NVIDIA Corporation (NVDA) Represents 24% of O’keefe Stevens Advisory’s Portfolio

O’keefe Stevens Advisory, an investment advisory firm, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The first half of 2023 was dominated by the tech sector. The proliferation of artificial Intelligence led to staggering moves for large-cap companies. Year-to-date, the S&P was ~16% up. At the end of the second quarter, the top 5 holdings of the portfolio represented ~40% of assets. In addition, please check the fund’s top five holdings to know its best picks in 2023.

O’keefe Stevens Advisory highlighted stocks like NVIDIA Corporation (NASDAQ:NVDA) in the second quarter 2023 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics processors, chipsets, and related multimedia software. On July 21, 2023, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $443.09 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was 9.05%, and its shares gained 160.27% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $1.094 trillion.

O’keefe Stevens Advisory made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its second quarter 2023 investor letter:

“At the end of Q2, our top 5 holdings represented ~40% of assets, with NVIDIA Corporation (NASDAQ:NVDA) representing almost 24% of the portfolio. The remaining four include QCOM, AMGN, BKRIF, and GLW. The concentration at the top of the portfolio dramatically increased due to the 189% YTD performance from NVDA. We expect the concentration in NVDA to decline over the coming quarters as we write options against the position.”

Photo by Christian Wiediger on Unsplash

NVIDIA Corporation (NASDAQ:NVDA) is in 17th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 132 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of first quarter which was 106 in the previous quarter.

We discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared the list of best big tech stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.