Top 5 Stock Picks of Teresa Barger’s Cartica Management

1. MercadoLibre, Inc. (NASDAQ:MELI)

Cartica Management’s Stake Value: $49,937,000
Percentage of Cartica Management’s Portfolio: 14.31%
Number of Hedge Fund Holders: 63

MercadoLibre, Inc. (NASDAQ:MELI), an Argentine firm with its headquarters in Buenos Aires and a U.S. incorporation, runs mercadolibre.com and other online markets for e-commerce and online auctions. David Blood and Al Gore’s Generation Investment Management held a notable stake in MercadoLibre, Inc. (NASDAQ:MELI) at the end of the first quarter of 2022, worth $525.19 million.

63 hedge funds were bullish on MercadoLibre, Inc. (NASDAQ:MELI) in the first quarter of 2022, down from 74 in the preceding quarter. In Q1, Ms. Barger lessened Cartica Management’s exposure to one of her top stock selections. As a result, the hedge fund shed 800 shares, or 2% of its stake, in MercadoLibre, Inc. (NASDAQ:MELI). The move followed an increase in Q4 when Cartica Management purchased an additional 3913 shares.

On July 6, New Street analyst Soomit Datta maintained a Buy rating on MercadoLibre, Inc. (NASDAQ:MELI) while reducing his price objective from $1,700 to $1,100. The analyst claimed that, following a generally stronger-than-expected Q1 for both Nu Holdings Ltd. (NYSE:NU) and MercadoLibre, Inc. (NASDAQ:MELI) in particular, the harsher cycle would likely catch up with the digital banks/wallets in Brazil more in Q2.

Here is what ClearBridge Investments had to say about MercadoLibre, Inc. (NASDAQ:MELI) in its Q1 2022 investor letter:

“Most of our selling over the last several quarters has occurred among emerging growth companies, where we have reduced our exposure to under 5% to better manage risk. Latin America e-commerce platform MercadoLibre (NASDAQ:MELI) has also experienced an unwind of COVID-19-induced demand while high inflation and high interest rates in Brazil create new headwinds for consumer purchasing power, which will likely mean slower sales of high-ticket items on the company’s platform and led to the sale of the position.”

You can also take a peek at Top 10 Stock Picks of Cannell Capital and Top 10 Stock Picks of James Morrow’s Callodine Capital Management.

Follow Insider Monkey on Twitter