Ensemble Capital Management, an investment management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy slightly outperformed with a gain of 8.76% compared to the S&P 500’s 8.74% gain. The strategy’s performance in the quarter was driven by big gains generated by small companies in the portfolio. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ensemble Capital Management highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in the second quarter 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On July 27, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $129.87 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 7.36%, and its shares gained 11.34% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.647 trillion.
Ensemble Capital Management made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its second quarter 2023 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) (+15.4%): After persistent worries earlier in the year about the impact of AI, Google rode a tailwind of AI enthusiasm in the quarter as indications emerged that Google Search had not lost any market share despite a revamped Bing search engine powered by ChatGPT.
Anyone who has been paying attention to the news this year has heard about ChatGPT and the seemingly overnight explosion of interest in artificial intelligence. But like many seemingly overnight successes, AI has been decades in the making.
For instance, the so called Turing Test, long thought of as the test of a machine’s ability to exhibit human level intelligence, was introduced nearly 75 years ago in 1950. It has been 25 years, a quarter of a century, since IBM’s Deep Blue computer beat the human world chess champion Garry Kasparov. And it has been over seven years since Sundar Pichai became the CEO of Google and announced in his first speech that Google was now an A.I.-first company…” (Click here to read the full text)
Photo by Kai Wenzel on Unsplash
Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 155 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of first quarter which was 152 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of safe stocks to invest in. In addition, please check out our hedge fund investor letters Q2 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.
