Purosangue’s Popularity Pushed Ferrari N.V. (RACE) up 26.48% in Q1

Ensemble Capital Management, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy returned 3.48% in the first quarter compared to 7.50% for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Ensemble Capital highlighted stocks like Ferrari N.V. (NYSE:RACE) in the first quarter 2023 investor letter. Headquartered in Maranello, Italy, Ferrari N.V. (NYSE:RACE) is a luxury performance sports car manufacturing company. On April 20, 2023, Ferrari N.V. (NYSE:RACE) stock closed at $276.00 per share. One-month return of Ferrari N.V. (NYSE:RACE) was 4.01%, and its shares gained 31.14% of their value over the last 52 weeks. Ferrari N.V. (NYSE:RACE) has a market capitalization of $50.173 billion.

Ensemble Capital made the following comment about Ferrari N.V. (NYSE:RACE) in its Q1 2023 investor letter:

“Ferrari N.V. (NYSE:RACE) (+26.48%): The luxury automaker’s long awaited Purosangue, their first four door, four seater vehicle, has proven so popular that the company announced that they have ceased accepting new orders as they are sold out through all of this year and into 2024. The Purosangue is designed not as copycat sports utility vehicle that many other luxury automakers sell, but as a true Ferrari car that their devoted fan base can use for more practical transportation needs. Since the average Ferrari is only driven a few thousand miles a year or less, they are best understood as mechanical works of art rather than a means of transportation. But with the introduction of the Purosangue, Ferrari enthusiasts will have a vehicle that meets transportation needs, while still delivering the extremely high end experience that you would expect from a car that costs about $500,000.”

Photo by M on Unsplash

Ferrari N.V. (NYSE:RACE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Ferrari N.V. (NYSE:RACE) at the end of the fourth quarter which was 31 in the previous quarter.

We discussed Ferrari N.V. (NYSE:RACE) in another article and shared the list of most promising car stocks according to analysts. 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.