Is Meta Platforms (FB) A Great Investment Choice?

Canterbury Tollgate, an investment management firm, published its third-quarter 2021 investor letter – a copy of which can be downloaded here. Like the rest of the market, the fund finished the third quarter on a rocky note. CTG Fluxion, LP ended the third quarter of 2021 down -2.72% for the quarter and up +8.83% YTD. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

Canterbury Tollgate, in its Q3 2021 investor letter, mentioned Meta Platforms, Inc. (NASDAQ: FB) and discussed its stance on the firm. Meta Platforms, Inc. is a Menlo Park, California-based multinational technology conglomerate holding company with a $930.4 billion market capitalization. FB delivered a 22.45% return since the beginning of the year, while its 12-month returns are up by 21.39%. The stock closed at $334.49 per share on December 13, 2021.

Here is what Canterbury Tollgate has to say about Meta Platforms, Inc.  in its Q3 2021 investor letter:

“To say traditional media is anti-Facebook would not be an overstatement. An already intense and multi-year critique of (or attack on) Facebook has ratcheted up in recent weeks. Facebook’s research efforts have been reported on, if often derided, for nearly a decade. Going back to 2014, Slate.com called their research practices “unethical” when FB tried to study the impact social posts had on users. Now those efforts have been turned against them for the kill shot.

My job is to observe, assess, and allocate. Not to commentate on all the whims and wishes of media narrative. However, in the case of Facebook I cannot avoid going into some detail re: the onslaught against them, which I find to be most unwarranted and insincere.

Last month the Wall Street Journal ran a five-piece series titled “The Facebook Files” which allegedly shows how toxic Instagram is for teens. The foundation of their argument was a single slide from an internal presentation claiming, based on FB’s own research, that of teens who had a negative self-image, one-third said Instagram “made them feel worse.”iii Somehow the implication here is that this is not an inescapable aspect of either the human psyche and/or society-atlarge, but that it is of Facebook’s doing…” (Click here to see the full text)

Photo by Austin Distel on Unsplash

Based on our calculations, Meta Platforms, Inc. (NASDAQ: FB) ranks 2nd in our list of the 30 Most Popular Stocks Among Hedge Funds. FB was in 248 hedge fund portfolios at the end of the third quarter of 2021, compared to 266 funds in the previous quarter. Meta Platforms, Inc. (NASDAQ: FB) delivered a -11.17% return in the past 3 months.

Last month, we also shared another hedge fund’s views on FB in another article. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q3 page.

Disclosure: None. This article is originally published at Insider Monkey.