Claret Asset Management, an investment management firm, released its third quarter 2023 investor letter, a copy of which can be downloaded here. As indicated by the fund, following the second-best first half of the century, the market bulls faced challenges in the third quarter of 2023. The S&P 500 recorded a loss of 3.27% in the three months ending September 30th, 2023. Analysts attribute this downturn to the surge in interest rates stemming from the Federal Reserve’s measures to control inflation. The Canadian market fared slightly better, experiencing a loss of only 2.7% during the quarter. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Claret Asset Management mentioned Apple Inc. (NASDAQ:AAPL) and explained its insights for the company. Apple Inc. (NASDAQ:AAPL) is a Cupertino, California-based multinational technology company with a $3.0 trillion market capitalization. Apple Inc. (NASDAQ:AAPL) delivered a 45.75% return since the beginning of the year, while its 12-month returns are up by 27.93%. The stock closed at $193.42 per share on December 05, 2023.
Here is what Claret Asset Management has to say about Apple Inc. (NASDAQ:AAPL) in its Q3 2023 investor letter:
“We have mentioned in the last letter that the “magnificent seven”, including Apple Inc.,dominated the performance of the S&P 500. We might have left you with the feeling that we are bearish because we don’t find the Magnificent 7 attractive. Let us make it clear: we are just not so pessimistic as to believe there are only 7 growth opportunities in the entire global equity market. In fact, we are optimists and think opportunity is abundant. Just not in everyone’s current 7 favorite stocks.”
An Apple store displaying the latest in consumer electronics, from smartphones to wearables.
Our calculations show that Apple Inc. (NASDAQ:AAPL) ranks 10th on our list of the 30 Most Popular Stocks Among Hedge Funds. We also mentioned Apple Inc. (NASDAQ:AAPL) in another article. Apple Inc. (NASDAQ:AAPL) was in 134 hedge fund portfolios at the end of the second quarter of 2023, compared to 135 funds in the previous quarter. Apple Inc. (NASDAQ:AAPL) delivered a 0.92% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
