Horos Asset Management, an investment management firm, published its third quarter 2023 investor letter. A copy of the same can be downloaded here. In a short-term view, funds are up 8.7% in 2023 for Horos Value Internacional (versus a 10.9% rise of its benchmark index) and 9.0% for Horos Value Iberia (versus 16.2% for benchmark). Since inception, funds delivered cumulative returns of 236% in the international strategy (11.3% annualized) and 185% in the Iberian strategy (10.0%), outperforming their benchmark indices. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Horos Asset Management highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q3 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On November 20, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $137.92 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -1.57%, and its shares gained 41.70% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.715 trillion.
Horos Asset Management made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) exited the portfolio during the quarter, following the strong performance of its share price and its lower upside potential compared to the new companies we added to the fund. It is remarkable how quickly market sentiment can change in such a short period of time. We reinitiated this position in 2022 after the sharp downturn in the tech sector with the rise in interest rates and the inevitable multiple contraction. Soon after, the launch of ChatGPT (supported by Microsoft) further weighed on Alphabet investor sentiment. Just a few weeks later, the market reacted very positively to the measures taken by the company to counteract the potential impact of this product and maintain Google’s leadership as a search engine. All in all, a 50% rally in a very short time that explains our move to fully divest our holdings in this excellent company.”
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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 the list of stocks that billionaire Stanley Druckenmiller bought and sold during the third quarter of 2023. In addition, please check out our hedge fund investor letters Q3 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.
