Artisan Partners, an investment management company, released its “Artisan Select Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Investor Class: ARTNX returned -4.77%, its Advisor Class: APDNX returned -4.77%, and Institutional Class: APHNX returned -4.71% compared to S&P 500 Index’s -3.27% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Select Equity Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q3 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On November 29, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $136.40 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 6.92%, and its shares gained 34.45% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.698 trillion.
Artisan Select Equity Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:
“Our best-performing stock this quarter was Alphabet Inc. (NASDAQ:GOOG), with a gain of 9%. The company reported solid Q2 results across most of its divisions. Importantly, improved operating margins led profits to grow faster than revenues. The company is showing more cost discipline, a trend we’re seeing in many technology-related companies. In addition to the solid results, Alphabet shares likely also benefited from a more sanguine view on the impact of artificial intelligence (AI). Alphabet suffered earlier this year as some investors believed Alphabet was behind the curve in AI and might lose its dominance in search to peers such as Microsoft. That fear seems to have receded. Our view has not changed, and we believe that Alphabet will integrate AI successfully into search and other areas of its business.”
Photo by Kai Wenzel on Unsplash
Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 163 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of third quarter which was 152 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of best growth stocks to buy according to George Soros. In addition, please check out our hedge fund investor letters Q3 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.