Giverny Capital, an investment management company, recently published its third-quarter investor letter in 2022. A copy of the same can be downloaded here. In the third quarter, the fund’s performance was in line with the market, but it underperformed year-to-date. During the quarter, the fund fell by 4.64%, net of fees, compared to a 4.88% decline for the Standard & Poor’s 500 Index benchmark. Year-to-date, the portfolio returned -28.71%, net of fees, compared to a return of -23.87% for the S&P 500 Index. You can check the top 5 holdings of the fund to see its best picks for 2022.
Giverny Capital discussed stocks like Meta Platforms, Inc. (NASDAQ:META) in the Q3 2022 investor letter. Meta Platforms, Inc. (NASDAQ:META) is a technology conglomerate headquartered in Menlo Park, California. On October 18, 2022, Meta Platforms, Inc. (NASDAQ:META) stock closed at $132.80 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was -9.10% and its shares lost 60.94% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $356.907 billion.
Here is what Giverny Capital specifically said about Meta Platforms, Inc. (NASDAQ:META) in its Q3 2022 investor letter:
“Our worst performers for the year-to-date have been painful. Meta Platforms, Inc. (NASDAQ:META) is down roughly 60%, and Carmax, Eurofins Scientific, Coherent and Ciena have lost about half their value. I’m wearing a dunce cap for Meta, as the changes Apple made to privacy tracking severely impacted Meta’s effectiveness at targeting ads to the right consumers. However, despite being compared recently to AOL by one analyst, Meta continues to capture enormous amounts of consumer attention: roughly 2.9 billion people use one of its sites every day. I believe it has a very long runway on monetizing those eyeballs, especially outside North America. For all its problems with ad tracking, and despite heavy investment in the so called metaverse, Meta should earn about $10 per share in 2022 and more next year. The stock, at $136 on September 30, reflects pessimism that Meta will ever recover. We’re holding because we think that Meta has the resources to improve its advertising efficiency, and that it eventually will.”
Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 184 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of the second quarter which was 200 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list of 15 best countries to live in the future. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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