Here Are This Elite Fund’s Top 5 Stock Picks

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

Percentage of Lone Pine Capital’s Stock Portfolio: 8.04%

Meta Platforms, Inc. (NASDAQ:META), previously called Facebook Inc., is a conglomerate that provides social networking platforms, advertising services, and business insight solutions.

In the third quarter, Stephen Mandel’s Lone Pine Capital initiated a position in Meta Platforms, Inc. (NASDAQ:META) stock with approximately 2.78 million shares worth over $834.314 million, covering 8.04% of the hedge fund’s investment portfolio.

On November 10, Meta Platforms, Inc. (NASDAQ:META) announced a partnership with Amazon.com, Inc. (NASDAQ:AMZN) that will allow users to purchase products directly from ads on Facebook and Instagram. The partnership is expected to benefit the corporation as it will drive more advertisers to the apps. 

Weitz Investment Management mentioned Meta Platforms, Inc. (NASDAQ:META) in its third-quarter 2023 investor letter. Here is what it said:

“As for other quarterly contributors, Alphabet, Inc., (GOOG) and Meta Platforms, Inc. (NASDAQ:META) added to their exceptional year-to-date returns. Meta Platforms and Alphabet were the true year-to-date standouts. After steep declines in 2022, both stocks rebounded sharply due to a combination of solid fundamentals, disciplined operational execution, and improved sentiment. Despite outsized gains and attention, we think both Alphabet and Meta remain undervalued.”

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