Tom Russo’s Top 5 Holdings

In this article, we discuss Tom Russo’s top 5 stocks. If you want to read our detailed discussion about the hedge fund manager’s portfolio, head over to Tom Russo Net Worth, Performance and Portfolio. 

5. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Holders: 155

Gardner Russo & Quinn’s Stake Value: $876,429,008

Alphabet Inc. (NASDAQ:GOOG) provides technology products and platforms worldwide and it is one of the Big Five tech stocks. In Q1 2023, Tom Russo held 8.4 million shares of Alphabet Inc. (NASDAQ:GOOG) worth $876.4 million, representing 9.09% of the total portfolio. It is one of Russo’s top stock picks. 

On July 20, Alphabet Inc. (NASDAQ:GOOG) said that it is currently investigating the potential of an AI product, internally known as Genesis, that could be used to automatically generate news stories. The company is engaging in discussions with news organizations, including The New York Times, The Washington Post, and News Corp to explore the possibility of using this tool to assist journalists. Genesis has the capability to process information to produce news content autonomously.

According to Insider Monkey’s first quarter database, 155 hedge funds were bullish on Alphabet Inc. (NASDAQ:GOOG), compared to 152 funds in the prior quarter. Harris Associates is the largest stakeholder of the company, with 36.90 million shares worth $3.8 billion. 

Wedgewood Partners Large Cap Focused Growth Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its second quarter 2023 investor letter:

“Alphabet Inc. (NASDAQ:GOOG) was also a top contributor to performance as revenues returned to year-over-year growth after a brief period of post-pandemic advertising spending digestion. The Company’s Cloud division also turned a small profit on a roughly $30 billion revenue run-rate. The Company’s internal engineering prowess should continue to drive longer hardware useful life and better profitability for this unit over time. Alphabet and its Google subsidiary have been pioneers in AI development, creating some of the most important software and hardware specifications and standards that developers rely on today. Alphabet should be able to continue to capitalize on its long-term AI investments by rolling out product improvements for users and advertisers featuring more automation that can deliver better returns.”