Here’s Why Stewart Asset Management Sold its Meta (FB) Stake

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.”

Photo by Austin Distel on Unsplash

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.