Here’s Why Baron Opportunity Fund Trimmed Alphabet (GOOG)

Baron Funds, an investment management company, released its “Baron Opportunity Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund increased by 16.31% (Institutional Shares) outperforming the broader market including the Russell 3000 Growth Index and the S&P 500 Index, which gained 12.47% and 8.74% respectively. The Fund was up 37.21% year to date and 27.86% for the trailing 12 months, respectively, outperforming both indices. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Baron Opportunity Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in the second quarter 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On August 22, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $129.69 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 5.62%, and its shares gained 13.00% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.631 trillion.

Baron Opportunity Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its second quarter 2023 investor letter:

“We further trimmed Alphabet Inc. (NASDAQ:GOOG) along the lines of what we communicated last quarter–that ChatGPT and/or similar AI-based services present a hard-to-measure risk to Google’s virtual search monopoly.”

Photo by Kai Wenzel on Unsplash

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 second quarter which was 155 in the previous quarter.

We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of biggest augmented reality and VR companies in the world. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.