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The sublime performances of Nvidia NVDA and Meta Platforms META stood out on the S&P 500 index as the best two equity gains of 2023.
The comeback of Big Tech was celebrated with a new name for the top stocks: The Magnificent Seven.
These so-called Mag7 stocks are: Nvidia, which gained nearly 240% in 2023 Meta, up nearly 200% Tesla TSLA , with gains of 112% Intel INTL , which added 90% Amazon AMZN , which gained 83% Alphabet GOOGL up 60% and Microsoft MSFT , which climbed 56%.
Mag7 gains in 2023 were responsible for a third of the total performance on the S&P 500 index, and on the SPDR S&P 500 ETF SPY , the exchange-traded fund that tracks the index. Both entities gained 25% during 2023.
But too much has already been written about these undoubted champions and, as the year closes, wed like to celebrate some of the performances that outshone even Nvidias. But well have to move outside the large caps and into the realm of the small caps where if you were savvy or lucky you mightve bagged gains over 1000%.Three 1,000% Winners And Crypto Gainers
Soleno Therapeutics SLNO , with a market cap of just $1.2 billion, is a relative minnow. But thanks to its discovery of a treatment for the rare genetic disorder Prader-Willi Syndrome its shares rocketed in September, leaving the company with an annual gain of 1908%.
Also Read: Magnificent 7 Widens Gap With Rest Of S&P 500, But That May Change In 2024
Carvana CVNA shares, meanwhile, started the year at $4.74 and, as it negotiated its continued existence with financial backers, buying itself more time, the shares jumped a remarkable 1079% taking the $11 billion market-cap car dealer to $55.89.Loading… Loading…
Further down the market-cap tree, Applied Optoelectronics AAOI gained 1064%, making it the best performer this year on the NASDAQ Composite index after increasingly positive results drove several analyst upgrades. The IT services companys strong links to artificial intelligence data processing was a major driver of its performance.
Several stocks with direct exposure to the fourth-quarter rally in cryptocurrencies were also strong performers over the year. These included Bitcoin miners Bit Digital BTBT , up 725% and Bitfarms BITF , which gained 670%.Outperforming ETFs
Thanks to the performance of cryptocurrencies, the Grayscale Bitcoin Cash Trust BCHC , an exchange-traded product that tracks the price of Bitcoin Cash, was the best-performing non-equity ETF, with an annual gain of 1178%, massively outperforming the price movement of Bitcoin Cash, which only managed a rally of 177%.
Not surprisingly, given the performances of the Mag7 stocks, exchange-traded funds that tracked growth stocks were the best equity ETF performers. They all managed to outperform the NASDAQ Composites 44.5% but were only able to broadly match the outstanding 54% seen on the slimmer NASDAQ 100 index.
The best performing was the Baron Fifth Avenue Growth Fund BFTIX , which gained nearly 60% over the year, while the Fidelity Blue Chip Growth ETF FBCG , which climbed 59%. Both ETFs contain the Mag7 stocks.
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