The London Company, an investment management company, released “The London Company Large Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Shares of larger companies performed better as stocks traded lower across the market cap spectrum for the third consecutive quarter, indicating a preference for growth. The fund declined 3.8% (-3.9% net) during the quarter compared to a 3.2% drop in the Russell 1000 Index. Headwinds from stock selection offset a benefit from sector allocation. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Large Cap Strategy 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 7, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $132.40 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -4.89%, and its shares gained 48.91% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.649 trillion.
The London Company Large Cap Strategy made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) – GOOG outperformed in Q3, reflecting better than expected Search revenue and sustainable momentum in Cloud. Search ad revenue accelerated sequentially and remains the largest contributor to topline growth. Slower expense growth helped margins as management continued to focus on long-term profitable growth. GOOG’s capital allocation priorities have been favorable as the company continues to invest in the business and return capital to shareholders via its buyback program. GOOG has a solid balance sheet, significant market share, and generates strong returns.”
Photo by Kai Wenzel on Unsplash
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 Polen Capital’s views on the company. 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.
