Here’s How Not Holding Apple (AAPL) Affected Mairs & Power Growth Fund

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Mairs & Power, an investment advisor, released the “Mairs & Power Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Mairs & Power Growth Fund beat the S&P 500 TR Index in 2023 and produced solid results. The fund returned 27.70% in 2023 compared to a 26.29% return for the index. Additionally, the Growth Fund beat its peer group according to the Morningstar Core Index, which increased by 22.13%. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Mairs & Power Growth Fund featured stocks such as Apple Inc. (NASDAQ:AAPL) in its Q4 2023 investor letter. Headquartered in Cupertino, California, Apple Inc. (NASDAQ:AAPL) is a multinational technology company that designs and manufactures smartphones, personal computers, tablets, wearables, and accessories. On February 12, 2024, Apple Inc. (NASDAQ:AAPL) stock closed at $187.15 per share. One-month return of Apple Inc. (NASDAQ:AAPL) was 0.66%, and its shares gained 21.64% of their value over the last 52 weeks. Apple Inc. (NASDAQ:AAPL) has a market capitalization of $2.89 trillion.

Mairs & Power Growth Fund stated the following regarding Apple Inc. (NASDAQ:AAPL) in its fourth quarter 2023 investor letter:

“The Fund’s relative performance was negatively impacted by what we didn’t own as well. In particular, not holding Apple Inc. (NASDAQ:AAPL) for most of the year cost the Fund more than 300bps (basis points) of performance. Apple may be the best-known company in the world and its seemingly ubiquitous iPhone holds a dominant share of the global cell phone market. Apple is even more dominant among Millennials and Gen Zers, which should lead to even greater market share as these cohorts age. This loyal user base should pay huge dividends for shareholders as Apple continues to monetize this ecosystem, especially as the company delves deeper into services, payments, and AI. We initiated a position in Apple during the fourth quarter and await a more attractive entry point to add to our position.”

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Apple Inc. (NASDAQ:AAPL) is in 10th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 134 hedge fund portfolios held Apple Inc. (NASDAQ:AAPL) at the end of third quarter which was 135 in the previous quarter.

We discussed Apple Inc. (NASDAQ:AAPL) in another article and shared the list of best metaverse stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.