MercadoLibre (MELI) Fell after US Election

Parnassus Investments, an investment management company, released the “Parnassus Growth Equity Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. In the fourth quarter, the Fund (Investor Shares) returned 4.85% (net of fees) underperforming the Russell 1000 Growth Index’s 7.07% gain. For the year, the fund returned 26.85% compared to Russell 1000 Growth’s 33.36% return. In addition, please check the fund’s top five holdings to know its best picks in 2024.

In its fourth quarter 2024 investor letter, Parnassus Growth Equity Fund emphasized stocks such as MercadoLibre, Inc. (NASDAQ:MELI). MercadoLibre, Inc. (NASDAQ:MELI) is an online commerce platform that operates Mercado Libre Marketplace and Mercado Pago FinTech platforms. The one-month return MercadoLibre, Inc. (NASDAQ:MELI) was -2.11%, and its shares gained 32.80% of their value over the last 52 weeks. On March 19, 2025, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $2,065.94 per share with a market capitalization of $104.738 billion.

Parnassus Growth Equity Fund stated the following regarding MercadoLibre, Inc. (NASDAQ:MELI) in its Q4 2024 investor letter:

“MercadoLibre, Inc. (NASDAQ:MELI), Latin America’s leading e-commerce and fintech platform, saw its shares decline in tandem with those of many other international companies after the U.S. election. Economic volatility in Argentina and Brazil also impacted both third-quarter earnings and future estimates.”

Is MercadoLibre, Inc. (MELI) The Best Fast Growth Stock To Buy Right Now?

A customer using their phone to access an online commerce platform.

MercadoLibre, Inc. (NASDAQ:MELI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 96 hedge fund portfolios held MercadoLibre, Inc. (NASDAQ:MELI) at the end of the fourth quarter which was 87 in the previous quarter. While we acknowledge the potential of MercadoLibre, Inc. (NASDAQ:MELI) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed MercadoLibre, Inc. (NASDAQ:MELI) and shared the list of best fintech stocks to buy according to Billionaires. In addition, please check out our hedge fund investor letters Q4 2024 page for more investor letters from hedge funds and other leading investors.

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