Ensemble Capital Management, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy returned 3.48% in the first quarter compared to 7.50% for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ensemble Capital highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in the first quarter 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On April 20, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $105.90 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -0.15%, and its shares lost 11.47% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.35 trillion.
Ensemble Capital made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q1 2023 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) (+17.57%): Prior to the bank runs, we had planned for this letter to include an extended discussion of ChatGPT, the new artificial intelligence (AI) features available in Microsoft’s Bing search engine, and the threats and opportunities to Google of AI powered chatbots. We will revisit an in-depth discussion of this topic in a future letter, but we do want to comment on it briefly here.
If you step back and think about what is happening with AI, two things are clear. First, AI is not new. All sorts of services you use today are powered by AI. This is particularly true of Google’s existing services. In fact, Sundar Pichai’s first speech after assuming the role of CEO was about how the age of AI was arriving and why Google was an “A.I.-first” company. But with ChatGPT, OpenAI has absolutely launched an amazing tool in allowing everyday people to use natural language chat to interface with a highly advanced AI system…” (Please click here to read the full text)
Pixabay/Public Domain
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 the fourth quarter which was 156 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared Wedgewood Partners’ views on the company. 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.
