Madison Investments, an investment advisor, released its “Madison Investors Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund was up 6.5% compared to a 7.5% return for S&P 500 Index benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Investors Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in the first quarter 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On April 14, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $109.46 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 6.83%, and its shares lost 13.98% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.398 trillion.
Madison Investors Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q1 2023 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) has been announcing measures to rein in costs to deal with a slowdown in its key digital advertising end market. We think its various franchises are as strong as ever, but we also believe it’s a good time for the company to re-assess its cost structure after a long period of a pedal-to-the-metal growth mindset. The market exhibited a short burst of concern in the quarter when ChatGPT’s natural language AI chatbot garnered a lot of attention, and Microsoft announced that it would integrate it into its Bing search product. We think that ChatGPT has many interesting use cases, but competing with and replacing the core functionality of Alphabet’s search product is not currently one of them. The market seems to be coming around to our point of view. This story is not over, though, as we are in the early chapters of AI advancement, and we will watch developments closely. We have confidence that Alphabet has the technical expertise to counter any threat that may yet emerge and that management will make the right strategic choices for the long term.”
Photo by Kai Wenzel on Unsplash
Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 152 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the fourth quarter which was 156 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of best FAANG stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.
