Advanced Micro Devices (AMD) Stock Was Up 50% in Q1

White Falcon Capital Management, an investment fund manager, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund was up 12.36% compared to the S&P 500 (CAD), the MSCI All Country (CAD), and the S&P TSX’s returns of 7.17%, 5.78%, and 4.56%, respectively. The strong performance of the portfolio was due to exposure to the technology and precious metals sectors. In addition, please check the fund’s top five holdings to know its best picks in 2023.

White Falcon Capital Management highlighted stocks like Advanced Micro Devices, Inc. (NASDAQ:AMD) in the first quarter 2023 investor letter. Headquartered in Santa Clara, California, Advanced Micro Devices, Inc. (NASDAQ:AMD) is a semiconductor company. On April 25, 2023, Advanced Micro Devices, Inc. (NASDAQ:AMD) stock closed at $83.80 per share. One-month return of Advanced Micro Devices, Inc. (NASDAQ:AMD) was -12.79%, and its shares lost 1.31% of their value over the last 52 weeks. Advanced Micro Devices, Inc. (NASDAQ:AMD) has a market capitalization of $135.034 billion.

White Falcon Capital Management made the following comment about Advanced Micro Devices, Inc. (NASDAQ:AMD) in its Q1 2023 investor letter:

“Last quarter we added Advanced Micro Devices, Inc. (NASDAQ:AMD) to the portfolio at 18x earnings and quickly made it into a top 5 position. At that time, Mr. Market was worried about earnings revisions for semiconductor stocks. In Q1 2023, it has been one of our best performing positions with the stock up 50%! In just three months, the market realized that Artificial Intelligence (AI) and related technologies require a lot of semiconductors. Mr. Market really is manic depressive but this volatility can give the enterprising investor just enough of a window to pick stocks with attractive risk rewards.”

Advanced Micro Devices, Inc. (NASDAQ:AMD) is in 23rd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 97 hedge fund portfolios held Advanced Micro Devices, Inc. (NASDAQ:AMD) at the end of the fourth quarter which was 89 in the previous quarter.

We discussed Advanced Micro Devices, Inc. (NASDAQ:AMD) in another article and shared the list of largest cloud providers by revenue. 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.