns.”
Pixabay/Public Domain
Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 155 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of first quarter which was 152 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared Madison Sustainable Equity Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
