Weitz Investment Management, a firm that manages investments, has released its third quarter 2023 investor letter for the “Large Cap Equity Fund.” You can download a copy here. During the third quarter, the fund’s Institutional class showed a return of -1.74%, while the Russell 1000 index had a return of -3.15%. Year to date, the fund’s Institutional class has returned +17.04%, compared to the benchmark’s +13.01% return. You can also view the fund’s top 5 holdings to identify its best picks in 2023.Thank you for reading this post, don't forget to subscribe!
Weitz Investment Management Large Cap Equity Fund mentioned Meta Platforms, Inc. in its investor letter for the third quarter of 2023 (NASDAQ:META). Based in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a company that creates products to connect individuals. On November 10, 2023, the stock for Meta Platforms, Inc. (NASDAQ:META) closed at $328.77 per share. Over the past month, the stock of Meta Platforms, Inc. (NASDAQ:META) had a return of 4.47%, and its shares have gained 190.90% in value over the past 52 weeks. The market capitalization of Meta Platforms, Inc. (NASDAQ:META) is $844.893 billion.
Weitz Investment Management Large Cap Equity Fund provided comments on Meta Platforms, Inc. in its Q3 2023 investor letter. (NASDAQ: META) made the following statements:
“In terms of other contributors for the quarter, Alphabet, Inc., (GOOG) and Meta Platforms, Inc. (NASDAQ:META) added to their outstanding returns year-to-date. Meta Platforms and Alphabet have been the main performers this year. After significant drops in 2022, both stocks have recovered substantially due to a combination of strong fundamentals, disciplined operational performance, and improved market sentiment. Despite considerable attention and leverage, we believe both Alphabet and Meta are undervalued.”
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Meta Platforms, Inc. (NASDAQ:META) ranks fourth on our list of the 30 most favored stocks among hedge funds. According to our database, 225 hedge fund portfolios held shares of Meta Platforms, Inc. by the end of the second quarter. (NASDAQ:META), up from 220 in the previous quarter.
We have discussed Meta Platforms, Inc. in another article. (NASDAQ:META) and have presented Davis Funds’ perspectives on the company. Additionally, please visit our Hedge Fund Investor Letters Q3 2023 page for more investor letters from hedge funds and other major investors.
Disclosure: None. This article was initially published on Insider Monkey.