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Why Is Alphabet (GOOG) a Lucrative Opportunity?

ClariVest Asset Management, LLC, an affiliate of Carillon Tower Advisers, Inc., released the “Carillon Clarivest Capital Appreciation Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The third quarter of 2023 began strongly in July, but the equity markets were unable to withstand the ongoing upward momentum in interest rates, and many indexes ended the quarter in the negative. When compared to the Russell 1000 Growth Index at the beginning of the quarter, the fund was most underweight in communication and consumer discretionary services and most overweight in the information technology and healthcare sectors. By the end of the quarter, the portfolio remained the most underweight consumer discretionary and consumer staples and most overweight information technology and healthcare. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Carillon Clarivest Capital Appreciation 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 7, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $138.45 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was 3.27%, and its shares gained 48.76% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.723 trillion.

Carillon Clarivest Capital Appreciation Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:

"Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, provides online advertising services worldwide. The company launched its chatbot in Europe and Brazil and said that the artificial intelligence tool can now be interacted with in more than 40 languages and includes new features such as the ability to use images in chat."

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, 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 Cliff Asness' top stock picks. 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.