Ensemble Capital Managementan investment management company, has published its third quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy declined 5.68% compared to the 3.27% decline of the S&P 500. The fund’s underperformance was driven by a large decline in two holdings that recently elected activist shareholders to the their edges Also, please check the top five holdings of the fund to know its best choices in 2023.
Ensemble Capital Management highlighted stocks like Booking Holdings Inc. (NASDAQ:BKNG) in the third quarter 2023 investor letter. Headquartered in Norwalk, Connecticut, Booking Holdings Inc. (NASDAQ: BKNG) provides online travel and restaurant booking services. On October 31, 2023, the shares of Booking Holdings Inc. (NASDAQ: BKNG ) closed at $2,789.56 per share. The one month income of Booking Holdings Inc. (NASDAQ: BKNG) was -8.43%, and its shares have gained 56.88% of their value in the last 52 weeks. Booking Holdings Inc. (NASDAQ: BKNG ) has a market capitalization of $99.566 billion.
Ensemble Capital Management made the following comment on Booking Holdings Inc. (NASDAQ: BKNG ) in its Q3 2023 investor letter:
“Booking Holdings Inc. (NASDAQ: BKNG) (+14.21%): Despite macroeconomic concerns and inflation eating away at the ability of global consumers to spend, families around the world continue to prioritize travel. While the so-called “revenge trips”, or increased travel expenses after being stuck indoors during COVID, has probably run its course, global hotel room nights have only recently returned to trends pre-covid. Since COVID has mostly stopped impacting travel, outside of Asia where China’s extended lockdown means a recovery is still underway, growth going forward is likely to be more modest. But during COVID, Booking went on the offensive and took market share. In particular, the company’s alternative accommodation offer has grown significantly and in recent quarters has grown faster than Airbnb.”
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Booking Holdings Inc. (NASDAQ: BKNG) is not on our list 30 Most Popular Stocks Among Hedge Funds. According to our database, 78 hedge fund portfolios hold Booking Holdings Inc. (NASDAQ: BKNG) at the end of the second quarter which was 77 in the previous quarter.
We previously discussed Booking Holdings Inc. (NASDAQ:BKNG) in another article and shared the list of the best travel stocks to buy. Also, please check out our Hedge Fund Investor Letters Q3 2023 page for more investor letters from hedge funds and other top investors.
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Disclosure: None. This article was originally published at Insider monkey.
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