Columbia Threadneedle Investments, an investment management company released its “Columbia Seligman Global Technology Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Equity markets rose in the third quarter with the large-cap Russell 1000 Index gaining 6.08%, raising its year-to-date return to 21.18%. The fund’s Institutional Class shares returned 1.00% in the quarter, compared to a 1.52% return for the MSCI World Information Technology Index-Net. In addition, you can check the fund’s top 5 holdings for its best picks for 2024.
Columbia Seligman Global Technology Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOG) in its Q3 2024 investor letter. Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, offers various platforms and services operating through Google Services, Google Cloud, and Other Bets segments. The one-month return of Alphabet Inc. (NASDAQ:GOOG) was -0.30%, and its shares gained 23.08% of their value over the last 52 weeks. On November 26, 2024, Alphabet Inc. (NASDAQ:GOOG) stock closed at $170.62 per share with a market capitalization of $2.078 trillion.
Columbia Seligman Global Technology Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its Q3 2024 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) shares moved lower during the quarter, as the company was a victim of the rotation out of the technology sector and artificial intelligence-focused companies. In August, a federal judge ruled that Google had violated antitrust laws by engaging in unfair business tactics to dominate the Internet search advertising market. The central aspect of the government’s case against Alphabet was that the company’s $20 billion in annual payments to Apple made Google the default search engine on iPhones. Our team remains bullish on Alphabet’s overall business model.”
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 31 Most Popular Stocks Among Hedge Funds. As per our database, 160 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the third quarter which was 165 in the previous quarter. While we acknowledge the potential of Alphabet Inc. (NASDAQ:GOOG) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Alphabet Inc. (NASDAQ:GOOG) and shared the list of AI news updates investors should not miss. Alphabet Inc. (NASDAQ:GOOG) detracted from Parnassus Core Equity Fund’s performance due to regulatory proceedings for alleged anticompetitive practices in its search business. In addition, please check out our hedge fund investor letters Q3 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.