Cooper Investors, an investment management firm, released its “Cooper Investors Global Equities Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 7.28% in the first quarter, compared to a 6.60% return for the benchmark MSCI ACWI. Strong idiosyncratic stock returns led the portfolio to outperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Cooper Investors Global Equities Fund highlighted stocks like Booking Holdings Inc. (NASDAQ:BKNG) in the first quarter 2023 investor letter. Headquartered in Norwalk, Connecticut, Booking Holdings Inc. (NASDAQ:BKNG) provides online travel and restaurant booking services. On May 24, 2023, Booking Holdings Inc. (NASDAQ:BKNG) stock closed at $2,625.83 per share. One-month return of Booking Holdings Inc. (NASDAQ:BKNG) was -0.52%, and its shares gained 18.20% of their value over the last 52 weeks. Booking Holdings Inc. (NASDAQ:BKNG) has a market capitalization of $96.982 billion.
Cooper Investors Global Equities Fund made the following comment about Booking Holdings Inc. (NASDAQ:BKNG) in its Q1 2023 investor letter:
“We have re-established an investment in Booking Holdings Inc. (NASDAQ:BKNG). Longer term investors in the fund may recall we owned this business pre-COVID, over a holding period with mixed success. One benefit of our process (following a focused watchlist of companies through their life cycle) means we sometimes get another bite of the cherry. While there are no guarantees in this business, the second period of ownership can be more rewarding – muscle memory and accumulated scar tissue around management behaviour, industry trends and Value Latency tend toward more discerning judgements of risk and opportunity.
As a reminder, BKNG is the world’s largest online travel agent, known for its key brand Booking.com. It is an exceptional business. BKNG plays the valuable role of aggregator in a fragmented travel market, particularly in travel accommodation. Customers tend to travel infrequently and often to new places hence the importance of BKNG’s wide selection and extensive consumer reviews. Accommodation providers on the other hand have high fixed costs but low variable ones, offering room nights that are perishable in nature. As a result they highly value BKNG’s demand generation capabilities…” (Click here to read the full text)
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Booking Holdings Inc. (NASDAQ:BKNG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 77 hedge fund portfolios held Booking Holdings Inc. (NASDAQ:BKNG) at the end of the first quarter 2023 which was 83 in the previous quarter.
We discussed Booking Holdings Inc. (NASDAQ:BKNG) in another article and shared the list of stocks to sell in 2023 according to billionaire Steve Cohen. In addition, please check out our hedge fund investor letters Q1 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.
