Jackson Peak Capital, an investment management firm, released its third quarter 2023 investor letter, a copy of which can be downloaded here. Established in March 2023, the firm observed its second full quarter of investment activity during Q3 2023. Despite challenging market conditions, Jackson Peak excelled in Q3, achieving a robust return of +11.8%. The quarter posed difficulties for the broader markets, but Jackson Peak’s alternative long-short investment strategy proved successful, securing notable wins in each segment of the portfolio. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Jackson Peak Capital mentioned Microsoft Corporation (NASDAQ:MSFT) and explained its insights for the company. Microsoft Corporation (NASDAQ:MSFT) is a Redmond, Washington-based technology corporation with a $2.7 trillion market capitalization. Microsoft Corporation (NASDAQ:MSFT) delivered a 52.90% return since the beginning of the year, while its 12-month returns are up by 51.80%. The stock closed at $366.68 per share on November 13, 2023.
Here is what Jackson Peak Capital has to say about Microsoft Corporation (NASDAQ:MSFT) in its Q3 2023 investor letter:
“The Microsoft Corporation (NASDAQ:MSFT)/Activision Blizzard, Inc. (NASDAQ:ATVI) merger arbitrage came to a successful conclusion with the court denying the FTC’s preliminary injunction request. The deal subsequently received approval from the UK CMA and closed in October. The ATVI position was an example of “staying around the hoop” of a significant arb opportunity. At first, the position led to a small loss in Q2 when the UK CMA initially blocked the deal in April, but we stayed close to the case, analyzed the FTC trial and scaled up the ATVI position as it became apparent FTC had a weak case, meaning the probability of the deal going through was mispriced by the market since the companies would likely find a solution to work with the UK CMA (only global regulator who had an issue) if the FTC lost.”
Pixabay/Public Domain
Our calculations show that Microsoft Corporation (NASDAQ:MSFT) ranks 1st on our list of the 30 Most Popular Stocks Among Hedge Funds. Microsoft Corporation (NASDAQ:MSFT) was in 300 hedge fund portfolios at the end of the second quarter of 2023, compared to 289 funds in the previous quarter. Microsoft Corporation (NASDAQ:MSFT) delivered a 13.16% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
Suggested Articles:
- 15 States With the Highest Property Taxes in the US
- 20 Richest Arab Billionaires In The World
- 20 Countries with Highest Black Population outside Africa
Disclosure: None. This article is originally published at Insider Monkey.
