Jim Cramer and Billionaire Ken Fisher Love These 5 Stocks

4. Alphabet Inc. (NASDAQ:GOOG)

Value of Fisher Asset Management’s 13F Position: $5.11 billion (GOOGL)

Number of Hedge Fund Shareholders: 204 (GOOGL), 152 (GOOG)

The final four stocks on this list are also the top four holdings in Ken Fisher’s 13F portfolio as of June 30, beginning with Alphabet Inc. (NASDAQ:GOOG). Fisher’s been long the search engine behemoth since Q4 2007 and hundreds of other leading funds continue to hold on tightly to their GOOG or GOOGL shares. The company ranks as the most popular stock among hedge funds when factoring in the ownership of both classes of shares, and that smart money ownership has remained extremely steady for several quarters.

Given the regulatory uncertainty surrounding the company, Jim Cramer sounded a cautious note on Alphabet Inc. (NASDAQ:GOOG) back in July, suggesting investors trim their positions if the stock rose following the company’s late-July quarterly earnings report, which it did. Nonetheless, he declared it a buy just a few weeks later in August, saying the stock hadn’t really run up all that much despite the company’s “monster good” quarter.

The Wedgewood Partners Large Cap Focused Growth Fund believes Alphabet Inc. (NASDAQ:GOOG)’s AI prowess will boost the appeal of its platforms for both users and advertisers, as detailed in the fund’s second quarter 2023 investor letter:

“Alphabet Inc. (NASDAQ:GOOG) was also a top contributor to performance as revenues returned to year-over-year growth after a brief period of post-pandemic advertising spending digestion. The Company’s Cloud division also turned a small profit on a roughly $30 billion revenue run-rate. The Company’s internal engineering prowess should continue to drive longer hardware useful life and better profitability for this unit over time. Alphabet and its Google subsidiary have been pioneers in AI development, creating some of the most important software and hardware specifications and standards that developers rely on today. Alphabet should be able to continue to capitalize on its long-term AI investments by rolling out product improvements for users and advertisers featuring more automation that can deliver better returns.”