The Ithaka Group, an investment advisory firm, released “Ithaka US Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter, the strategy outperformed in a strong market, returning 16.1% (gross) compared to its benchmark the Russell 1000 Growth Index’s 12.8% gain. The outperformance of the fund was entirely contributed by stock selection, with a slight benefit from sector allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.
The Ithaka Group highlighted stocks like NVIDIA Corporation (NASDAQ:NVDA) in the second quarter 2023 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics processors, chipsets, and related multimedia software. On July 21, 2023, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $443.09 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was 9.05%, and its shares gained 160.27% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $1.094 trillion.
The Ithaka Group made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its second quarter 2023 investor letter:
“NVIDIA Corporation (NASDAQ:NVDA) is the market leader in visual computing through the production of high-performance graphics processing units (GPUs). The company targets four large and growing markets: Gaming, Professional Visualization, Data Center, and Automotive. NVIDIA’s products have the potential to lead and disrupt some of the most exciting areas of computing, including: data center acceleration, artificial intelligence (AI), machine learning, and autonomous driving. The reason for the stock’s appreciation in the quarter was twofold: First, the stock benefited from tremendous excitement surrounding the further development of generative AI and the likelihood this would necessitate the purchase of a large number of Nvidia’s products far into the future; Second, Nvidia posted a beat-and-raise quarter for the history books, where the company upped its F2Q24 revenue guidance above Street estimates by an astounding 50%, causing the stock to gap up ~25% on the announcement.”
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NVIDIA Corporation (NASDAQ:NVDA) is in 17th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 132 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of first quarter 2023 which was 106 in the previous quarter.
We discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared the list of best big tech stocks to buy. 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.
