Should You Hold Alphabet (GOOG)?
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Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the fourth quarter, equity markets ended the year on a high note, with the S&P 500 achieving an 11.7% increase. This brought the full-year return to 26.3%. The Fund (Class Y) returned 18.0% for the year, but had a Q4 return of 11.9%, trailing the S&P 500. The fourth quarter's strength can be attributed to the yield curve's downward shift. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Sustainable Equity Fund featured stocks such as Alphabet Inc. (NASDAQ:GOOG) in the Q4 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On February 2, 2024, Alphabet Inc. (NASDAQ:GOOG) stock closed at $143.54 per share. The one-month return of Alphabet Inc. (NASDAQ:GOOG) was 4.48%, and its shares gained 36.42% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.777 trillion.
Madison Sustainable Equity Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its fourth quarter 2023 investor letter:
"Alphabet Inc. (NASDAQ:GOOG) was positive during the quarter but had a more modest gain in the fourth quarter following a strong third quarter and as a result, lagged the Technology sector more broadly. Alphabet’s third quarter included solid Search and You Tube results while Cloud growth was a bit softer, growing at 22% year-over-year. Google continues to incorporate AI in its core search businesses. It has been rolled out to a wide number of users across multiple geographies. We will continue to watch how Google adapts AI in its businesses and monitor cloud growth."
A laptop and phone open to Google's services in an everyday setting.
Alphabet Inc. (NASDAQ:GOOG) is in 7th 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 Light Street Capital's top stock picks. In addition, please check out our hedge fund investor letters Q4 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.