Saga Partners, an investment management firm, published its second-quarter 2022investor letter – a copy of which can be seen here. During the second quarter of 2022, the Saga Portfolio (“the Portfolio”) declined 56.3% net of fees. This compares to the overall decrease for the S&P 500 Index, including dividends, of 16.1%. The cumulative return since inception on January 1, 2017, for the Saga Portfolio, is -7.3% net of fees compared to the S&P 500 Index of 86.8%. The annualized return since inception for the Saga Portfolio is -1.4% net of fees compared to the S&P 500’s 12.0%. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, Saga Partners mentioned Meta Platforms, Inc. (NASDAQ:META) and explained its insights for the company. Founded in 2002, Meta Platforms, Inc. (NASDAQ:META) is a Menlo Park, California-based multinational technology conglomerate with a $411.5 billion market capitalization. Meta Platforms, Inc. (NASDAQ:META) delivered a -54.47% return since the beginning of the year, while its 12-month returns are down by -59.33%. The stock closed at $153.13 per share on September 13, 2022.
Here is what Saga Partners has to say about Meta Platforms, Inc. (NASDAQ:META) in its Q2 2022 investor letter:
“Meta (formerly known as Facebook, when I discuss the social media apps specifically, I’ll still refer to Facebook). The Portfolio first bought Meta in Q4’18. It was a controversial investment then and has continued to be to this day. The core mission of the company has been to make the world more open and connected. To do that, it needs to connect everyone in the world, which it largely has done with its nearly 3 billion monthly active users across its family of apps (Facebook, Instagram, and WhatsApp). That type of scale is hard to grasp and is getting pretty close to essentially every smartphone user outside of China and Russia.
From an investing perspective, there are questions surrounding Apple’s iOS App Tracking Transparency (ATT) changes that limit sharing user data across apps, investments in virtual reality (VR) and augmented reality (AR) i.e. the metaverse, and competitive threats surrounding the rise of TikTok. It seems like only yesterday (or last year) that one of the major risks of Facebook was that the company was too powerful, had too much influence on public opinion, and faced antitrust and regulatory concerns…” (Click here to see the full text)
Our calculations show that Meta Platforms, Inc. (NASDAQ:META) ranks 4th on our list of the 30 Most Popular Stocks Among Hedge Funds. Meta Platforms, Inc. (NASDAQ:META) was in 184 hedge fund portfolios at the end of the second quarter of 2022, compared to 200 funds in the previous quarter. Meta Platforms, Inc. (NASDAQ:META) delivered a -6.47% return in the past 3 months.
In September 2022, we also shared another hedge fund’s views on Meta Platforms, Inc. (NASDAQ:META) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.
Disclosure: None. This article is originally published at Insider Monkey.
