Investment advisory firm Ithaka Group released the “Ithaka US Growth Strategy” first-quarter 2024 investor letter. A copy of the same can be downloaded here. The correlation between bond yields and stock prices decoupled in the first quarter of 2024, as the Dow increased 5.6%, the S&P 500 increased 10.6%, and the Russell 1000 Growth increased 11.4%. In the first quarter, the portfolio outperformed and returned 14.9% (gross of fees) compared to the Russell 1000 Growth’s (R1G) 11.4% return. Stock Selection led the portfolio to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Ithaka US Growth Strategy featured stocks like NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2024 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics and computing and networking solutions. On April 19, 2024, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $762.00 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was -19.79%, and its shares gained 181.78% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $1.905 trillion.
Ithaka US Growth Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its first quarter 2024 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 (AI), machine learning, and autonomous driving. The reason for the stock’s appreciation in the quarter was twofold: First, the stock benefited from tremendous excitement surrounding the further development of generative AI and the likelihood this would necessitate the purchase of a large number of Nvidia’s products far into the future; Second, Nvidia posted another strong beat[1]and-raise quarter, where the company upped its F3Q24 revenue guidance above Street estimates, showcasing its dominant position in the buildout of tomorrow’s computing infrastructure.”
A close-up of a colorful high-end graphics card being plugged in to a gaming computer.
NVIDIA Corporation (NASDAQ:NVDA) is in fifth position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, NVIDIA Corporation (NASDAQ:NVDA) was held by 173 hedge fund portfolios, down from 180 in the previous quarter, according to our database.
We previously discussed NVIDIA Corporation (NASDAQ:NVDA) in another article, where we shared the list of hot growth stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 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.
