Nvidia (NVDA) Massively Outperformed and was up 189.54% in Q2

25 Aug 2023

Yahoo Finance

Mairs & Power, an investment advisor, released “Mairs & Power Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market has risen 24% in the second quarter from its last fall. The fund also had a positive start to the year and was up 18.82% compared to a 16.89% increase for the S&P 500 TR Index and 13.39% for the peer group as measured by the Morningstar Large Blend category. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Mairs & Power Growth Fund highlighted stocks like NVIDIA Corporation (NASDAQ:NVDA) in the second quarter 2023 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics processors, chipsets, and related multimedia software. On August 23, 2023, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $471.16 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was 2.65%, and its shares gained 163.03% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $1.164 trillion.

Mairs & Power Growth Fund made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its second quarter 2023 investor letter:

"Regarding stock selection in the first half, NVIDIA Corporation (NASDAQ:NVDA) was a massive outperformer, up 189.54%. Amazon and Microsoft were also positive contributors, up 55.19% and 42.66%, respectively. All three stocks benefited from a renewed interest in growth stocks by investors in the first half of the year. Nvidia is the leading provider of processors used for artificial intelligence (AI) computation for both learning and inferencing, and its stock rallied significantly on a massive earnings report in the first quarter as cloud data center companies invested heavily in AI."

Photo by Christian Wiediger on Unsplash

NVIDIA Corporation (NASDAQ:NVDA) is in 17th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 175 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of second quarter which was 132 in the previous quarter.

We discussed NVIDIA Corporation (NASDAQ:NVDA) in another article and shared the list of biggest technology companies. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.