Can Alphabet (GOOG) Still Bounce Back?
Bronte Capital, an investment management company, released its “Amalthea Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund lost 0.32% in the third quarter compared to a 0.17% gain for the MSCI ACWI (in $A). For September, the fund gained 6.68% compared to a 3.58% loss for the MSCI ACWI (in $A). In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
In the third quarter 2022 investor letter, Bronte Capital highlighted stocks like Alphabet Inc. (NASDAQ:GOOG). Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company headquartered in Mountain View, California. On October 25, 2022, Alphabet Inc. (NASDAQ:GOOG) stock closed at $104.93 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 4.16% and its shares lost 28.34% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.366 trillion.
Bronte Capital made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2022 investor letter:
Consensus longs—those stocks widely held and admired by fund managers—have recently underperformed the market. Consensus shorts have been bad shorts. We have over 500 shorts, of which a few are consensus, and we have noticed this effect. But we also own what we think is (alas) the most consensus long in this market: Alphabet Inc. (NASDAQ:GOOG). We find it hard to find any strong reason not to own it. Internet advertising is going from strength to strength and Google’s place in the market is mostly improving. Some of the other bets such as cloud services are beginning to pay off, and finally the CEO is expressing discipline on costs. (Per the consensus, the biggest problem with Google has been a lack of discipline on costs. Every time we look there are another 20 thousand employees.) Being a consensus long, it is down hard. We did say consensus longs are not going well…” (Click here to read the full text)
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Alphabet Inc. (NASDAQ:GOOG) is in 6th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 153 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOG) at the end of the second quarter which was 160 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and shared Ensemble Capital's views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.
