Palm Capital, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the portfolio increased by 24.3% after management fees & trading expenses compared to a 7.3% return for the MSCI World Index. Since its inception, five years ago, the fund has returned 5.9% per annum after management fees & expenses compared to a +5.5% return for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Palm 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 June 6, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $127.91 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 13.92%, and its shares gained 9.10% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.62 trillion.
Palm Capital made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q1 2023 investor letter:
“Last year, Generative AI came into its own with the launch of DALL-E, Midjourney, Stable Diffusion and then finally ChatGPT. ChatGPT caused the most hype – probably because it was the first time a layperson could use AI and see the results firsthand. It racked up one million users within five days of launch.
One of the early narratives around ChatGPT was how it would disrupt Google Search because it gave users direct answers that they didn’t have to dig for themselves. And if Google pivoted to this model and users didn’t have to click on links, there would be no way for them to monetise by selling ads. The narrative caught on when Microsoft announced its plans to integrate ChatGPT into its search engine, Bing…
We don’t think it’s easy to unseat Alphabet Inc. (NASDAQ:GOOG). We’ll explain why below.
There are three types of search queries on Google: a. navigational – finding a particular website, b. informational – learning about something, and c. transactional – intending to buy something…” (Click here to read the full text)
Photo by Firmbee.com 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, 155 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of first quarter 2023 which was 152 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of high-quality S&P 500 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.
