The Ithaka Group, an investment advisory firm, released “Ithaka US Growth Strategy” first-quarter investor letter. A copy of the same can be downloaded here. In the quarter, the strategy returned 21.8% gross and 21.7% net compared to 14.4% for the Russell 1000 Growth Index. The outperformance of the fund was due to stock selection, with a very slight benefit from sector allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ithaka US Growth Strategy highlighted stocks like NVIDIA Corporation (NASDAQ:NVDA) in the first quarter 2023 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics processors, chipsets, and related multimedia software. On June 22, 2023, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $430.25 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was 10.47%, and its shares gained 151.23% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $1.063 trillion.
Ithaka US Growth Strategy made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its first quarter 2023 investor letter:
“NVIDIA Corporation (NASDAQ:NVDA) is the market leader in visual computing through the production of high-performance graphics processing units (GPUs). The company targets four large and growing markets: Gaming, Professional Visualization, Data Center, and Automotive. NVIDIA’s products have the potential to lead and disrupt some of the most exciting areas of computing, including: data center acceleration, artifi cial intelligence, machine learning, and autonomous driving. The stock’s appreciation in the quarter was twofold. First, the stock benefi ted from tremendous excitement surrounding the release of more advanced chatbots, specifi cally ChatGPT, and the likelihood this would necessitate the purchase of a large number of Nvidia’s products far into the future. Second, Nvidia posted a clean beat and raise quarter in mid-February, with investors becoming increasingly convinced the company and its suppliers are adequately working through the build up in channel inventories, which is reducing overall fears of ongoing inventory write-offs.”
![](https://imonkey-blog.imgix.net/blog/wp-content/uploads/2021/05/20042441/jose-g-ortega-castro-sKZ_qkgg8T0-unsplash-750x501.jpg?auto=fortmat&fit=clip&expires=1755993600&width=480&height=320)
jose-g-ortega-castro-sKZ_qkgg8T0-unsplash
NVIDIA Corporation (NASDAQ:NVDA) is in 17th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 132 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of first quarter 2023 which was 106 in the previous quarter.
We discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared the list of best NFT stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 30 Most Affordable Cities in America
- 15 Easiest Radiology Programs To Get Into
- 10 Best Cocktails for People Who Don’t Like Taste of Alcohol
Disclosure: None. This article is originally published at Insider Monkey.