Rondure Global Advisors, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. Rondure New World Strategy outperformed its benchmark in the first quarter by 116 bps. Industrials and Consumer Discretionary were the top contributors while Information Technology and Communication Services detracted from relative performance. On the other hand, Rondure Overseas Strategy underperformed the benchmark in the first quarter by 166 bps. Energy and Real Estate were the top contributors to relative performance while Consumer Staples and Consumer Discretionary sectors detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Rondure Global Advisors highlighted stocks MercadoLibre, Inc. (NASDAQ:MELI) in the first quarter 2023 investor letter. Headquartered in Montevideo, Uruguay, Mercadolibre, Inc. (NASDAQ:MELI) is an eCommerce platform. On June 8, 2023, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $1,209.74 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was -5.46%, and its shares gained 74.90% of their value over the last 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $62.983 billion.
Rondure Global Advisors made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its Q1 2023 investor letter:
“In terms of sectors, Industrials and Consumer Discretionary were the top contributors to relative performance while Information Technology and Communication Services were the largest detractors. MercadoLibre, Inc. (NASDAQ:MELI), the largest e-commerce and payment ecosystem in Latin America, was the main contributor to Consumer Discretionary outperformance. The company has significant room for growth as ecommerce and digital payment penetration rates improve. With respect to countries, Mexico, India, and Argentina were relative outperformers while South Korea, Taiwan, and Malaysia were relative underperformers. Argentina’s outperformance was a function of MercadoLibre.”
MercadoLibre, Inc. (NASDAQ:MELI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 85 hedge fund portfolios held MercadoLibre, Inc. (NASDAQ:MELI) at the end of first quarter 2023 which was 75 in the previous quarter.
We discussed MercadoLibre, Inc. (NASDAQ:MELI) in another article and shared the list of e commerce stocks billionaires are loading up on. In addition, please check out our hedge fund investor letters Q1 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.
