Polen Capital, an investment management company, released its “Polen International Growth Strategy” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The strategy rose 3.25% (net of fees) in the third quarter compared to an 8.06% return for the MSCI ACWI (ex-USA) index. After a relatively peaceful first half of 2024, bouts of volatility from various sources hit international markets in Q3. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Polen International Growth Strategy highlighted stocks like MercadoLibre, Inc. (NASDAQ:MELI), in the third quarter 2024 investor letter. MercadoLibre, Inc. (NASDAQ:MELI) is an online commerce platform that operates Mercado Libre Marketplace and Mercado Pago FinTech platforms. The one-month return of MercadoLibre, Inc. (NASDAQ:MELI) was 12.03%, and its shares gained 24.92% of their value over the last 52 weeks. On December 4, 2024, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $1,987.43 per share with a market capitalization of $100.127 billion.
Polen International Growth Strategy stated the following regarding MercadoLibre, Inc. (NASDAQ:MELI) in its Q3 2024 investor letter:
“MercadoLibre, Inc. (NASDAQ:MELI) is Latin America’s largest ecommerce business and an increasingly important player in payments and credit lending Recent earnings results show acceleration in the underlying business despite a challenging macro environment. Management continues to execute very well, taking market share in ecommerce while expanding their offerings in fintech to their user base of over 150 million people. Earlier in 2024, we expected profit margins, which had expanded significantly in recent years, to contract slightly. We see ongoing product development and fulfillment capabilities investments as sound outlays to support longer-term growth.”
A customer using their phone to access an online commerce platform.
MercadoLibre, Inc. (NASDAQ:MELI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 87 hedge fund portfolios held MercadoLibre, Inc. (NASDAQ:MELI) at the end of the third quarter which was 84 in the previous quarter. MercadoLibre, Inc.’s (NASDAQ:MELI) net income rose by 11% year-over-year, reaching $397 million in the third 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 Alger Spectra Fund’s views on the company. MercadoLibre, Inc. (NASDAQ:MELI) contributed to Baron Fund’s performance in the third quarter. In addition, please check out our hedge fund investor letters Q3 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.