Should You Hold Moody’s Corporation (MCO)?

Akre Capital Management, an investment management company, published the “Akre Focus Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter, the fund (Institutional share class) returned 8.62% compared to the S&P 500 Total Return’s 8.74% increase. In the second quarter, the focus shifted to Artificial intelligence (AI) which contributed to the broader market indices. The fund (the Institutional share class) returned 15.07% for the trailing 12-month period ending June 30, 2023, compared to the S&P 500 Total Return’s 19.59% gain. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Akre Focus Fund highlighted stocks like Moody’s Corporation (NYSE:MCO) in the second quarter 2023 investor letter. Headquartered in New York, New York, Moody’s Corporation (NYSE:MCO) is a risk assessment firm. On July 14, 2023, Moody’s Corporation (NYSE:MCO) stock closed at $353.15 per share. One-month return of Moody’s Corporation (NYSE:MCO) was 3.31%, and its shares gained 25.74% of their value over the last 52 weeks. Moody’s Corporation (NYSE:MCO) has a market capitalization of $64.803 billion.

Akre Focus Fund made the following comment about Moody’s Corporation (NYSE:MCO) in its second quarter 2023 investor letter:

“The Fund owns many businesses that stand to benefit enormously from A.I. Moody’s Corporation (NYSE:MCO) recently announced a new strategic partnership with Microsoft to leverage A.I. into its global risk assessment products and their development. The top five positive contributors to performance during the quarter were Moody’s, Mastercard, CoStar, Constellation Software, and Adobe.”

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Moody’s Corporation (NYSE:MCO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Moody’s Corporation (NYSE:MCO) at the end of the first quarter which was 55 in the previous quarter.

We discussed Moody’s Corporation (NYSE:MCO) in another article and shared the list of best stocks for the next 20 years. 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.