Harding Loevner, an asset management company, released its “Global Equity Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy returned 8.02% net of fees compared to a 6.35% return for the MSCI All Country World Index and 7% for the MSCI World Index. Slowing inflation and a surge in optimism about the potential of AI boosted global equity markets. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Harding Loevner Global Equity Strategy 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 September 21, 2023, Microsoft Corporation (NASDAQ:MSFT) stock closed at $319.53 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was -1.07%, and its shares gained 34.30% of their value over the last 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $2.374 trillion.
Harding Loevner Global Equity Strategy made the following comment about Microsoft Corporation (NASDAQ:MSFT) in its Q2 2023 investor letter:
“Most notably, Microsoft Corporation (NASDAQ:MSFT) was able to gain an immediate leadership position in generative Al by making a US$10 billion investment in OpenAI, the company behind ChatGPT, earlier this year. Microsoft’s Bing search engine has since introduced ChatGPT into its web index data-a collection so large that it is rivaled by the dataset of only one other business in the world, Alphabet’s Google. Data are the feedstock of Al models, and an Al-enhanced search engine trained on so much data may attract more users to Bing, allowing Microsoft to sell more ads on the service. Microsoft is also adding generative Al to other products, including the Azure cloud service, enabling business customers who use Azure to easily integrate OpenAl models to glean more insights from their data and automate functions such as certain IT tasks. These added capabilities should motivate more businesses to migrate their data to the cloud and make Azure more competitive with Amazon.com’s AWS and Google Cloud.”
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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, 300 hedge fund portfolios held Microsoft Corporation (NASDAQ:MSFT) at the end of second quarter which was 289 in the previous quarter.
We discussed Microsoft Corporation (NASDAQ:MSFT) in another article and shared Artisan Global Opportunities Fund’s views on the fund. 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.
