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Should You Retain Your Position in NVIDIA Corporation (NVDA)?

O’keefe Stevens Advisory, an investment advisory firm, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. 2022 was a challenging year for the market and portfolios due to interest rate hikes. At the end of 2022, ~37% of the fund’s assets were held by its top 5 holdings. You can check the top 5 holdings to know the fund’s best picks in 2022.

O’keefe Stevens Advisory highlighted stocks like NVIDIA Corporation (NASDAQ:NVDA) in the Q4 2022 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) is a provider of graphics, computing and networking solutions. On January 18, 2023, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $173.77 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was 13.29%, and its shares lost 28.05% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $433.035 billion.

O’keefe Stevens Advisory made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2022 investor letter:

“The market and our portfolios had a challenging year as interest rates rose, and deteriorating fundamentals cut our largest position, NVIDIA Corporation (NASDAQ:NVDA), in half. Since our initial purchase in 2013, NVDA has seen its stock decline 50% one other time, back in 2018. The best-performing businesses and stocks do not go up and to the right. Mr. Market gets moody, and even one of the highest quality companies in the world is not immune. Drawdowns of this magnitude are challenging to stomach, even though the stock is up 50x in less than ten years. While we consider ourselves old school value investors, we continue to hold this fantastic company even though, optically, it does not appear cheap. Our confidence in Jensen remains, and while gaming is no longer in hyper-growth mode, the Data Center segment continues to grow. AI, Automotive, and other small but rapidly growing industries are the next leg of the story. Chris Mayer discusses the position in greater detail with commentary from our CIO, Peter O'Keefe. Click here to read the article.”

Photo by Christian Wiediger on Unsplash

NVIDIA Corporation (NASDAQ:NVDA) is in 28th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 89 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of the third quarter, which was 84 in the previous quarter.

We discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared the best performing S&P 500 stocks in the last 5 years. In addition, please check out our hedge fund investor letters Q4 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.