Lakehouse Capital, a Sydney-based investment manager, released its “Lakehouse Global Growth Fund” April 2023 investor letter. A copy of the same can be downloaded here. It was a quiet month for global equity markets and the fund returned 2.8% net of fees and expenses compared to a 2.8% return for the MSCI All Country World Index benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Lakehouse Global Growth Fund highlighted stocks Alphabet Inc. (NASDAQ:GOOG) in April 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On June 8, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $122.67 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 4.03%, and its shares gained 10.09% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.554 trillion.
Lakehouse Global Growth Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its April 2023 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) reported a modest quarterly result, with revenue and earnings per share up 2.6% and down 4.9% year-on-year, respectively. It was a mixed quarter with a weak advertising market offset by strong momentum in Google Cloud and growth in the YouTube subscription business. Advertisers continued to pull back on spending during the period, though we are starting to see quarter-on-quarter improvements in the performance of Google Search and YouTube ads. The highlight of the quarter was Google Cloud’s strong operational results, with revenues up 28% while posting profitability. This was driven by strong relationships with large enterprises and the partner ecosystems that have been built over the past four years. Moving forward, the opportunity for Alphabet to deliver consistent profitable growth relies on its ability to control costs and improve productivity. The recent restructuring round is a step in the right direction and we believe that management will be able to efficiently manage its costs while going after growth opportunities.”
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, 155 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of first quarter 2023 which was 152 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of best big-name stocks to buy. 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.
