Alphabet (GOOG) Continued its Growth Trajectory in Q3

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. As measured by the S&P 500 Index, the markets were mixed in the third quarter. The fund returned -3.14% in the quarter compared to -3.27% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Sustainable Equity Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q3 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On October 24, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $140.12 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -3.18%, and its shares gained 34.24% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.588 trillion.

Madison Sustainable Equity Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:

“Alphabet Inc. (NASDAQ:GOOG) continued to act well during the third quarter. Google’s second quarter was better than expected and showed both ad stabilization as well as progress on its cost structure. We continue to like Google’s position in Artificial Intelligence (AI), which it has been investing in and using across its core Search business, YouTube, and its ad quality systems. Google’s Cloud business is also expected to benefit as businesses expand their use of generative AI.”

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Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 152 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of second quarter which was 155 in the previous quarter.

We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared George Soros’ net worth and top five holdings heading into 2024. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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