Here’s Why Alphabet (GOOG) Outperformed in Q2

Madison Investments, an investment advisor, released its “Madison Investors Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund advanced 8.5% compared to an 8.7% return for S&P 500 Index benchmark.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Investors 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 13, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $124.83 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 0.62%, and its shares gained 10.70% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.515 trillion.

Madison Investors Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its second quarter 2023 investor letter:

“In the second quarter, the top five contributors to performance were Alphabet Inc. (NASDAQ:GOOG), Copart, Alcon, Parker-Hannifin, and PACCAR. Last quarter, we discussed our view on Alphabet and how they are positioned against the competitive threat from artificial intelligence technology. During the quarter, Alphabet made a series of announcements demonstrating how they are incorporating AI into their existing services as well as new products. While the market seems to be coming around to our point of view, we remain on the lookout for any incremental technological developments.”

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, 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 billionaire David Tepper’s investment strategy and his favorite stocks. 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.