Lakehouse Capital, a Sydney-based investment manager, released its “Lakehouse Global Growth Fund” February 2023 investor letter. A copy of the same can be downloaded here. Despite ongoing economic uncertainty and rising bond yields over the month, the fund returned 1.3% net of fees and expenses compared to a 1.5% return for the MSCI All Country World Index benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Lakehouse Capital highlighted stocks like MercadoLibre, Inc. (NASDAQ:MELI) in February 2023 investor letter. Headquartered in Montevideo, Uruguay, Mercadolibre, Inc. (NASDAQ:MELI) is an eCommerce platform. On April 26, 2023, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $1,235.63 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was -2.46%, and its shares gained 18.81% of their value over the last 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $62.1 billion.
Lakehouse Capital made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its February 2023 investor letter:
“Despite ongoing macro concerns, Buenos Aires-based e-commerce leader MercadoLibre, Inc. (NASDAQ:MELI) delivered a strong result to finish off the year with an impressive balance of growth and profitability. The company reported record levels of operating income and margin expansion, all whilst maintaining 40%-plus top-line growth. Its marketplace business experienced double digit growth across all key markets – namely Brazil, Argentina and Mexico – and generated $9.6 billion in gross merchandise value, up 35% year-on-year. The platform’s key metrics remained healthy with market share gains across primary markets and unique buyers increasing 13% to its highest level ever of 46 million.
The company’s fintech business also continued to grow at a rapid clip, with total payment volume growing 45% year-on-year to US$36 billion. Unique active fintech users were up 27% to 44 million, driven by higher engagement across all regions, particularly Argentina and Mexico. Importantly, the company has invested heavily in their fintech solution, MercadoPago, over the last couple of years to build out the product stack, and in our view, is now well-positioned to become a leading financial services provider in the region. Overall, we remain strong supporters of the business and still believe it’s early days as the combination of relatively nascent penetration of ecommerce and a large underbanked population in Latin America provide an excellent foundation for future growth.”
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MercadoLibre, Inc. (NASDAQ:MELI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 75 hedge fund portfolios held MercadoLibre, Inc. (NASDAQ:MELI) at the end of the fourth quarter which was 81 in the previous quarter.
We discussed MercadoLibre, Inc. (NASDAQ:MELI) in another article and shared Artisan Developing World Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 2023 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.
