Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Institutional Class returned +3.06% compared to a +7.18% return for the Russell 3000 Index. The fund returned -15.80% for the fiscal year ended March 31, 2023, compared to a -8.58% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Weitz Partners III Opportunity Fund highlighted stocks like Meta Platforms, Inc. (NASDAQ:META) in the first 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 June 26, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $278.47 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 6.08%, and its shares gained 73.31% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $713.643 billion.
Weitz Partners III Opportunity Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its first quarter 2023 investor letter:
“Although the first quarter saw some respite from 2022’s declines, the Fund’s short positions against market indices remained the top contributors to fiscal year performance. Meta Platforms, Inc. (NASDAQ:META)’s “Year of Efficiency” (an initiative to restructure and improve financial performance) delivered a dramatic turnaround in its share price, recouping nearly all the losses from 2022. Delivering improved profitability in the near term is crucial, but we are encouraged for the long term by improving engagement trends and improved capabilities for advertisers in the aftermath of Apple’s iOS changes that damaged some of Meta’s ad targeting capabilities.”
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Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 220 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of first quarter 2023 which was 194 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list of AI stocks billionaires are loading up on. In addition, please check out our hedge fund investor letters Q1 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.
