Wedgewood Partners, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Wedgewood Composite’s Net return was 9.8% compared to the Standard & Poor’s Index’s 7.5%, Russell 1000 Growth Index’s 14.4%, and Russell 1000 Value Index’s 1.0% 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 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 April 14, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $109.46 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 7.39%, and its shares lost 14.46% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.398 trillion.
Wedgewood Partners made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q1 2023 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) maintained flat revenues (foreign exchange adjusted) at its core search advertising segment on a difficult year ago comparison. We added to our weighting in the quarter as investors became overly concerned about headlines related to the potential for competition from Microsoft’s AI investments. Although consumer-facing AI tools are novel and no doubt interesting, we do not think they represent an existential crisis. Alphabet has been investing in, developing and commercializing AI hardware and software tools, as well as the precursors for those hardware and tools, for over a decade. The Company built these investments into its expense base long ago. Further, we think the rest of Alphabet’s businesses, particularly its Cloud segment, are capable of generating much better margins at some point. In the meantime, the Company has a fortress balance sheet and has been repurchasing shares at attractive historical multiples.”
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, 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 FAANG 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.
