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 Microsoft Corporation (NASDAQ:MSFT) in the first quarter 2023 investor letter. Headquartered in Redmond, Washington, Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops, and licenses software, services, devices, and solutions. On June 22, 2023, Microsoft Corporation (NASDAQ:MSFT) stock closed at $339.71 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was 2.05%, and its shares gained 26.90% of their value over the last 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $2.56 trillion.
Ithaka US Growth Strategy made the following comment about Microsoft Corporation (NASDAQ:MSFT) in its first quarter 2023 investor letter:
“Microsoft Corporation (NASDAQ:MSFT) builds best-in-class platforms and provides services that help drive small business productivity, large business competitiveness, and public-sector efficiency. Microsoft’s products include operating systems, cross-device productivity applications, server applications, software development tools, video games, and business-solution applications. The company also designs, manufactures, and sells devices, including PCs, tablets, and gaming/entertainment consoles that all integrate with Azure, its cloud computing service. In the quarter Microsoft’s stock appreciated on the back of excitement surrounding the company’s investments in OpenAI and the potential opportunities to take search market share away from its dominant competitor, Google.”
Microsoft Corporation (NASDAQ:MSFT) holds the first position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 289 hedge fund portfolios held Microsoft Corporation (NASDAQ:MSFT) at the end of first quarter 2023 which was 259 in the previous quarter.
We discussed Microsoft Corporation (NASDAQ:MSFT) in another article and shared the list of A-rated stocks billionaires are loading up on. 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.
