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 Microsoft Corporation (NASDAQ:MSFT) in its Q1 2024 investor letter. Headquartered in Redmond, Washington, Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops and supports software, services, devices, and solutions. On April 19, 2024, Microsoft Corporation (NASDAQ:MSFT) stock closed at $399.12 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was -5.61%, and its shares gained 41.65% of their value over the last 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $2.966 trillion.
Ithaka US Growth Strategy stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its first quarter 2024 investor letter:
“Microsoft Corporation (NASDAQ:MSFT) builds best-in-class platforms and provides services that help drive small business productivity, large business competitiveness, and public-sector efficiency. Microsoft’s products include operating systems, cross-device productivity applications, server applications, software development tools, video games, and business-solution applications. The company also designs, manufactures, and sells devices, including PCs, tablets, and gaming/entertainment consoles that all integrate with Azure, its cloud computing service. In the quarter Microsoft’s stock appreciated based on excitement surrounding the company’s positioning in the generative AI market and its ability to monetize the coming wave of corporate investment in supercomputing and AI, which will be through both Azure and Microsoft Copilot, the company’s new GenAI personal assistant.”
Image by Tawanda Razika from Pixabay
Microsoft Corporation (NASDAQ:MSFT) is in first position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Microsoft Corporation (NASDAQ:MSFT) was held by 302 hedge fund portfolios, down from 306 in the previous quarter, according to our database.
We previously discussed Microsoft Corporation (NASDAQ:MSFT) in another article, where we shared the list of most popular stocks on Robinhood in 2024. 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.
