Do You Believe in the Long-Term Growth Potential of Amazon.com (AMZN)?

Investment management company Vulcan Value Partners recently released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all gained positive absolute returns in the second quarter. The fund’s Large Cap Composite returned 10.0% net of fees and expenses, the Small Cap Composite returned 4.4% net, the Focus Composite returned 11.1% net, the Focus Plus composite returned 10.6%, and the All-Cap Composite returned 6.0% net. You can check the top 5 holdings of the fund to know its best picks in 2023.

Vulcan Value Partners highlighted stocks like Amazon.com, Inc. (NASDAQ:AMZN) in the second quarter 2023 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On August 22, 2023, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $134.25 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 4.76%, and its shares gained 0.34% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.385 trillion.

Vulcan Value Partners made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its second quarter 2023 investor letter:

“There were four material contributors to performance: Amazon.com, Inc. (NASDAQ:AMZN), TransDigm Group Inc., CoStar Group, Inc., and Microsoft Corp.

We continue to be pleased with Amazon’s performance. Although AWS’s growth continues to slow, significant technology workloads remain on-premise and AWS’s new customer pipeline remains strong. We continue to be confident in our long-term assumptions for AWS, Advertising, and Retail.”

Amazon.com, Inc. (NASDAQ:AMZN) is in second position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 278 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of second quarter which was 243 in the previous quarter.

We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared the list of top stocks that Ken Fisher and corporate insiders are betting on. 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.