Louis Navellier’s 2023 Portfolio: 5 Growth Stocks to Watch

Page 5 of 5

1. NVIDIA Corporation (NASDAQ:NVDA)

Stake Value of Navellier & Associates: $17,025,357

Number of Hedge Fund Holders: 132

NVIDIA Corporation (NASDAQ:NVDA) delivers solutions in the areas of graphics, computing, and networking. In Q1 2023, Louis Navellier’s hedge fund held 61,293 shares of NVIDIA Corporation (NASDAQ:NVDA) worth $17 million, representing 3.58% of the total 13F securities. 

On May 24, NVIDIA Corporation (NASDAQ:NVDA) declared a quarterly dividend of $0.04 per share, in line with previous. The dividend is distributable on June 30, to shareholders of record on June 8. 

According to Insider Monkey’s first quarter database, 132 hedge funds were long NVIDIA Corporation (NASDAQ:NVDA), compared to 106 funds in the prior quarter. Rajiv Jain’s GQG Partners is a significant position holder in the company, with 8.2 million shares worth $2.29 billion. 

Alger Spectra Fund made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2023 investor letter:

“NVIDIA Corporation (NASDAQ:NVDA) is a leading supplier of graphics processing units (GPUs) for a variety of end markets, such as gaming, PCs, data centers, virtual reality and high-performance computing. The company is leading in most secular growth categories in computing, and especially artificial intelligence and super-computing parallel processing techniques for solving complex computational problems. Simply put. Nvidia’s computational power is a critical enabler of Al and therefore critical to Al adoption, in our view. As such, we believe Nvidia is a long-term high unit volume growth opportunity. During the period, NVIDIA reported fiscal fourth-quarter results that met expectations, as the company navigated. through an inventory correction associated with the broad macroeconomic slowdown. Moreover, management gave fiscal year earnings guidance that was better than analyst estimates. noting strong year-over-year growth in gaming and data centers. Management’s constructive assessment of 2023 prospects. coupled with the rapid rollout and adoption of generative Al offerings, led to positive share price performance.”

Follow Nvidia Corp (NASDAQ:NVDA)

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out 14 Best Healthcare Dividend Stocks to Buy and 30 Colleges With the Highest Acceptance Rates

Page 5 of 5