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What Makes NVIDIA Corporation (NVDA) a Strong Long-Term Bet?

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 NVIDIA Corporation (NASDAQ:NVDA) in the third quarter 2023 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics processors, chipsets, and related multimedia software. On December 7, 2023, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $465.96 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was -3.60%, and its shares gained 174.08% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $ 1.151 trillion.

Carillon Clarivest Capital Appreciation Fund made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2023 investor letter:

"During the third quarter of 2023, an underweight to real estate and an overweight to healthcare helped performance, while an overweight to information technology and an underweight to energy detracted. Stock selection was strong within information technology and consumer staples but was weak within financials and communication services. NVIDIA Corporation (NASDAQ:NVDA) designs, develops and markets 3D graphics processors and related software. The company also expanded its partnership with Google Cloud to advance AI computing, software and services."

A close-up of a colorful high-end graphics card being plugged in to a gaming computer.

NVIDIA Corporation (NASDAQ:NVDA) is in 17th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 180 hedge fund portfolios held NVIDIA Corporation (NASDAQ:NVDA) at the end of third quarter which was 175 in the previous quarter.

We discussed NVIDIA Corporation (NASDAQ:NVDA) 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.