Alphabet (GOOG) Outperformed Market Expectations
Diamond Hill Capital, an investment management company, released its “Long-Short Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The positive returns of the portfolio outperformed the Russell 1000 Index and the blended benchmark (60% Russell 1000 Index/40% Bloomberg US Treasury Bills 1-3 Month Index), both of which were negative in Q3. The short book trailed the index, providing a relative tailwind to performance. Long financial holdings were another source of relative strength. On the other hand, the fund’s long industrials and healthcare holdings were sources of relative weakness in Q3. In addition, you may look at the fund's top 5 holdings to learn about its best picks in 2023.
Diamond Hill Long-Short 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 December 20, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $139.66 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -0.26%, and its shares gained 58.24% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.739 trillion.
Diamond Hill Long-Short Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:
"On an individual holdings’ basis, top contributors to return in Q3 included long positions in KKR, Ciena Corporation and Alphabet. Shares of media and technology company Alphabet Inc. (NASDAQ:GOOG) rose in the quarter as its advertising and cloud businesses remain robust and the company delivered results ahead of market expectations. From a sector perspective, communication services also managed a positive Q3 (2%), riding the ongoing wave of positive mega-cap stocks’ performance, like Alphabet."
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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 the list of quantum computing stocks billionaires are piling into. 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.
