MercadoLibre (MELI) Stock Surged in the Third Quarter

Polen Capital, an investment management company, released its “Polen International Growth Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The portfolio returned -9.26% net of fees in the third quarter compared to -9.91% return for the MSCI ACWI (ex-US) Index. The portfolio’s outperformance in the quarter was driven by underweight exposure to the financials and industrials sectors and zero-weight exposure to materials sector. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Polen Capital discussed stocks like MercadoLibre, Inc. (NASDAQ:MELI) in the Q3 2022 investor letter. Headquartered in Montevideo, Uruguay, MercadoLibre, Inc. (NASDAQ:MELI) is an online commerce platform. On October 26, 2022, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $833.36 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was 0.44% and its shares lost 45.06% of their value over the last 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $41.95 billion.

Polen Capital made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its Q3 2022 investor letter:

MercadoLibre, Inc. (NASDAQ:MELI), a leading e-commerce marketplace and payments platform in Latin America, delivered better-than-expected results amidst a challenging backdrop. These results highlighted particularly robust results in their fintech segment, Mercado Pago, which surpassed $30 billion in total payment volume. Management has struck the right balance between being disciplined on margins given the macro backdrop, but also investing where appropriate as the company is in a much better financial position than many competitors, based on our research. We believe structural tailwinds like the transition to e-commerce and digital payments will continue to drive growth long term.”

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MercadoLibre, Inc. (NASDAQ:MELI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 68 hedge fund portfolios held MercadoLibre, Inc. (NASDAQ:MELI) at the end of the second quarter which was 63 in the previous quarter.

We discussed MercadoLibre, Inc. (NASDAQ:MELI) in another article and shared the best ecommerce stocks to buy. 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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Disclosure: None. This article is originally published at Insider Monkey.