The Ithaka Group, an investment advisory firm, released “Ithaka US Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter, the strategy outperformed in a strong market, returning 16.1% (gross) compared to its benchmark the Russell 1000 Growth Index’s 12.8% gain. The outperformance of the fund was entirely contributed by stock selection, with a slight benefit from sector allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.
The Ithaka Group highlighted stocks like PayPal Holdings, Inc. (NASDAQ:PYPL) in the second quarter 2023 investor letter. Headquartered in San Jose, California, PayPal Holdings, Inc. (NASDAQ:PYPL) is a technology platform that enables digital payments. On July 21, 2023, PayPal Holdings, Inc. (NASDAQ:PYPL) stock closed at $72.99 per share. One-month return of PayPal Holdings, Inc. (NASDAQ:PYPL) was 9.86%, and its shares lost 10.61% of their value over the last 52 weeks. PayPal Holdings, Inc. (NASDAQ:PYPL) has a market capitalization of $81.436 billion.
The Ithaka Group made the following comment about PayPal Holdings, Inc. (NASDAQ:PYPL) in its second quarter 2023 investor letter:
“PayPal Holdings, Inc. (NASDAQ:PYPL) is a leading payment technology platform that enables consumers and businesses to securely send and receive online and mobile payments without disclosing payment card data. As of year-end 2022, the two-sided network had 435mm active customer accounts, 30mm PayPal-accepting merchants, and was active in over 190 markets around the world. In the second quarter all of PayPal’s underperformance followed its 1Q23 earnings announcement when the company announced a beat on the top and bottom line, but issued weak forward margin guidance, which provoked investors to hit the sell button, sending shares down ~20%. Given it’s unknown how long it will take management to implement its revised growth playbook, the investment team decided to exit the position and deploy the capital elsewhere.”
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PayPal Holdings, Inc. (NASDAQ:PYPL) is in 13th position our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 103 hedge fund portfolios held PayPal Holdings, Inc. (NASDAQ:PYPL) at the end of first quarter which was 115 in the previous quarter.
We discussed PayPal Holdings, Inc. (NASDAQ:PYPL) in another article and shared Wedgewood Partners’ views on the company. 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.
