Mairs & Power, an investment advisor, released “Mairs & Power Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market has risen 24% in the second quarter from its last fall. The fund also had a positive start to the year and was up 18.82% compared to a 16.89% increase for the S&P 500 TR Index and 13.39% for the peer group as measured by the Morningstar Large Blend category. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Growth Fund highlighted stocks like Microsoft Corporation (NASDAQ:MSFT) in the second quarter 2023 investor letter. Headquartered in Redmond, Washington, Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops, and licenses software, services, devices, and solutions. On August 23, 2023, Microsoft Corporation (NASDAQ:MSFT) stock closed at $327.00 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was -1.12%, and its shares gained 17.27% of their value over the last 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $2.43 trillion.
Mairs & Power Growth Fund made the following comment about Microsoft Corporation (NASDAQ:MSFT) in its second quarter 2023 investor letter:
“Regarding stock selection in the first half, Nvidia (NVDA) was a massive outperformer, up 189.54%. Amazon and Microsoft Corporation (NASDAQ:MSFT) were also positive contributors, up 55.19% and 42.66%, respectively. All three stocks benefited from a renewed interest in growth stocks by investors in the first half of the year.
Microsoft (MSFT) was another positive contributor to performance in the first half. The company continued to take share in cloud computing. Its strong relationships with customers, as well as knowledge of their businesses, differentiates its offering, which is also helped by leading investments in AI. We expect the company will continue to integrate AI tools into most of its productivity suite of software in the not-too-distant future. This should help with employee productivity and the labor constraints of most of its customers.”
Pixabay/Public Domain
Microsoft Corporation (NASDAQ:MSFT) holds the first position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 300 hedge fund portfolios held Microsoft Corporation (NASDAQ:MSFT) at the end of second quarter which was 289 in the previous quarter.
We discussed Microsoft Corporation (NASDAQ:MSFT) in another article and shared the list of biggest technology companies. 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.
