Here’s Why Baron Opportunity Fund Reduced its Exposure in Alphabet (GOOG)

Baron Funds, an investment management company, released its “Baron Opportunity Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund outperformed the broader market and increased by 17.96% (Institutional Shares) compared to a 13.85% return for the Russell 3000 Growth Index and a 7.50% return for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Baron Opportunity Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in the first quarter 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On May 11, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $116.90 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 8.05%, and its shares gained 3.30% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.423 trillion.

Baron Opportunity Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q1 2023 investor letter:

“As we did last quarter, we continued to decrease our weighting in Alphabet Inc. (NASDAQ:GOOG) because, as stated earlier, we believe ChatGPT and/or similar AI-based services present a hard-to-measure risk to Google’s virtual search monopoly.”

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, 152 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the fourth quarter which was 156 in the previous quarter.

We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of best advertising agency stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.