Meta Platforms (META) Was 76% up in Q1

Giverny Capital Asset Management, LLC, an investment management company, recently published its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The model portfolio of the firm appreciated 6.06%, net of fees in the first quarter compared to a 7.50% return for the Standard & Poor’s 500 Index. For the year ended March 31, 2023, the portfolio returned -10.62% compared to -7.73% for the benchmark, net of fees.  In addition, please check the fund’s top five holdings to know its best picks in 2023.

Giverny Capital 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 April 25, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $207.55 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 1.07%, and its shares gained 18.63% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $532.191 billion.

Giverny Capital made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q1 2023 investor letter:

“Meta Platforms, Inc. (NASDAQ:META) was our leading performer, up 76% for the quarter. I have written quite a bit about Meta in prior letters and I feel like I got the basics right: Meta never had an earnings or engagement problem so much as an expense management problem. Once founder and CEO Mark Zuckerberg announced layoffs and a new commitment to efficiency, the stock doubled in a few months.”

Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 194 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of the fourth quarter which was 177 in the previous quarter.

We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list of best metaverse stocks to invest in. 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.