Wedgewood Partners, an investment management company, released its “Wedgewood Partners Large Cap Focused Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Wedgewood Composite’s net return was -2.4% compared to the Standard & Poor’s -3.3%, Russell 1000 Growth Index’s -3.1%, and Russell 1000 Value Index’s -3.2% 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 highlighted stocks like Apple Inc. (NASDAQ:AAPL) in the third quarter 2023 investor letter. Headquartered in Cupertino, California, Apple Inc. (NASDAQ:AAPL) is a multinational technology company that designs and manufactures smartphones, personal computers, tablets, wearables, and accessories. On October 20, 2023, Apple Inc. (NASDAQ:AAPL) stock closed at $172.88 per share. One-month return of Apple Inc. (NASDAQ:AAPL) was -1.82%, and its shares gained 15.68% of their value over the last 52 weeks. Apple Inc. (NASDAQ:AAPL) has a market capitalization of $2.703 trillion.
Wedgewood Partners made the following comment about Apple Inc. (NASDAQ:AAPL) in its Q3 2023 investor letter:
“Apple Inc. (NASDAQ:AAPL) detracted from absolute performance during the quarter, as consolidated revenues slightly declined and operating income was flat compared to the past few years of pandemic-induced excess growth. Services revenues grew an impressive +12% (currency neutral), as the Company has more than 1 billion paid subscriptions. As we wrote previously, Apple’s App Store ecosystem is a $1-trillion-a-year industry unto-itself, that helps generate astonishingly high returns on capital for the Company. Many growth investors have shunned Apple for years, despite this unparalleled growth, considering it still, just a “hardware company.” However, we do sympathize with that assessment, somewhat, plus the stock’s historically richer valuation, if only evidenced by our weighting in Apple – despite being almost 8% – it is still just three-quarters of the double-digit weighting Apple carries in one of the more popular growth benchmarks.”
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Apple Inc. (NASDAQ:AAPL) is in 8th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 135 hedge fund portfolios held Apple Inc. (NASDAQ:AAPL) at the end of second quarter which was 131 in the previous quarter.
We discussed Apple Inc. (NASDAQ:AAPL) in another article and shared the list of best technology dividend 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.
