L1 Capital, an investment management firm, released its “L1 Capital International Fund” second quarter 2023 investor letter, a copy of the same can be downloaded here. In the June 2023 quarter, the fund returned 9.0% (net of fees) outperforming the benchmark’s (MSCI World Net Total Return Index in AUD) 7.5% return. The Fund and Benchmark’s Australian dollar reported quarterly returns increased as AUD depreciated 1.0% against the U.S. dollar and depreciated 0.9% against the Euro. The Fund returned 25.5% (net of fees), outperforming the Benchmark’s return of 22.4% by 3.1% (all in Australian dollars) for the year ended 30 June 2023. Please check the top five holdings of the fund to know its best picks in 2023.
L1 Capital International Fund highlighted stocks like Advanced Micro Devices, Inc. (NASDAQ:AMD) in the second quarter 2023 investor letter. Headquartered in Santa Clara, California, Advanced Micro Devices, Inc. (NASDAQ:AMD) is a semiconductor company. On July 26, 2023, Advanced Micro Devices, Inc. (NASDAQ:AMD) stock closed at $110.09 per share. One-month return of Advanced Micro Devices, Inc. (NASDAQ:AMD) was -1.03%, and its shares gained 20.09% of their value over the last 52 weeks. Advanced Micro Devices, Inc. (NASDAQ:AMD) has a market capitalization of $177.285 billion.
L1 Capital International Fund made the following comment about Advanced Micro Devices, Inc. (NASDAQ:AMD) in its second quarter 2023 investor letter:
“During the June 2023 quarter the AI bubble continued to inflate. Advanced Micro Devices, Inc. (NASDAQ:AMD), as a key challenger to Nvidia, will benefit from increased demand for its next generation semiconductor chips. AMD’s share price is reflecting very bullish sentiment and the share price has run ahead of a reasonable base case valuation. Accordingly, we divested our entire position and moved AMD to our Bench.”
Photo by Yogesh Phuyal on Unsplash
Advanced Micro Devices, Inc. (NASDAQ:AMD) is in 23rd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 91 hedge fund portfolios held Advanced Micro Devices, Inc. (NASDAQ:AMD) at the end of first quarter 2023 which was 97 in the previous quarter.
We discussed Advanced Micro Devices, Inc. (NASDAQ:AMD) in another article and shared the list of best semiconductor stocks to buy for the AI boom. 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.
