Harding Loevner, an asset management company, released its “Global Equity Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy returned 8.02% net of fees compared to a 6.35% return for the MSCI All Country World Index and 7% for the MSCI World Index. Slowing inflation and a surge in optimism about the potential of AI boosted global equity markets. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Harding Loevner Global Equity Strategy highlighted stocks like Adobe Inc. (NASDAQ:ADBE) in the second quarter 2023 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a software company that operates through Digital Media, Digital Experience, and Publishing and Advertising segments. On September 21, 2023, Adobe Inc. (NASDAQ:ADBE) stock closed at $513.88 per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was -2.13%, and its shares gained 80.59% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $244.209 billion.
Harding Loevner Global Equity Strategy made the following comment about Adobe Inc. (NASDAQ:ADBE) in its Q2 2023 investor letter:
“Although the market initially feared that Adobe Inc. (NASDAQ:ADBE) would lose out to Al image-generating programs Dall-E, Midjourney, and Stable Diffusion, the design-software giant has since released its own generative Al model called Firefly. One feature of Firefly is that it can help designers generate ideas and create and manipulate images more quickly in Photoshop or Illustrator that can then be processed by other Adobe products for further development, fostering a seamless workflow. There’s more work involved when trying to manipulate images created by outside tools. Also, because Firefly is trained on Adobe’s vast inventory of stock images and other licensed content, it can generate professional-quality, commercially viable results, further setting it apart from generic models that are often trained on copyrighted content that isn’t properly licensed. These are just two examples of how Al enhances the Adobe suite, which should allow the company to raise subscription prices and upsell users.”
Photo by Jakob Owens on Unsplash
Adobe Inc. (NASDAQ:ADBE) is in 20th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 109 hedge fund portfolios held Adobe Inc. (NASDAQ:ADBE) at the end of second quarter which was 99 in the previous quarter.
We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared the list of best advertisement technology 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.
