5 Best Stocks To Buy For A Weak US Dollar

1. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 191

Alphabet Inc. (NASDAQ:GOOGL) is the parent company of Google and several other smaller firms. Google runs the world’s most popular search engine and other services such as video streaming and email platforms.

A strong U.S. dollar shaved 5% off of Alphabet Inc. (NASDAQ:GOOGL)’s revenue by the end of this year’s third quarter, with the firm reporting $69 billion in net sales that ended up missing analyst estimates. Several of Google’s products are market leaders, with the search engine having 90% of the total share and Android commanding 42% of the smartphone market. Additionally, its Cloud segment is slated to grow at a 44% compounded annual growth rate over the next couple of years.

Alphabet Inc. (NASDAQ:GOOGL)’s cumulative revenues for this year’s first three quarters stood at $207 billion, and out of this, non-U.S. revenues represented 53% of the overall pie. Insider Monkey’s Q2 2022 survey of 895 hedge funds revealed that 191 had invested in the company.

Out of these, Chris Hohn’s TCI Fund Management is Alphabet Inc. (NASDAQ:GOOGL)’s largest investor. It owns a $5.4 billion stake courtesy of 2.4 million shares.

Bronte Capital mentioned the company in its Q3 2022 investor letter. Here is what the fund said:

Consensus longs—those stocks widely held and admired by fund managers—have recently underperformed the market. Consensus shorts have been bad shorts. We have over 500 shorts, of which a few are consensus, and we have noticed this effect. But we also own what we think is (alas) the most consensus long in this market: Alphabet Inc. (NASDAQ:GOOG). We find it hard to find any strong reason not to own it. Internet advertising is going from strength to strength and Google’s place in the market is mostly improving. Some of the other bets such as cloud services are beginning to pay off, and finally the CEO is expressing discipline on costs. (Per the consensus, the biggest problem with Google has been a lack of discipline on costs. Every time we look there are another 20 thousand employees.) Being a consensus long, it is down hard. We did say consensus longs are not going well…” (Click here to read the full text)

Disclosure: None. You can also take a look at 12 Best Food Stocks To Buy Now and 10 Best Cybersecurity Stocks To Buy Under $20.

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