Orbis Investment Management, an investment management company, released its “Orbis Global Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy returned 20.8% on a weighted-net basis (1) an attractive absolute return, but underperformed the MSCI World Index, which rose 23.8%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Orbis Global Equity Strategy featured stocks like NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2023 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics processors, chipsets, and related multimedia software. On March 15, 2024, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $878.36 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was 24.96%, and its shares gained 250.34% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $2.28 trillion.
Orbis Global Equity Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its fourth quarter 2023 investor letter:
“Never before has following the crowd made so much money. Nor, in our estimation, so little sense. But just look at the opportunities the crowd has left for those of us willing to take a different view. We could wax lyrical about the glaring difference in value between Korean banks priced at 4 times earnings, versus Apple at 28 times, despite diverging fundamentals—Apple is increasingly at risk of bans in China, while Korean banks could double their dividends.
Or how the thick margin of safety at Intel, backed by listed stakes and real saleable assets, compares to the slim margin for error at NVIDIA Corporation (NASDAQ:NVDA), trading at 13 times next year’s projected revenue. That revenue that could be competed away over time, while Intel’s semiconductor “fabs” in the US are increasingly valuable as the east and the west drift further apart.
Photo by Javier Esteban on Unsplash
NVIDIA Corporation (NASDAQ:NVDA) is in fifth position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, NVIDIA Corporation (NASDAQ:NVDA) was held by 173 hedge fund portfolios, down from 180 in the previous quarter, according to our database.
We discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared the list of stocks insiders are selling in 2024. In addition, please check out our hedge fund investor letters Q4 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.
