In this article, we discuss the 5 best stocks to buy now according to billionaire Cliff Asness. If you want to read about some more stocks in the Asness portfolio, go directly to 13 Best Stocks To Buy Now According To Billionaire Cliff Asness.
5. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)
Number of Hedge Fund Investors: 105
AQR Capital Management’s Stake: $721.26 million
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is a leading Taiwanese semiconductor manufacturing firm that specializes in producing chips for major entities such as NVIDIA Corporation (NASDAQ:NVDA). AQR Capital Management owned over 6.93 million shares of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) at the end of the fourth quarter of 2023, valued at $721.2 million, representing 1.35% of the portfolio.
Simon Coles at Barclays maintained an Overweight rating on shares of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) on January 19. The analyst also raised his price target on the stock from $110 to $125.
During the December quarter of 2023, 105 hedge funds held positions in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM). Fisher Asset Management emerged as the primary investor in the company, increasing its holdings to 31.079 million shares, valued at $3.23 billion.
4. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 293
AQR Capital Management’s Stake: $721.29 million
Amazon.com, Inc. (NASDAQ:AMZN), a prominent American multinational technology company, encompasses a diverse range of business interests, including e-commerce, cloud computing through Amazon Web Services (AWS), online advertising, digital streaming, and artificial intelligence. The company’s e-commerce platform is well-diversified, offering a wide range of products, including gourmet food, groceries, apparel, baby products, consumer electronics, beauty products, and more. AQR Capital Management owned over 4.74 million shares of Amazon.com, Inc. (NASDAQ:AMZN) as of the end of December 2023, valued at $721.2 million, representing 1.35% of its portfolio.
On November 10, Tigress Financial analyst Ivan Feinseth maintained a Buy rating on Amazon.com, Inc. (NASDAQ:AMZN) stock and raised the price target to $210 from $204, citing confidence in the firm’s ability to drive increasing profit and long-term shareholder value.
A total of 293 hedge funds tracked by Insider Monkey had stakes in Amazon.com Inc (NASDAQ:AMZN) as of the end of the fourth quarter of 2023.
3. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 173
AQR Capital Management’s Stake: $827.5 million
NVIDIA Corporation (NASDAQ:NVDA), an American multinational technology company headquartered in Delaware, is celebrated for its expertise in integrated circuit development. Its capabilities span a diverse range of devices, from electronic game consoles to personal computers (PCs). With its stock surging by over 230% in 2023, NVIDIA Corp (NASDAQ:NVDA) continues to achieve unprecedented highs, driven by its dominant position in the market for advanced AI chips. AQR Capital Management owned 1.67 million shares of NVIDIA Corporation (NASDAQ:NVDA) at the end of the fourth quarter of 2023, valued at $827.5 million, representing 1.55% of the portfolio.
Insider Monkey’s database of 933 hedge funds shows that 173 funds had stakes in NVIDIA Corp (NASDAQ:NVDA). The most notable stakeholder of NVIDIA Corp (NASDAQ:NVDA) was Rajiv Jain’s GQG Partners which owns a $6.8 billion stake.
2. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 302
AQR Capital Management’s Stake: $1.52 billion
Headquartered in Redmond, Washington, Microsoft Corporation (NASDAQ:MSFT) stands as a leading technology company renowned for its diverse range of products and services. These offerings encompass operating systems, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Cliff Asness owned over 4.06 million shares of Microsoft Corporation (NASDAQ:MSFT) at the end of December 2023, valued at $1.52 billion, representing 2.87% of the portfolio.
Microsoft Corporation (NASDAQ:MSFT) received acclaim from Wall Street following its December quarter results reported on January 31, which exceeded expectations. The positive reception suggests that the advantages the company is gaining from artificial intelligence are just beginning to emerge.
Insider Monkey’s database of 933 hedge funds updated for the fourth quarter of 2023 shows that 302 hedge funds had stakes in Microsoft Corp (NASDAQ:MSFT).
1. Apple Inc. (NASDAQ:AAPL)
Number of Hedge Fund Holders: 131
AQR Capital Management’s Stake: $1.55 billion
Apple Inc. (NASDAQ:AAPL) is a prominent tech giant and one of Cliff Asness’ top stock picks. Based in Cupertino, California, the company is renowned for its flagship iPhone, iPad, and Mac products. AQR Capital Management held 8.07 million shares of Apple Inc. (NASDAQ:AAPL) at the end of December 2023, valued at $1.55 billion, representing 2.92% of the fund’s portfolio.
According to Dan Ives of Wedbush, there’s a belief that Apple Inc. (NASDAQ:AAPL) could reach a $4 trillion market cap in 2024. The analyst is optimistic about Apple’s future, anticipating the company to enhance its artificial intelligence (AI) capabilities by introducing an AI app store next year, along with an expected boost in its services revenue.
As of the end of December 2023, Insider Monkey’s data showed that 131 out of the 933 hedge funds surveyed had bought and held shares of Apple Inc. (NASDAQ:AAPL). Berkshire Hathaway, led by Warren Buffett, remained the largest shareholder of Apple Inc. (NASDAQ:AAPL) in the fourth quarter.
Bireme Capital stated the following regarding Apple Inc. (NASDAQ:AAPL) in its fourth quarter 2023 investor letter:
“We also shorted Apple Inc. (NASDAQ:AAPL) in Q3. At our average price of around $190 per share, Apple traded at 30x peak earnings and a $2.8 trillion market cap. While Apple is indeed a magnificent company, this valuation is simply too rich for a business with a substantial cyclical component. The company is projected to grow revenue at a mere 4% rate between 2022 and 2026. We think the total return on Apple stock will be lower than the market, and especially our long positions, over the next few years.”
See also 10 Best Long-Term Tech Stocks To Buy and 12 Best Tech Stocks To Buy According to Billionaire Ken Griffin.
