Giverny Capital Asset Management, LLC, an investment management company, recently published its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm’s model portfolio returned 16.26% (net) in the fourth quarter compared to an 11.69% return for the S&P 500 Total Return Index. The fund had an annual return of 29.07% compared to the 26.29% return for the Index during the same period. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Giverny Capital Asset Management featured stocks such as Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter 2023 investor letter. Headquartered in Tempe, Arizona, Align Technology, Inc. (NASDAQ:ALGN) designs and manufactures orthodontics, restorative, and aesthetic dentistry products. On February 5, 2024, Align Technology, Inc. (NASDAQ:ALGN) stock closed at $275.58 per share. One-month return of Align Technology, Inc. (NASDAQ:ALGN) was -0.70%, and its shares lost 20.14% of their value over the last 52 weeks. Align Technology, Inc. (NASDAQ:ALGN) has a market capitalization of $21.106 billion.
Giverny Capital Asset Management stated the following regarding Align Technology, Inc. (NASDAQ:ALGN) in its fourth quarter 2023 investor letter:
“After the sale of Markel in the fall, we used the proceeds to buy a 2% position in Align Technology, Inc. (NASDAQ:ALGN) in November and a 2% position in Kinsale Capital in early December. With Align, our basis is just below $190 and it finished the year at $274, for a very productive seven weeks of ownership.
I have been following Align off-and-on for more than a decade without making a meaningful amount of money for clients for doing so. Until now. Align is the inventor of Invisalign clear aligners, which allow orthodontists and dentists to straighten teeth without using wires and brackets. Millions of adults worldwide have opted to straighten their teeth with clear aligners. Increasingly, orthodontists can achieve the same results for teens using aligners as with braces.
This is important because the market for adults who’d like a better smile is large-but-discretionary. A 40- year old who has lived with crooked teeth for years can defer a $6,000 procedure indefinitely. On the other hand, many parents feel responsible for their children’s orthodontia and, as a result, some 15 million kids around the world get braces each year, including roughly 3.5 million in the US…” (Click here to read the full text)
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Align Technology, Inc. (NASDAQ:ALGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Align Technology, Inc. (NASDAQ:ALGN) at the end of third quarter which was 35 in the previous quarter.
We discussed Align Technology, Inc. (NASDAQ:ALGN) in another article and shared the list of best 3D printing stocks to invest in. In addition, please check out our hedge fund investor letters Q4 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.
