Palm Valley Capital Management, an investment management firm, released the “Palm Valley Capital Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, Palm Valley Capital Fund increased 1.04% compared to 2.46% and 5.69% gains for the S&P SmallCap 600 Index and the Morningstar Small Cap Index, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Palm Valley Capital Fund featured stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q1 2024 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On April 5, 2024, Alphabet Inc. (NASDAQ:GOOG) stock closed at $153.94 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 10.80%, and its shares gained 43.94% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.907 trillion.
Palm Valley Capital Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its first quarter 2024 investor letter:
“Governments have various irons in the fire for curbing (commandeering?) the power of tech titans, with the European Union rolling out the Digital Markets Act, the Federal Trade Commission suing Amazon for illegally using monopoly power, and the DOJ lawsuit against Alphabet Inc. (NASDAQ:GOOG)’s advertising business going to trial in September.
Furthermore, the dominant technology enterprises are not immune from shooting themselves in the foot. Google’s botched launch of its AI model, Gemini, shows the risk of having too much money. You lose discipline. A Pirate Wires exposé into the firm’s culture revealed that employees went to extreme lengths to intentionally degrade the quality of the AI engine’s output for ideological reasons. Try that as a small business! See how far you make it…” (Click here to read the full text)
A user’s hands typing a search query into a Google Search box, emphasizing the company’s search capabilities.
Alphabet Inc. (NASDAQ:GOOG) is in 7th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Alphabet Inc. (NASDAQ:GOOG) was held by 166 hedge fund portfolios, compared to 163 in the previous quarter, according to our database.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared the list of biggest internet companies in the US. 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.