The Ithaka Group, an investment advisory firm, released “Ithaka US Growth Strategy” first-quarter investor letter. A copy of the same can be downloaded here. In the quarter, the strategy returned 21.8% gross and 21.7% net compared to 14.4% for the Russell 1000 Growth Index. The outperformance of the fund was due to stock selection, with a very slight benefit from sector allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ithaka US Growth Strategy highlighted stocks like Intuitive Surgical, Inc. (NASDAQ:ISRG) in the first quarter 2023 investor letter. Headquartered in Sunnyvale, California, Intuitive Surgical, Inc. (NASDAQ:ISRG) manufactures and markets da Vinci Surgical System. On June 22, 2023, Intuitive Surgical, Inc. (NASDAQ:ISRG) stock closed at $327.61 per share. One-month return of Intuitive Surgical, Inc. (NASDAQ:ISRG) was 6.75%, and its shares gained 56.25% of their value over the last 52 weeks. Intuitive Surgical, Inc. (NASDAQ:ISRG) has a market capitalization of $114.796 billion.
Ithaka US Growth Strategy made the following comment about Intuitive Surgical, Inc. (NASDAQ:ISRG) in its first quarter 2023 investor letter:
“Intuitive Surgical, Inc. (NASDAQ:ISRG) is a medical device company that sells the da Vinci robotic surgical system. This system is primarily used for hysterectomy, prostatectomy, cholecystectomy, and hernia repair surgeries. The da Vinci systems are designed for minimally invasive surgery, which has the benefits of reduced pain, blood loss, and recovery time compared to traditional laparoscopic surgery. The company’s revenues are generated from three main areas: 1) system sales, 2) instruments & accessories (scalpels, cauterization instruments, graspers, etc.), and 3) maintenance, repair, training and support. The stock’s first quarter underperformance followed the company’s earnings release in late January, where despite delivering a healthy 18% y/y procedure growth, investors were disappointed by management’s commentary that: there will not be a new surgical system released in 2023, and for the second year in a row margins would experience some deterioration.”
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Intuitive Surgical, Inc. (NASDAQ:ISRG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Intuitive Surgical, Inc. (NASDAQ:ISRG) at the end of first quarter 2023 which was 70 in the previous quarter.
We discussed Intuitive Surgical, Inc. (NASDAQ:ISRG) in another article and shared the list of robotics stocks billionaires are loading up on. 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.
