Should You Still Consider Buying Alphabet (GOOG) Shares?

Polen Capital, an investment management firm, released its “Polen Global Growth” third quarter 2023 investor letter, a copy of which can be downloaded here. Polen Capital’s Global Growth Composite Portfolio, referred to as the “Portfolio,” experienced a decrease of -3.19% and -3.46% gross and net of fees, which closely tracked the performance of the MSCI ACWI, known as the “Index,” which declined by -3.40% over the quarter. 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, Polen Global Growth mentioned Alphabet Inc. (NASDAQ:GOOG) and explained its insights for the company. Alphabet Inc. (NASDAQ:GOOG) is a Mountain View, California-based Alphabet Inc. (NASDAQ:GOOG) with a $1.6 trillion market capitalization. Alphabet Inc. (NASDAQ:GOOG) delivered a 46.93% return since the beginning of the year, while its 12-month returns are up by 50.37%. The stock closed at $130.37 per share on November 3, 2023.

Here is what Polen Global Growth has to say about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:

“Both Alphabet and Adobe’s businesses continue to perform well. In the case of Alphabet, management is leaning heavily into the fact that they have been an AI business for some time. During the most recent quarter, the company generated ~$75 billion in revenue, an increase of 9% in constant currency. Despite the hype around ChatGPT and Bing, Google’s dominant search share was unaffected, and Search remains the largest contributor to Alphabet’s revenue growth and profitability. With over $20 billion in free cash flow during the quarter, we continue to admire the company’s ability to reinvest capital into areas other than Search, such as YouTube, Google Cloud Platform, and other bets. Management appears to be replying to Microsoft’s attack fervently and from a position of strength.”

Photo by Firmbee.com on Unsplash

Our calculations show that Alphabet Inc. (NASDAQ:GOOG) ranks 7th on our list of the 30 Most Popular Stocks Among Hedge Funds. Alphabet Inc. (NASDAQ:GOOG) was in 152 hedge fund portfolios at the end of the second quarter of 2023, compared to 155 funds in the previous quarter. Alphabet Inc. (NASDAQ:GOOG) delivered a 1.42% 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:

• 11 Best Uranium Stocks To Buy
• 11 Best Oil Refinery Stocks To Buy
• 12 Best Large Cap Stocks To Buy Now

Disclosure: None. This article is originally published at Insider Monkey.