Here’s Why Oakmark Global Fund Sold Mastercard Incorporated (MA)

Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 10.5% compared to a 7.7% return for the MSCI World Index. The fund returned 9.3% since its inception compared to 5.4% for the index. In the first quarter, both the U.S. and non-U.S. portions of the portfolio contributed to the outperformance of the fund. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Oakmark Global Fund highlighted stocks like Mastercard Incorporated (NYSE:MA) in the first quarter 2023 investor letter. Headquartered in Purchase, New York, Mastercard Incorporated (NYSE:MA) is a payment technology company. On April 13, 2023, Mastercard Incorporated (NYSE:MA) stock closed at $369.65 per share. One-month return of Mastercard Incorporated (NYSE:MA) was 5.72%, and its shares gained 3.31% of their value over the last 52 weeks. Mastercard Incorporated (NYSE:MA) has a market capitalization of $352.366 billion.

Oakmark Global Fund made the following comment about Mastercard Incorporated (NYSE:MA) in its Q1 2023 investor letter:

“A brief discussion of Mastercard Incorporated (NYSE:MA) is also appropriate given we have held this company for nearly 13 years. It’s the 13th-largest contributor to performance for the Fund in our nearly 24-year history, but the largest in total dollars and percentage terms at nearly 1760%. While a terrific company, there were better priced alternatives in the quarter, so we sold our position. Our history with Mastercard fits the adage that all good things must come to an end.”

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Mastercard Incorporated (NYSE:MA) is in 7th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 139 hedge fund portfolios held Mastercard Incorporated (NYSE:MA) at the end of the fourth quarter which was 146 in the previous quarter.

We discussed Mastercard Incorporated (NYSE:MA) in another article and shared the list of best Warren Buffett stocks to buy according to hedge funds. 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.