Stewart Asset Management, an investment management firm, published its second-quarter 2022 investor letter – a copy of which can be downloaded here. In the second quarter of 2022, the Flagship portfolio declined 20.77%, net of fees. According to the fund, retrenchments are an ugly stalker in all markets, but, importantly, they create opportunities. Stewart Asset Management believes that a strong case can be made for their clients’ capital at least doubling over the next half-decade. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, Stewart Asset Management mentioned Meta Platforms, Inc. (NASDAQ:FB) and explained its insights for the company. Founded in 2004, Meta Platforms, Inc. (NASDAQ:FB) is a Menlo Park, California-based multinational technology conglomerate with a $430.7 billion market capitalization. Meta Platforms, Inc. (NASDAQ:FB) delivered a -52.68% return since the beginning of the year, while its 12-month returns are down by -56.73%. The stock closed at $159.15 per share on July 26, 2022.
Here is what Stewart Asset Management has to say about Meta Platforms, Inc. (NASDAQ:FB) in its Q2 2022 investor letter:
“We made a few changes in our Flagship portfolio over the past six months. We profitably sold two investments that we had owned for over five years, one is Meta (NASDAQ:FB). We were concerned about changes in how Meta can collect and use data and the implied slowdown in growth.”
Our calculations show that Meta Platforms, Inc. (NASDAQ:FB) ranks 4th on our list of the 30 Most Popular Stocks Among Hedge Funds. Meta Platforms, Inc. (NASDAQ:FB) was in 200 hedge fund portfolios at the end of the second quarter of 2022, compared to 224 funds in the previous quarter. Meta Platforms, Inc. (NASDAQ:FB) delivered a -12.05% return in the past 3 months.
In July 2022, we published an article that includes Meta Platforms, Inc. (NASDAQ:FB) in 10 Stocks Billionaire Tiger Cub Rob Citrone is Buying. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.
Disclosure: None. This article is originally published at Insider Monkey.