Third Point Management, a New York-based investment advisor, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Third Point Offshore Fund returned -4.1% net in the first quarter compared to a 7.5% return for the S&P 500 INDEX (TR) and a 7.9% return for the MSCI WORLD INDEX (TR). In addition, please check the fund’s top five holdings to know its best picks in 2023.
Third Point Management highlighted stocks like Alphabet Inc. (NASDAQ:GOOGL) in the first quarter 2023 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOGL) is a multinational technology company. On May 30, 2023, Alphabet Inc. (NASDAQ:GOOGL) stock closed at $123.67 per share. One-month return of Alphabet Inc. (NASDAQ:GOOGL) was 17.32%, and its shares gained 8.59% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOGL) has a market capitalization of $1.575 trillion.
Third Point Management made the following comment about Alphabet Inc. (NASDAQ:GOOGL) in its Q1 2023 investor letter:
“Third Point initiated a position in Alphabet Inc. (NASDAQ:GOOGL) during the First Quarter. Fears around the potentially negative impact that AI and ChatGPT/MSFT may have on GOOGL’s business created a unique entry point into one of the best consumer internet assets and businesses of our generation.
While ChatGPT has unquestionably captured the general public’s attention (as well as several hundred million users), we believe the market underestimates GOOGL’s own capabilities and opportunities in the emerging field of generative AI. GOOGL has been a leader in the broad field of AI for years, with the company’s scientists pioneering several of the software and hardware innovations that underpin current advances, most notably the Transformer architecture in 2017 that served as a key building block for GPT-3. Fruits of these investments were visible at last week’s developer conference, Google I/O, where GOOGL previewed their latest large language model (LLM) and an impressive slate of AI- powered product improvements across their Search, Maps, Gmail, Workspace, and Cloud offerings. We believe these new products now put Google on the offensive in the dawning age of AI, allowing it to further grow consumer engagement with Search, make its Workspace products more competitive against Microsoft Office, and differentiate its Cloud offerings to accelerate share gains from AWS and Azure..." (Click here to read the full text)
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Alphabet Inc. (NASDAQ:GOOGL) is in 3rd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 204 hedge fund portfolios held Alphabet Inc. (NASDAQ:GOOGL) at the end of first quarter 2023 which was 209 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOGL) in another article and shared the list of best self-driving car stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.