Reasons for the Notable Performance of Netflix (NFLX)

Ensemble Capital Management, an investment management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy slightly outperformed with a gain of 8.76% compared to the S&P 500’s 8.74% gain. The strategy’s performance in the quarter was driven by big gains generated by small companies in the portfolio. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Ensemble Capital Management highlighted stocks like Netflix, Inc. (NASDAQ:NFLX) in the second quarter 2023 investor letter. Headquartered in Los Gatos, California, Netflix, Inc. (NASDAQ:NFLX) is a streaming platform. On July 27, 2023, Netflix, Inc. (NASDAQ:NFLX) stock closed at $413.17 per share. One-month return of Netflix, Inc. (NASDAQ:NFLX) was -6.20%, and its shares gained 83.71% of their value over the last 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $183.671 billion.

Ensemble Capital Management made the following comment about Netflix, Inc. (NASDAQ:NFLX) in its second quarter 2023 investor letter:

“Netflix, Inc. (NASDAQ:NFLX) (+27.5%): Netflix posted a great quarter supported by a positive response to its password sharing crackdown and advertising supported service rollout. In addition, some of its major competitors have been struggling, including Disney+ which lost subscribers in the first quarter for the first time in its history.”

Netflix, Inc. (NASDAQ:NFLX) is in 12th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 108 hedge fund portfolios held Netflix, Inc. (NASDAQ:NFLX) at the end of first quarter which was 117 in the previous quarter.

We discussed Netflix, Inc. (NASDAQ:NFLX) in another article and shared Lee Ainslie’s Washington Commanders and other investments. 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.