Rowan Street Capital LLC, an investment management firm, published its second-quarter 2022 investor letter – a copy of which can be downloaded here. Over many years, the fund concluded that its sole focus should be on identifying and partnering with visionary CEOs and the best entrepreneurs in the world, preferably in the earlier-to-mid stages of their careers. Rowan Street Capital believes in playing the long-term game with long-term people. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In its Q2 2022 investor letter, Rowan Street 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 $495.7 billion market capitalization. Meta Platforms, Inc. (NASDAQ:FB) delivered a -45.54% return since the beginning of the year, while its 12-month returns are down by -47.84%. The stock closed at $183.17 per share on July 21, 2022.
Here is what Rowan Street has to say about Meta Platforms, Inc. (NASDAQ:FB) in its Q2 2022 investor letter:
“Mark Zuckerberg, Founder and CEO of Meta
Mark does not need an introduction. We started buying Facebook shares back in 2018 when the stock was very depressed as Facebook was dealing with a long ‘dirty-laundry’ list of challenges. We were convinced that Facebook remains an extraordinary business with incredible moat (2.9B users), and they still have tons of opportunities to profitably reinvest their capital. We have been very impressed with how Zuck & Co. handled a long list of challenges over the past few years and managed to keep growing and innovating! There are not many CEOs in the world that are more committed to the long term vision of his company than Zuck. We encourage you to read his recent Founders Letter where Mark has outlined his vision (next chapter for the internet and next chapter for his company) – its hugely inspiring.”
Photo by Joshua Hoehne on Unsplash
Our calculations show that Meta Platforms, Inc. (NASDAQ:FB) ranks 4th on our list of the 30 Most Popular Stocks Among Hedge Funds. Meta Platforms, Inc. (NASDAQ:FB) was in 200 hedge fund portfolios at the end of the second quarter of 2022, compared to 224 funds in the previous quarter. Meta Platforms, Inc. (NASDAQ:FB) delivered a -2.61% return in the past 3 months.
In July 2022, we published an article that includes Meta Platforms, Inc. (NASDAQ:FB) in 10 Stocks Billionaire Tiger Cub Rob Citrone is Buying. 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.