Ensemble Capital Management, an investment management company, released its first quarter 2024 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy gained 10.48% compared to the S&P 500’s 10.56% return. The stock market rallied by 10.56% in Q1 2024, adding to the 11.69% rally in Q4 2023. The strategy performed in line with the S&P 500 returns this quarter after outperforming last quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Ensemble Capital Management featured stocks like Netflix, Inc. (NASDAQ:NFLX) in the first quarter 2024 investor letter. Headquartered in Los Gatos, California, Netflix, Inc. (NASDAQ:NFLX) is a streaming platform. On April 15, 2024, Netflix, Inc. (NASDAQ:NFLX) stock closed at $607.15 per share. One-month return of Netflix, Inc. (NASDAQ:NFLX) was -2.19%, and its shares gained 81.94% of their value over the last 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $262.75 billion.
Ensemble Capital Management stated the following regarding Netflix, Inc. (NASDAQ:NFLX) in its first quarter 2024 investor letter:
“Netflix, Inc. (NASDAQ:NFLX): The rapid recovery of Netflix’s subscriber growth has shocked investors who drove the stock down to a price of just $166 in May 2022. While at the time, bearish investors were declaring the company’s growth days were behind it, instead the company added a remarkable 13.1 million new subscribers in the most recent quarter. This was the single largest quarterly subscriber addition other than the large gains experienced during the first quarter of COVID. For all of 2023, the company added nearly 30 million new subscribers, making it the largest annual gain in Netflix history other than the first year of COVID.”
A home theater with family members enjoying streaming content together.
Netflix, Inc. (NASDAQ:NFLX) is in 23rd position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Netflix, Inc. (NASDAQ:NFLX) was held by 89 hedge fund portfolios, down from 102 in the previous quarter, according to our database.
We previously discussed Netflix, Inc. (NASDAQ:NFLX) in another article, where we shared the list of best 52-week high stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 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.
