Claret Asset Management, an investment management firm, released its third quarter 2023 investor letter, a copy of which can be downloaded here. As indicated by the fund, following the second-best first half of the century, the market bulls faced challenges in the third quarter of 2023. The S&P 500 recorded a loss of 3.27% in the three months ending September 30th, 2023. Analysts attribute this downturn to the surge in interest rates stemming from the Federal Reserve’s measures to control inflation. The Canadian market fared slightly better, experiencing a loss of only 2.7% during the quarter. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Claret Asset Management mentioned Meta Platforms, Inc. (NASDAQ:META) and explained its insights for the company. Meta Platforms, Inc. (NASDAQ:META) is a Menlo Park, California-based multinational technology conglomerate with a $821.9 billion market capitalization. Meta Platforms, Inc. (NASDAQ:META) delivered a 164.49% return since the beginning of the year, while its 12-month returns are up by 178.91%. The stock closed at $318.29 per share on December 05, 2023.
Here is what Claret Asset Management has to say about Meta Platforms, Inc. (NASDAQ:META) in its Q3 2023 investor letter:
“We have mentioned in the last letter that the “magnificent seven”, including Meta Platforms Inc.,dominated the performance of the S&P 500. We might have left you with the feeling that we are bearish because we don’t find the Magnificent 7 attractive. Let us make it clear: we are just not so pessimistic as to believe there are only 7 growth opportunities in the entire global equity market. In fact, we are optimists and think opportunity is abundant. Just not in everyone’s current 7 favorite stocks.”
Photo by Joshua Hoehne on Unsplash
Our calculations show that Meta Platforms, Inc. (NASDAQ:META) ranks 3rd on our list of the 30 Most Popular Stocks Among Hedge Funds. We also mentioned Meta Platforms, Inc. (NASDAQ:META) in another article. Meta Platforms, Inc. (NASDAQ:META) was in 234 hedge fund portfolios at the end of the second quarter of 2023, compared to 225 funds in the previous quarter. Meta Platforms, Inc. (NASDAQ:META) delivered a 6.04% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
