MercadoLibre (MELI) Continues its Positive Trend

Polen Capital, an investment management company, released its “Polen International Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy returned -7.52% and -7.80% gross and net of fees, respectively, in the third quarter underperforming the MSCI ACWI (ex-USA) index. Investors’ concerns about declining growth forecasts and the constraints that may impose business expansion across global markets may be reflected in third-quarter results. 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 third quarter 2023 investor letter. Headquartered in Montevideo, Uruguay, Mercadolibre, Inc. (NASDAQ:MELI) is an online commerce platform that operates through Mercado Libre Marketplace and Mercado Pago FinTech platform. On December 18, 2023, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $1,619.57 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was 8.30%, and its shares gained 84.90% of their value over the last 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $81.885 billion.

Polen International Growth Strategy made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its Q3 2023 investor letter:

“According to our research, MercadoLibre, Inc. (NASDAQ:MELI) continues to demonstrate all the signs of a strengthening e-commerce/fintech platform. In the most recent quarter, the company reported revenue growth of nearly 60% in local currency terms despite very difficult growth comparisons from the past two to three years. As we see it, nearly all key metrics for the company continue to trend very positively.”

A customer using their phone to access an online commerce platform.

MercadoLibre, Inc. (NASDAQ:MELI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 76 hedge fund portfolios held MercadoLibre, Inc. (NASDAQ:MELI) at the end of third quarter which was 77 in the previous quarter.

We discussed MercadoLibre, Inc. (NASDAQ:MELI) in another article and shared the list of best high-growth IT stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.