Jackson Peak Capital, an investment management firm, released its fourth quarter 2023 investor letter, a copy of which can be downloaded here. As of Q4 2023, the company has completed ten months of investing activities since its March 2023 launch. Jackson Peak had a great quarter with a net return of +9.9% and a gross return of +12.0%. Following the pattern seen in Q3, broad equities markets fell in October before pulling back sharply to rebound in November and December. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Jackson Peak Capital featured stocks like NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2023 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics processors, chipsets, and related multimedia software. On February 27, 2024, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $787.01 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was 25.37%, and its shares gained 238.99% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $1.968 trillion.
Jackson Peak Capital stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its fourth quarter 2023 investor letter:
“On the long side of the portfolio, a core theme we remain invested behind is the data center infrastructure buildout and AI chips arms race that we’ve discussed since our first letter in Q2. Some skepticism has crept into the market, and it’s understandable given the huge ramp in 2023. However, our research continues to suggest 2023 was the start of a multi-year platform shift. Value will accrue to varying segments of the AI value chain at different parts of the cycle. We continue to see value in the “boots on the ground” winners in the data center buildout (Vertiv, Modine Manufacturing, Celestica). Our positioning in AI semiconductor companies (NVIDIA Corporation (NASDAQ:NVDA) and AMD) has ebbed and flowed given we are cognizant (perhaps too much so) that these names are crowded positions across investor style types. We’ve done well in these chip stocks since inception and NVDA is currently a long, and we’re trying to “let winners run” while using sizing to risk manage these names due to the market-wide positioning bias in semiconductors.”
Photo by Javier Esteban on Unsplash
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 discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared the list of stocks Jim Cramer was right about. In addition, please check out our hedge fund investor letters Q4 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.
