The Ithaka Group, an investment advisory firm, released “Ithaka US Growth Strategy” first-quarter investor letter. A copy of the same can be downloaded here. In the quarter, the strategy returned 21.8% gross and 21.7% net compared to 14.4% for the Russell 1000 Growth Index. The outperformance of the fund was due to stock selection, with a very slight benefit from sector allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ithaka US Growth Strategy highlighted stocks like Snowflake Inc. (NYSE:SNOW) in the first quarter 2023 investor letter. Headquartered in Bozeman, Montana, Snowflake Inc. (NYSE:SNOW) is a cloud-based data platform provider. On June 22, 2023, Snowflake Inc. (NYSE:SNOW) stock closed at $178.60 per share. One-month return of Snowflake Inc. (NYSE:SNOW) was 19.06%, and its shares gained 17.86% of their value over the last 52 weeks. Snowflake Inc. (NYSE:SNOW) has a market capitalization of $58.206 billion.
Ithaka US Growth Strategy made the following comment about Snowflake Inc. (NYSE:SNOW) in its first quarter 2023 investor letter:
“Snowflake Inc. (NYSE:SNOW) is a dominant player in the Data Warehousing market, offering customers the ability to break down data silos and derive value from rapidly growing data sets through Snowflake’s analytical database product, the Data Cloud. The company’s base business is benefitting from a number of secular tailwinds, the three most prevalent being: 1) data-driven decision making, 2) cloud adoption, and 3) the exponential growth of corporate data. The company’s visionary management team, headed by industry veteran Frank Slootman, plans to capture its fair share of this growth through: 1) executing on its land and expand model, 2) acquiring new customers, 3) growing internationally, and 4) expanding its nascent partner network. The stock’s negative contribution in the quarter was due to the timing of Ithaka’s purchase (mid-February) and its small portfolio weighting (100bps).”
Snowflake Inc. (NYSE:SNOW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held Snowflake Inc. (NYSE:SNOW) at the end of first quarter 2023 which was 75 in the previous quarter.
We discussed Snowflake Inc. (NYSE:SNOW) in another article and shared the list of best Warren Buffett stocks to buy according to hedge funds. 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.
