Harding Loevner, an asset management company, released its “Global Equity” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -20.63% net of fees compared to a return of -15.53% for the MSCI All Country World Index and a return of -16.05% for the MSCI World Index. Poor stocks among expensive, fast-growing companies that continued to see selling pressure affected the fund’s performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Harding Loevner discussed stocks like Meta Platforms, Inc. (NASDAQ:META) in the second quarter investor letter. Meta Platforms, Inc. (NASDAQ:META) is a technology conglomerate headquartered in Menlo Park, California. On September 26, 2022, Meta Platforms, Inc. (NASDAQ:META) stock closed at $136.37 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was -14.32% and its shares lost 61.43% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $366.501 billion.
Here is what Harding Loevner specifically said about Meta Platforms, Inc. (NASDAQ:META) in its Q2 2022 investor letter:
“Any discussion of Q2 underperformance is incomplete without addressing two FAANG stocks. We do not share the market’s concerns about growth prospects at Facebook, Meta Platforms, Inc. (NASDAQ:META)’s core social media platform. Yes, growth is moderating as the business matures. There is also work to be done on technical workarounds to repair the damage to earnings growth from privacy changes implemented by Apple that impair Facebook’s ad targeting to iPhone users. But Meta’s digital advertising model still generates an extremely attractive rate of return on investment for the merchants it serves. Once its Apple workarounds are complete, we expect growth through market share gains and addressable market expansion to resume. Despite all the hyped new initiatives and skirmishes with rivals, Facebook remains an immensely free cash flow-generative business with huge advantages in putting its cash to work developing direct consumer relationships and monetizing them through targeted advertising. CEO Mark Zuckerberg has noted on multiple occasions how the company’s returns from its significant investments in AI have been even higher than it expected, in terms of driving higher revenue and lower costs. We view Meta shares as a bargain today, trading at 15 times earnings after over US$10 billion in annual expenditures on its Metaverse investments.”
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Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 184 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of the second quarter which was 200 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared RiverPark Funds’ views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
