Here’s Why MercadoLibre (MELI) Became Polen Capital International Growth Strategy’s Significant Contributor

Polen Capital, an investment management company, released its “Polen International Growth Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy returned 13.85% net in the first quarter compared to a 6.87% return for the MSCI ACWI (ex-USA). Most of the companies the fund owns continue to deliver steady growth, and the portfolio outperformed its benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Polen International Growth Strategy highlighted stocks like 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 21, 2023, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $1,210.90 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was -3.12%, and its shares gained 73.32% of their value over the last 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $60.796 billion.

Polen International Growth Strategy made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its first quarter 2023 investor letter:

“The top three contributors to performance on a relative basis during the first quarter were Evolution AB, MercadoLibre, Inc. (NASDAQ:MELI), and Adidas. MercadoLibre, the online marketplace/fintech platform based in Latin America, reported better-than-expected results for its Q422. Also, the company’s newer growth catalysts such as its advertising business and its credit platform are having a more significant contribution to the company’s growth and profitability.”

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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 Lakehouse Global Growth Fund’s views on the company. 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.