Light Street Capital Returned 46% in 2023: Top 5 Picks

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

Light Street Capital’s Equity Stake: $21 Million
Number of Hedge Fund Holders: 234

Meta Platforms, Inc. (NASDAQ:META) is a communication services company that offers an array of apps that connect people with family and friends. Meta Platforms, Inc. (NASDAQ:META) is best known for its Facebook app, which generates advertising revenues running into billions of dollars. It also owns and operates Instagram, another popular photo-sharing app.

Light Street Capital returned 46% in 2023 as Meta Platform fortunes improved in 2023, depicted by Meta Platforms, Inc. (NASDAQ:META) rallying by about 194%. The rally came at the back of increased spending on the company’s flagship networking apps. Nevertheless, the hedge fund reduced its holdings in the stock by 31% in Q3 2023 to $21 Million

234 out of the 910 hedge funds part of Insider Monkey’s database had bought Meta Platforms, Inc. (NASDAQ:META)’s shares as of the end of Q3 2023. In Q4 2023, ARK Investment Management was a prominent investor through its $109.50 million investment.

In its Q3 2023 investor letter, Weitz Investment Management, an asset management firm, mentioned Meta Platforms, Inc. (NASDAQ:META). Here is what the fund 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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