Ensemble Capital Management, an investment management company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund saw exceptionally excellent absolute and relative performance in the fourth quarter. The fund was up 16.00% in the quarter while the S&P 500 appreciated 11.69%. The fund was up 21.75% for the full year vs the S&P 500 up 26.29%. The fund’s underperformance was due to its investment in First Republic, which the fund exited in March. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ensemble Capital Management featured stocks such as NIKE, Inc. (NYSE:NKE) in the fourth quarter 2023 investor letter. Headquartered in Beaverton, Oregon, NIKE, Inc. (NYSE:NKE) designs, develops, and markets athletic footwear, apparel, equipment, and accessories. On January 17, 2024, NIKE, Inc. (NYSE:NKE) stock closed at $100.82 per share. One-month return of NIKE, Inc. (NYSE:NKE) was -17.72%, and its shares lost 19.04% of their value over the last 52 weeks. NIKE, Inc. (NYSE:NKE) has a market capitalization of $152.754 billion.
Ensemble Capital Management stated the following regarding NIKE, Inc. (NYSE:NKE) in its fourth quarter 2023 investor letter:
“NIKE, Inc. (NYSE:NKE) (2.79% weight in the Fund): More speculatively, we believe that in the years ahead Nike will be able to use generative AI to allow their customers to craft custom shoe designs. Nike already offers Nike By You, their custom shoe design service. But one of the amazing things about generative AI is its ability to create entirely novel and realistic images based on very limited information entered by the user. For instance, today the DALL-E AI offered by OpenAI can be prompted with statements such as “create a Nike shoe design inspired by the work of the painter Van Gogh.” By empowering everyday people to create novel concepts based on their ideas alone and without any design expertise, Nike can create entirely new, premium products in a way never before seen.”
NIKE, Inc. (NYSE:NKE) is not our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held NIKE, Inc. (NYSE:NKE) at the end of third quarter which was 70 in the previous quarter.
We discussed NIKE, Inc. (NYSE:NKE) in another article and shared the list of best Dow 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.
