Rowan Street Capital is Optimistic and Confident in Meta Platforms (FB)

Rowan Street Capital LLC, an investment management firm, published its first-quarter 2022 investor letter – a copy of which can be seen here. The past two quarters have been difficult for all growth investors and certainly for Rowan Street partners. COVID reopening, inflation, the threat of a rapid increase in interest rates as well as the war going on in Europe all contributed to a very rapid market rotation out of growth stocks, which were the darlings of the 2020-21 time period. These types of rotations and corrections are normal and to be expected from time to time. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Rowan Street Capital mentioned Meta Platforms, Inc. (NASDAQ:FB) and explained its insights for the company. Founded in 2004, Meta Platforms, Inc. (NASDAQ:FB)  is a Menlo Park, California-based multinational technology conglomerate with a $572.1 billion market capitalization. Meta Platforms, Inc. (NASDAQ:FB) delivered a -37.34% return since the beginning of the year, while its 12-month returns are down by -30.36%. The stock closed at $210.77 per share on April 18, 2022.

Here is what Cooper Investors Rowan Street Capital has to say about Meta Platforms, Inc. (NASDAQ:FB) in its Q1 2022 investor letter:

“We are not traders, hedgers, market timers or “renters of stock.” We are strictly business owners and compounders of capital! And just like Mark Zuckerberg who has never sold when the stock of Facebook had declined by 25% or 50%+, and have always focused exclusively on the long term fundamentals of their respective businesses, you should expect us to do the same with our portfolio companies. We have owned Meta Platforms (NASDAQ:FB) in the portfolio since 2018, and are just as optimistic and confident in the long term prospects of the company despite the recent drop in stock price.”

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Our calculations show that Meta Platforms, Inc. (NASDAQ:FB) ranks 3rd on our list of the 30 Most Popular Stocks Among Hedge Funds. Meta Platforms, Inc. (NASDAQ:FB) was in 224 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 248 funds in the previous quarter. Meta Platforms, Inc. (NASDAQ:FB) delivered a -33.75% return in the past 3 months.

Earlier this month, we also share another hedge fund’s views on Meta Platforms, Inc. (NASDAQ:FB) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

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