White Falcon Capital Management, an investment fund manager, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund was up 6.9% compared to the S&P 500 (CAD), the MSCI All Country (CAD), and the S&P TSX’s returns of 6.5%, 3.9%, and 1.2%, respectively. In the second quarter, the portfolio benefited from the rise in technology stocks. In addition, please check the fund’s top five holdings to know its best picks in 2023.
White Falcon Capital Management highlighted stocks like Amazon.com, Inc. (NASDAQ:AMZN) in the second quarter 2023 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On July 14, 2023, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $134.68 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 7.32%, and its shares gained 18.39% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.382 trillion.
White Falcon Capital Management made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its second quarter 2023 investor letter:
“Amazon.com, Inc. (NASDAQ:AMZN): Amazon is a controversial investment. It had been ‘profitless’ for much of its existence and divided investors on the ultimate sustainability of the business model. We believe that Amazon has two very strong businesses – an e-commerce business (including ads) backed by a top-notch logistics network and an internet infrastructure business called AWS that is an oligopoly with Microsoft and Google. We believe Amazon has a superior culture that allows it to succeed in its various business lines. Importantly, Amazon is inflecting on free cash flow (FCF). We model that it will produce $6+ in FCF per share in three years. If this is valued at 3-3.5% FCF yield then Amazon is a $200 stock. Amazon also has a portfolio of venture bets (which consume a lot of capital) and all these are upside options for an investor.”
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Amazon.com, Inc. (NASDAQ:AMZN) is in second position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 243 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of first quarter 2023 which was 240 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared the list of merger arbitrage opportunities in 2023. 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.
