Microsoft Corp. (MSFT) Outperformed in Q2 on Introducing AI-Powered Technologies

Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund’s Institutional Class returned +8.03% compared to an +8.39% return for the Russell 3000 Index. The Fund’s Institutional Class has returned +11.33% year-to-date compared to +16.17% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Weitz Partners III Opportunity Fund highlighted stocks like Microsoft Corporation (NASDAQ:MSFT) in the second quarter 2023 investor letter. Headquartered in Redmond, Washington, Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops, and licenses software, services, devices, and solutions. On August 7, 2023, Microsoft Corporation (NASDAQ:MSFT) stock closed at $330.11 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was -0.71%, and its shares gained 16.94% of their value over the last 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $2.455 trillion.

Weitz Partners III Opportunity Fund made the following comment about Microsoft Corporation (NASDAQ:MSFT) in its second quarter 2023 investor letter:

“The year-to-date’s top contributors Microsoft Corporation (NASDAQ:MSFT) and Google parent Alphabet, Inc. (GOOG) (also a top quarterly contributor) have generated an enormous volume of AI-centric headlines. Both are at the vanguard of introducing AI-powered technologies into consumer-facing products, most notably their respective search engines. We trimmed several of the year’s winners on strength, including Meta, Microsoft, Alphabet, CoStar Group, Inc. (CSGP), and CarMax.”

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Microsoft Corporation (NASDAQ:MSFT) holds the first position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 289 hedge fund portfolios held Microsoft Corporation (NASDAQ:MSFT) at the end of first quarter which was 259 in the previous quarter.

We discussed Microsoft Corporation (NASDAQ:MSFT) in another article and shared the list of most advanced AI companies. In addition, please check out our hedge fund investor letters Q2 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.