SaltLight Capital, an investment management company, released its “SaltLight SNN Worldwide Flexible Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. This quarter’s activity was comparatively low for the fund while the portfolio firms are performing in line with expectations and, in several circumstances, much better than expected. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
SaltLight Capital highlighted stocks like MercadoLibre, Inc. (NASDAQ:MELI) in the third 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 November 17, 2023, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $1,448.00 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was 22.70%, and its shares gained 50.36% of their value over the last 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $73.21 billion.
SaltLight Capital made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its Q3 2023 investor letter:
“MercadoLibre, Inc. (NASDAQ:MELI) is the more established business, founded in 1999 during the Dot.com bubble by Marcos Galperin. Eight years later, it went public in 2007 at $17, and in the optimistic era for emerging markets, rose to $84 shortly after that. A year later, the GFC started and MELI collapsed from $84 to $8 (oh my!).
Despite violent bouts of volatility over the years, since listing, MELI has returned 81x capital invested. However, the accounting records have only demonstrated double-digit operating margins and worthy returns on capital in the last two years – twenty-four years since founding!
It’s worth noting that MELI has weathered many foreign invasions of competition, including incursions by the Imperious Amazon. It has survived and thrived despite Argentina’s challenging macroeconomic climate. One example: MELI leveraged its ecommerce network effects into FinTech services. In Argentina, over a fifth of the population, has a MELI high-interest account as a bulwark against inflation…” (Click here to read the full text)
An e-commerce platform displaying a wide range of products to customers online.
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 hedge funds and Wall Street analysts are crazy about. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 16 Most Profitable Penny Stocks Now
- Dividend Champions List Ranked By Yield: Top 30
- 25 Countries where Muslim Population will Increase the Most by 2050
Disclosure: None. This article is originally published at Insider Monkey.
