Third Point Management, a New York-based investment advisor, released its first-quarter 2024 investor letter. A copy of the same can be downloaded here. The Third Point Offshore Fund returned 7.8% net in the first quarter compared to a 10.6% return for the S&P 500 INDEX (TR) and a 9.0% return for the MSCI WORLD INDEX (TR). The fund posted solid returns in the first quarter, driven by robust performance from large-cap tech companies and continued gain from Bath & Body Works and Vistra. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Third Point Management featured stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q1 2024 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) offers various platforms and services operates through Google Services, Google Cloud, and Other Bets segments. On May 13, 2024, Alphabet Inc. (NASDAQ:GOOG) stock closed at $170.90 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 9.55%, and its shares gained 42.31% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $2.1 trillion.
Third Point Management stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its first quarter 2024 investor letter:
“During Q1, the funds made a substantial investment in Alphabet Inc. (NASDAQ:GOOG) as the market worried about the impact of LLMs, personal assistants, and answer engines such as Perplexity AI on Google Search. We have owned Alphabet in the past and have long admired its exceptional business model and its proven ability to maintain a leading position across an array of preeminent products such as Search, Gmail, Android, GCP, and YouTube.
The concern that in an AI world, changes in the way consumers will eventually interact with their personal devices and with the internet can result in risks to Alphabet’s core business Search is not entirely unfounded. Alphabet, however, has both a substantial distribution and technology advantage over competitors and is positioned to use its AI capabilities to unify, enhance, and better monetize the entire suite of its products…” (Click here to read the full text)
A laptop and phone open to Google’s services in an everyday setting.
Alphabet Inc. (NASDAQ:GOOG) is in 7th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Alphabet Inc. (NASDAQ:GOOG) was held by 166 hedge fund portfolios, compared to 163 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of near-monopoly stocks in the US. According to the article published at Insider Monkey Alphabet Inc. (NASDAQ:GOOG) is one of the best investments for beginners in 2024.
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Disclosure: None. This article is originally published at Insider Monkey.
