Wedgewood Partners, an investment management company, released its “Wedgewood Partners Large Cap Focused Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, Wedgewood Composite’s net return was 8.1% compared to the Standard & Poor’s 8.7%, Russell 1000 Growth Index’s 12.8%, and Russell 1000 Value Index’s 4.1% return for the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wedgewood Partners Large Cap Focused Growth Fund highlighted stocks like Meta Platforms, Inc. (NASDAQ:META) in the second quarter 2023 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On July 19, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $316.01 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 10.93%, and its shares gained 72.52% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $813.577 billion.
Wedgewood Partners Large Cap Focused Growth Fund made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its second quarter 2023 investor letter:
“Meta Platforms, Inc. (NASDAQ:META) was the top contributor to performance during the quarter. The Company managed to grow adjusted expenses more in line with revenue growth, which helped re-establish managements credibility with investors with respect to future profitability and returns. The Company also guided to accelerated revenue growth as product investments are beginning to bear fruit relative to easier comparisons from a year ago. Meta has been at the forefront of investing in some of the most valuable artificial intelligence IP extant, particularly with its ranking and recommendation systems that are in use across its suite of user-facing products and advertiser-facing tools. Despite the recent frenzy of attention around “Gen-AI,” Meta has been researching and developing generative-AI tools for years, so we don’t expect to see a large ramp up in expenses around this phenomenon. Although we trimmed Meta as positions reached our maximum weighting, it ended the quarter as our largest holding.”
Photo by Alexander Shatov on Unsplash
Meta Platforms, Inc. (NASDAQ:META) is in 4th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 220 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of first quarter 2023 which was 194 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list of best big tech stocks to buy. 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.
