Would You Still Invest in Alphabet (GOOG) Based on Claret Asset Management’s Q3 Letter?

Claret Asset Management, an investment management firm, released its third quarter 2023 investor letter, a copy of which can be downloaded here. As indicated by the fund, following the second-best first half of the century, the market bulls faced challenges in the third quarter of 2023. The S&P 500 recorded a loss of 3.27% in the three months ending September 30th, 2023. Analysts attribute this downturn to the surge in interest rates stemming from the Federal Reserve’s measures to control inflation. The Canadian market fared slightly better, experiencing a loss of only 2.7% during 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, Claret Asset Management mentioned Alphabet Inc. (NASDAQ:GOOG) and explained its insights for the company. Alphabet Inc. (NASDAQ:GOOG) is a Mountain View, California-based multinational technology conglomerate holding company with a $1.6 trillion market capitalization. Alphabet Inc. (NASDAQ:GOOG) delivered a 49.21% return since the beginning of the year, while its 12-month returns are up by 36.05%. The stock closed at $132.39 per share on December 05, 2023.

Here is what Claret Asset Management has to say about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:

“We have mentioned in the last letter that the “magnificent seven”, including Alphabet Inc.,dominated the performance of the S&P 500. We might have left you with the feeling that we are bearish because we don’t find the Magnificent 7 attractive. Let us make it clear: we are just not so pessimistic as to believe there are only 7 growth opportunities in the entire global equity market. In fact, we are optimists and think opportunity is abundant. Just not in everyone’s current 7 favorite stocks.”

Our calculations show that Alphabet Inc. (NASDAQ:GOOG) ranks 7th on our list of the 30 Most Popular Stocks Among Hedge Funds. We also mentioned Alphabet Inc. (NASDAQ:GOOG) in another article. Alphabet Inc. (NASDAQ:GOOG) was in 163 hedge fund portfolios at the end of the second quarter of 2023, compared to 152 funds in the previous quarter. Alphabet Inc. (NASDAQ:GOOG) delivered a -3.16% 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:

• 30 Worst Governed Countries in the World
• 12 European Countries with the Best Economy Right Now
• Top 25 Natural Gas Producers in the US

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