Here’s How Meta Platforms (META) Managed to Outperform in Q1

Harding Loevner, an asset management company, released its “Global Equity Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy returned 6.25% net of fees compared to a 7.44% return for the MSCI All Country World Index and 7.88% for the MSCI World Index. Exposure to the banking sector detracted the relative and absolute performance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Harding Loevner Global Equity Strategy highlighted stocks like Meta Platforms, Inc. (NASDAQ:META) in the first quarter 2023 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On June 6, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $271.12 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 16.32%, and its shares gained 37.88% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $694.807 billion.

Harding Loevner Global Equity Strategy made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q1 2023 investor letter:

“The losses from SVB and First Republic were significantly mitigated, though not fully offset, by a rebound in shares of growth companies, which contributed to outperformance among our Communication Services and IT holdings. Our biggest relative contributor was Meta Platforms, Inc. (NASDAQ:META), the parent of Facebook, which pledged to boost efficiency through layoffs and a hiring freeze.”

Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 220 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of first quarter 2023 which was 194 in the previous quarter.

We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list of high-quality S&P 500 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.