First Eagle Investments is an independent, privately owned asset management firm dedicated to serving the needs of individuals and institutions worldwide as well as the financial professionals that advise them. Recently, the fund published its “First Eagle Investments Global Fund” second-quarter 2022 investor letter – a copy of which can be downloaded here. The fund believes that the return to the conditions that prevailed in the aftermath of the Covid-19 swoon—namely, moderate inflation and a very low cost of capital—may be further away than some may think. Global Fund A Shares (without sales charge) posted a return of -10.49% in the second quarter 2022. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, First Eagle Investments Global Fund mentioned Meta Platforms, Inc. (NASDAQ:FB) and explained its insights for the company. Founded in 2002, Meta Platforms, Inc. is a Menlo Park, California-based multinational technology conglomerate with a $444.4 billion market capitalization. Meta Platforms, Inc. delivered a -50.84% return since the beginning of the year, while its 12-month returns are down by -55.94%. The stock closed at $165.36 per share on September 02, 2022.
Here is what First Eagle Investments Global Fund has to say about Meta Platforms, Inc. in its Q2 2022 investor letter:
“Meta Platforms—the parent company of Facebook, Instagram, and WhatsApp, among others—traded lower during the quarter along with other technology stocks. Though it reported larger-than-expected growth in daily active users and in earnings for its most recent quarter, the stock continues to struggle with concerns that changes to the privacy policy on Apple’s mobile operating systems will hurt Meta’s core advertising business.
In addition, Meta’s price action of late suggest to us that investors are re-pricing the stock as a mature company more sensitive to macroeconomic conditions. We continue to like Facebook’s core business and ability to generate cash.”
Photo by Austin Distel on Unsplash
Our calculations show that Meta Platforms, Inc. ranks 4th on our list of the 30 Most Popular Stocks Among Hedge Funds. Meta Platforms, Inc. was in 184 hedge fund portfolios at the end of the second quarter of 2022, compared to 200 funds in the previous quarter. Meta Platforms, Inc. delivered a -16.85% return in the past 3 months.
In August 2022, we also shared another hedge fund’s views on Meta Platforms, Inc. in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.
Disclosure: None. This article is originally published at Insider Monkey.
