MercadoLibre (MELI) Stock Price “Taking a Breather” After Strong Performance

Polen Capital, an investment management company, released its “Polen International Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy returned 5.92% gross and 5.70% net of fees, respectively, in the second quarter compared to a 2.44% return for the MSCI ACWI (ex-USA). International stocks continued moving higher in the second quarter and they have risen by more than 20% since hitting lows in October 2022. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Polen International Growth Strategy highlighted stocks like MercadoLibre, Inc. (NASDAQ:MELI) in the second quarter 2023 investor letter. Headquartered in Montevideo, Uruguay, Mercadolibre, Inc. (NASDAQ:MELI) is an online Commerce platform that operates through Mercado Libre Marketplace and Mercado Pago FinTech platform. On August 16, 2023, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $1,247.44 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was 4.10%, and its shares gained 27.61% of their value over the last 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $62.631 billion.

Polen International Growth Strategy made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its second quarter 2023 investor letter:

“The top three detractors to performance on a relative basis during the second quarter were Teleperformance, Evolution AB, and MercadoLibre, Inc. (NASDAQ:MELI). The next two largest relative performance detractors during the second quarter were Evolution AB and MercadoLibre, respectively. Both businesses continue to perform well, and recent underperformance appears to be more a case of the stock prices “taking a breather” after very strong performance in the first quarter of this year.”

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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, 77 hedge fund portfolios held MercadoLibre, Inc. (NASDAQ:MELI) at the end of second quarter which was 85 in the previous quarter.

We discussed MercadoLibre, Inc. (NASDAQ:MELI) in another article and shared the list of stocks receiving price-target hike from Wall Street analysts. In addition, please check out our hedge fund investor letters Q2 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.