Mairs & Power, an investment advisor, released “Mairs & Power Growth Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 7.27% year-to-date compared to a 7.50% return for the S&P 500 index. The stock selection was positive in the quarter, but it was not enough to offset sector allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Growth Fund highlighted stocks like Microsoft Corporation (NASDAQ:MSFT) in the first quarter 2023 investor letter. Headquartered in Redmond, Washington, Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops, and licenses software, services, devices, and solutions. On June 13, 2023, Microsoft Corporation (NASDAQ:MSFT) stock closed at $334.29 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was 6.46%, and its shares gained 32.78% of their value over the last 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $2.486 trillion.
Mairs & Power Growth Fund made the following comment about Microsoft Corporation (NASDAQ:MSFT) in its first quarter 2023 investor letter:
“As we have mentioned in previous months, we have slowly reduced our underweight position in the Technology sector over the past several years, as we have added a number of names that fit our investment strategy. Many of the these investments had impressive returns in the quarter and our relative performance in the tech sector was a bright spot. Four out of our top 5 performing names in the quarter were either Technology or Technology-related names, including: NVIDIA (NVDA), Alphabet (GOOG), Littelfuse (LFUS), and Microsoft Corporation (NASDAQ:MSFT). The stocks all benefited from a positive shift in investor sentiment in the quarter toward growth stocks, reversing last year’s trend. NVIDIA, Alphabet, and Microsoft also all benefited from their exposure to artificial intelligence and the headlines garnered from the widespread launch of ChatGPT a large language model developed by Microsoft partner, OpenAI. In the current tight labor market, there is a lot of enthusiasm around the efficiency this technology could bring to many industries. Alphabet and Microsoft are working furiously to build it into their products and NVIDIA has benefited as it currently has the best hardware to train and run large AI algorithms.”
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Microsoft Corporation (NASDAQ:MSFT) holds the first position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 289 hedge fund portfolios held Microsoft Corporation (NASDAQ:MSFT) at the end of first quarter 2023 which was 259 in the previous quarter.
We discussed Microsoft Corporation (NASDAQ:MSFT) in another article and shared the list of most litigious companies in America. 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.
