Is it a Good Time to Invest in Alphabet (GOOG)?
Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -5.23% net of fees compared to a -4.61% return for the Russell 1000 Index. Holdings in the technology and consumer discretionary sectors led to the underperformance of the strategy in the quarter. In contrast, stock selection in energy, consumer staples, and materials sectors positively contributed to the strategy’s performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Diamond Hill Capital discussed stocks like Alphabet Inc. (NASDAQ:GOOG) in the Q3 2022 investor letter. 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.
Diamond Hill Capital made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2022 investor letter:
"Also among our bottom contributors were health care products manufacturer Abbott Labs, global pharmaceutical company Pfizer, media and technology giant Alphabet Inc. (NASDAQ:GOOG), and insurance company American International Group (AIG).
Shares of Alphabet underperformed on concerns of a weakening macroeconomic environment. The company also reported weaker-than-expected earnings and revenue for Q2 2022. Longer-term, we expect Google’s search engine advertising, YouTube advertising and other initiatives to continue driving revenue growth and attractive margins."
Photo by Kai Wenzel on Unsplash
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.
