5 Best Growth Stocks to Buy and Hold in 2023 According to Billionaire Rajiv Jain

1. NVIDIA Corporation (NASDAQ:NVDA)

GQG Partners’ Stake Value: $2,290,855,576

Number of Hedge Fund Holders: 132

NVIDIA Corporation (NASDAQ:NVDA) is the largest holding of Rajiv Jain’s hedge fund. The billionaire added this growth stock to his portfolio by purchasing 8.2 million shares of the company worth $2.29 billion. NVIDIA Corporation (NASDAQ:NVDA) was a new addition to the hedge fund in Q1 2023. 

On May 18, Oppenheimer analyst Rick Schafer increased the price target for NVIDIA Corporation (NASDAQ:NVDA), raising it from $300 to $350, while maintaining an Outperform rating on the shares in anticipation of the Q1 results. The firm is optimistic about both the current financial report and future prospects. 

According to Insider Monkey’s first quarter database, 132 hedge funds were bullish on NVIDIA Corporation (NASDAQ:NVDA), compared to 106 funds in the prior quarter. Matrix Capital Management is a prominent stakeholder of the company, with a position worth $1.50 billion. 

Alger Spectra Fund made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2023 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA) is a leading supplier of graphics processing units (GPUs) for a variety of end markets, such as gaming, PCs, data centers, virtual reality and high-performance computing. The company is leading in most secular growth categories in computing, and especially artificial intelligence and super-computing parallel processing techniques for solving complex computational problems. Simply put. Nvidia’s computational power is a critical enabler of Al and therefore critical to Al adoption, in our view. As such, we believe Nvidia is a long-term high unit volume growth opportunity. During the period, NVIDIA reported fiscal fourth-quarter results that met expectations, as the company navigated. through an inventory correction associated with the broad macroeconomic slowdown. Moreover, management gave fiscal year earnings guidance that was better than analyst estimates. noting strong year-over-year growth in gaming and data centers. Management’s constructive assessment of 2023 prospects. coupled with the rapid rollout and adoption of generative Al offerings, led to positive share price performance.”

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