Here’s Why Artisan Developing World Fund Exited DLocal Limited (DLO)

Artisan Partners, an investment management company, released its “Artisan Developing World Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund (Investor Class) returned 1.91% compared to 0.90% for the MSCI Emerging Markets Index. The fund has returned 88.68% cumulatively since June 30, 2015, compared to a 23.33% return for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Artisan Developing World Fund highlighted stocks like DLocal Limited (NASDAQ:DLO) in the Q2 2023 investor letter. Headquartered in Montevideo, Uruguay, DLocal Limited (NASDAQ:DLO) is a payment processing platform. On July 10, 2023, DLocal Limited (NASDAQ:DLO) stock closed at $12.15 per share. One-month return of DLocal Limited (NASDAQ:DLO) was -5.37%, and its shares lost 53.20% of their value over the last 52 weeks. DLocal Limited (NASDAQ:DLO) has a market capitalization of $3.546 billion.

Artisan Developing World Fund made the following comment about DLocal Limited (NASDAQ:DLO) in its second quarter 2023 investor letter:

“In Q4, our recent investment in Latin American payments company DLocal Limited (NASDAQ:DLO) was confronted by a fraud accusation from a short seller. As we worked to substantiate the accusations, the challenging market backdrop persisted and opportunities in many of our stocks presented themselves, including in Latin America. Thus, a moment of below-average reinvestment risk emerged, and we were able to exit an increasingly challenged residual investment in Dlocal (65bps at $12.52). Dlocal has since struggled to recover from the allegations (-3.82% through June 30, 2023).”

DLocal Limited (NASDAQ:DLO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held DLocal Limited (NASDAQ:DLO) at the end of first quarter which was 22 in the previous quarter.

We discussed DLocal Limited (NASDAQ:DLO) in another article and shared Baron FinTech Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.