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 NVIDIA Corporation (NASDAQ:NVDA) in the first quarter 2023 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics processors, chipsets, and related multimedia software. On June 13, 2023, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $410.22 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was 35.93%, and its shares gained 148.21% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $1.013 trillion.
Mairs & Power Growth Fund made the following comment about NVIDIA Corporation (NASDAQ:NVDA) 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 Corporation (NASDAQ:NVDA), Alphabet (GOOG), Littelfuse (LFUS), and Microsoft (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.”
Photo by Javier Esteban on Unsplash
NVIDIA Corporation (NASDAQ:NVDA) is in 17th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 132 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of first quarter 2023 which was 106 in the previous quarter.
We discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared the list of quantum computing stocks billionaires are purchasing. 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.