Meta Platforms (META): The Top Contributor of Fundsmith Equity Fund

Fundsmith LLP, an investment management company based in London, released its “Fundsmith Equity Fund” 2023 yearly update. A copy of the same can be downloaded here. In 2023, the Fundsmith Equity Fund rose +12.4 compared to a 16.8% return for the MSCI World Index. In 2023, the Fund underperformed this comparable; however, a longer-term view may be helpful and is undoubtedly better in line with the firm’s investment goals and approach. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Fundsmith Equity Fund featured stocks such as Meta Platforms, Inc. (NASDAQ:META) in the 2023 annual investor letter. HHeadquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On January 18, 2024, Meta Platforms, Inc. (NASDAQ:META) stock closed at $376.13 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 6.43%, and its shares gained 169.88% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $966.601 billion.

Fundsmith Equity Fund stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its 2023 investor letter:

“Meta Platforms, Inc.’s (NASDAQ:META) (formerly Facebook) performance makes me wonder whether I should have a fund which invests solely in the one stock in our portfolio each year for which we have received the most critical comments. Meta makes its third appearance in this list of top contributors while Microsoft appears for the eighth time having attracted strident criticism when we started buying at about $25 a share in 2011 (2023 year end price $376).”

A team of developers working in unison to create the company’s messaging application.

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 the list of stocks with the biggest buybacks. 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.