Moon Capital Management, an investment management company, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. A year ago, a majority of the economists at 23 large financial institutions that conduct business with the Federal Reserve predicted an upcoming recession in the U.S. for 2023, indicating a challenging period ahead. Instead in 2023, the U.S. economy grew by over 3%, and the U.S. stock market had returns ranging from 14% to 24%. Moon Capital’s portfolio equaled the S&P 500’s 24% return. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Moon Capital featured stocks such as Meta Platforms, Inc. (NASDAQ:META) in the fourth quarter 2023 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On January 26, 2024, Meta Platforms, Inc. (NASDAQ:META) stock closed at $394.14 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 11.35%, and its shares gained 168.01% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $1.013 trillion.
Moon Capital stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its fourth quarter 2023 investor letter:
“Meta Platforms, Inc. (NASDAQ:META), holding company for Facebook, Instagram and other addictive social media properties) was another security that many deemed unownable in early 2023. Facebook earns massive amounts of advertising revenue, too much of which we believed the company was wasting on very expensive, non-core projects. Apparently, someone at Meta HQ finally agreed, as the company began exhibiting serious expense discipline, resulting in improved earnings – as well as a 194% return on the stock for the year.”
Photo by Alexander Shatov on Unsplash
Meta Platforms, Inc. (NASDAQ:META) is in third position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 234 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of third quarter which was 225 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared best tech stocks for the next 5 years. In addition, please check out our hedge fund investor letters Q4 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.
