Ensemble Capital Management, an investment management company, has released its third quarter 2022 investor letter. A copy of it can be downloaded here. In the third quarter, the strategy outperformed its benchmark, the S&P 500, after three consecutive quarters. The strategy fell 2.6% compared to a 4.9% decline for the S&P 500 Index in the quarter. In addition, please review the fund’s top five holdings to find out its best picks in 2022.
Ensemble Capital discussed stocks like Alphabet Inc. (NASDAQ:GOOG) in its Q3 2022 investor letter. Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company headquartered in Mountain View, California. On October 17, 2022, Alphabet Inc. stock closed (NASDAQ:GOOG) at $100.78 per share. Alphabet Inc.’s one-month return. (NASDAQ:GOOG) is -1.03% and its shares have lost 29.93% of their value over the past 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.31 trillion.
Here’s what Ensemble Capital specifically said about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2022 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) (-12.2%): Although Google’s advertising business has been more robust than the overall online ad industry, second quarter results showed a slowdown in demand. After starting the year hiring at a 20% annualized growth rate, Google slowed hiring significantly as online advertising demand suddenly slowed.”
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Alphabet Inc. (NASDAQ:GOOG) is in the 6th position on our list of the 30 Most Popular Stocks in Hedge Funds. According to our database, 153 hedge fund portfolios hold Alphabet Inc. (NASDAQ:GOOG) at the end of the second quarter 160 in the previous quarter.
We discussed Alphabet Inc. (NASDAQ:GOOG) in another article and we shared the list of the 15 most valuable companies in history. In addition, please see 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 was originally published on Insider Monkey.