The Ithaka Group, an investment advisory firm, released “Ithaka US Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter, the strategy outperformed in a strong market, returning 16.1% (gross) compared to its benchmark the Russell 1000 Growth Index’s 12.8% gain. The outperformance of the fund was entirely contributed by stock selection, with a slight benefit from sector allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.
The Ithaka Group highlighted stocks like MercadoLibre, Inc. (NASDAQ:MELI) in the second 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 July 21, 2023, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $1,221.03 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was 5.67%, and its shares gained 60.08% of their value over the last 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $61.305 billion.
The Ithaka Group made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its second quarter 2023 investor letter:
“MercadoLibre, Inc. (NASDAQ:MELI) is the leading e-commerce network/platform in Latin America, connecting merchants and consumers through its industry-leading brands and technology. In addition to its e-commerce prowess, MercadoLibre also owns the dominant regional digital payments platform, MercadoPago. MercadoPago has recently made huge strides in processing payments for off-platform transactions in addition to its longstanding stronghold processing payments for marketplace transactions. MercadoLibre continues to benefit from a flywheel effect, as each business under the company’s umbrella helps bring more users into its ecosystem, leading to more merchants offering more products, which in turn attracts more users. In the quarter MercadoLibre’s underperformance was likely due to overall weakness in the Financial Services sector, and more specifically weakness in the fintech subsector.”
MercadoLibre, Inc. (NASDAQ:MELI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 85 hedge fund portfolios held MercadoLibre, Inc. (NASDAQ:MELI) at the end of first quarter which was 75 in the previous quarter.
We discussed MercadoLibre, Inc. (NASDAQ:MELI) in another article and shared Artisan Developing World Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
