Lakehouse Capital, a Sydney-based investment manager, released its “Lakehouse Global Growth Fund” October 2023 investor letter. A copy of the same can be downloaded here. October was a busy month for the Fund with the team’s main attention on several portfolio businesses that released earnings. The Fund returned 0.7% net of fees and expenses for the month compared to -1.1% for its benchmark. Since its inception at the start of December 2017, the Fund has returned 102.7% compared to 67.8% for its benchmark’s, MSCI All Country World Index, Net Total Returns (AUD). In addition, please check the fund’s top five holdings to know its best picks in 2023.
Lakehouse Capital highlighted stocks like Visa Inc. (NYSE:V) in the October 2023 investor letter. Headquartered in San Francisco, California, Visa Inc. (NYSE:V) is a payment technology company. On January 2, 2024, Visa Inc. (NYSE:V) stock closed at $258.87 per share. One-month return of Visa Inc. (NYSE:V) was 1.80%, and its shares gained 21.76% of their value over the last 52 weeks. Visa Inc. (NYSE:V) has a market capitalization of $532.027 billion.
In its October 2023 investor letter, Lakehouse Capital stated the following regarding Visa Inc. (NYSE:V):
“Visa Inc. (NYSE:V) reported a strong result with net revenue increasing 11% year-on-year to $8.6 billion and non-GAAP earnings per share increasing by 21% to $2.33. As has been the case for many years now, the scalable nature of the business allows for revenue growth to outpace its costs, which places the company in a good position to navigate through this inflationary period. The network continues to grow, with credentials and merchant locations up 7% and 17%, respectively. Cross-border travel-related spend also maintained its robust growth, increasing 26% year-on-year while Visa Direct reported 7.5 billion transactions, up 19% yearon-year, progressing on penetrating categories such as cross-border remittances. Altogether, we’re pleased with how the business is tracking and remain positive on Visa’s outlook.”
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Visa Inc. (NYSE:V) is in sixth position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 167 hedge fund portfolios held Visa Inc. (NYSE:V) at the end of third quarter which was 171 in the previous quarter.
We discussed Visa Inc. (NYSE:V) in another article and shared the list of money-making stocks to invest in. In addition, please check out our hedge fund investor letters Q3 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.
