5 Stocks to Buy Based on Michael Pausic’s Foxhaven Asset Management Portfolio

1. Meta Platforms, Inc. (NASDAQ:FB)

Foxhaven Asset Management’s Stake Value: $436.38 million

Percentage of Foxhaven Asset Management’s 13F Portfolio: 12.57%

Number of Hedge Fund Holders: 248

The parent company of Instagram, Facebook, WhatsApp, and other major social media platforms and the tech giant Meta Platforms, Inc. (NASDAQ:FB) takes the top spot in our top ten picks according to Michael Pausic’s Foxhaven Asset Management.

According to Foxhaven Asset Management’s third-quarter filings, the fund owns close to 1.29 million shares of Meta Platforms, Inc. (NASDAQ:FB) worth $436.38 million, which constitutes about 12.57% of the fund’s portfolio.

On October 26, Monness Crespi analyst Brian White cut the price target on Meta Platforms, Inc. (NASDAQ:FB) from $500 to $460 and kept a Buy rating. In a research note, the analyst said that the third quarter 2021 results of the company were “lackluster” and noted that the orchestration towards the fourth quarter lacked enthusiasm.

Jefferies Group posted their third-quarter 2021 investor letter and mentioned Meta Platforms, Inc. (NASDAQ:FB) in it. Here is what the letter said:

“While still early, FB is in the process of building the platforms that will ultimately support the development the Metaverse. We look at FB’s position through the lens of 4 current investment initiatives: 1) Oculus VR hardware, 2) Smart glasses, 3) Augmented Reality lenses, and 4) “Horizon Workrooms”

Oculus Virtual Reality hardware: Since acquiring Oculus in 2014 ($2B deal), FB has been focused on developing best-in-class hardware and complementary software & services to support VR experiences. The Oculus Quest 2 is FB’s newest VR headset; it retails at $299 and allows users to play games, try fitness classes, play sports, and watch concerts in virtual environments. Most importantly, Quest 2 is linked to users’ Facebook accounts, which means users can seamlessly connect with friends in virtual environments to play games or spend time together. We believe one of FB’s biggest differentiators in VR is its large array of non-gaming experiences that were designed for Oculus. For instance, users can explore extreme terrain in National Geographic Explore VR, join virtual fitness classes, or simulate being a chef. As FB’s hardware continues to improve and becomes less cumbersome, we would expect a flywheel of greater developer and user adoption of VR…” (Click here to see full text)

You can also take a look at George Soros Stock Portfolio: Top 10 Large-Cap Stock Picks and Top 10 Stocks to Invest in According to Alan Fournier’s Pennant Capital.

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