Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was 5.15% up in the second quarter, compared to S&P’s return of 8.74% and Russell 1000 Value’s 4.07% return. YTD, the fund returned 17.42% outperforming S&P 500’s 16.89% return. The portfolio’s lack of exposure to Information Technology and relative overweight to Consumer Discretionary weighed on the relative performance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q2 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On September 7, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $136.20 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 4.63%, and its shares gained 21.85% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.711 trillion.
Longleaf Partners Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q2 2023 investor letter:
“We exited second-time holding Alphabet Inc. (NASDAQ:GOOG) and long-term position Lumen in the quarter. After successfully owning Alphabet from 2015 to 2020, we purchased the company again in 2022 as tech stocks broadly faced weakness. Alphabet was especially punished due to fears of increased competition entering the AI space, and we felt those worries were overdone. This market narrative quickly flipped in our roughly one year holding period with Alphabet now being viewed as a likely AI winner, and we sold the position at a gain as the share price re-rated and the market was now overlooking a worse competitive and regulatory outlook.”
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 second quarter which was 155 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared Pershing Square Holdings’ views on the company. 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.
