The Ithaka Group, an investment advisory firm, released the “Ithaka US Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the weak market, the fund underperformed during the quarter, by falling 6.3% compared to the Dow’s 2.6% fall, the S&P 500’s 3.7% decline, the NASDAQ’s 4.1% decline, and the fund’s benchmark, the Russell 1000 Growth’s 3.1% decline. The underperformance of the fund during the quarter was entirely due to stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ithaka US Growth Strategy 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 29, 2023, Apple Inc. (NASDAQ:AAPL) stock closed at $168.22 per share. One-month return of Apple Inc. (NASDAQ:AAPL) was -3.18%, and its shares gained 9.70% of their value over the last 52 weeks. Apple Inc. (NASDAQ:AAPL) has a market capitalization of $2.63 trillion.
Ithaka US Growth Strategy made the following comment about Apple Inc. (NASDAQ:AAPL) in its Q3 2023 investor letter:
“Apple Inc. (NASDAQ:AAPL) is a global consumer electronics and software company that designs and markets mobile communications devices (iPhones), personal computers (Macs), multi-purpose tablets (iPads), and wearables (Apple Watch, AirPods, and Accessories). The company also sells several high-margin consumer services including Advertising, AppleCare, Cloud Services, Digital Content and Payment Services. AAPL’s underperformance during the quarter was due to fears the upcoming iPhone 15 launch would drive fewer upgrades than expected as consumers around the world continue to scrutinize their discretionary household spending.”
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 American stocks to buy heading into 2024. 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.
