secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. If Warren Buffett’s hedge fund didn’t generate any outperformance (i.e. Warren Buffett took 25% of all returns in excess of 6 percent.įor example S&P 500 Index returned 43.4% in 1958. Back then they weren’t called hedge funds, they were called “partnerships”. He launched his hedge fund in 1956 with $105,100 in seed capital. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. However, given the massive YTD run and shares approaching our estimate of PMV, we pared our exposure during the quarter.” Furthermore, Zoom’s customer base (15 million) still represents a small fraction of the total addressable market for video conferencing (400 million), and the company is in the early days of cross-selling additional products and services (Zoom Phone, Zoom Chat, Zoom Rooms) into its large customer base. While Zoom will not sustain this extreme rate of growth much longer-we and the company expect elevated customer churn on the other side of the pandemic-there are many potential long-lasting behavioral changes from this crisis that rely on videoconferencing (telehealth, less business travel, online education, etc.). Notable new customers included Exxon Mobil, Activision Blizzard and Service Now. “Zoom’s enormous growth so far this year was on full display in Q2: 458% YoY growth in new customers (companies with >10 employees), 355% YoY revenue growth and a more than doubling in operating margins to 42%. Here’s what Artisan Global Discovery Fund stated: Zoom Video Communications (NASDAQ: ZM) is the largest stock holding of the computer-powered hedge fund.Īrtisan Global Discovery Fund, which posted a return of 11.79% for the 3rd quarter of 2020, highlighted few stocks including Zoom Video in an investor’s letter. Quant pioneer Renaissance Technologies, which manages $116 billion of assets under management and its 13F portfolio value stood above $100 billion at the end of the September quarter, seeks to diversify investments across several sectors.
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