Broyhill Asset Management, a boutique investment firm, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The portfolio gained 1.3% net of fees and expenses in 2022 compared to a -18% return for the MSCI World Index. The portfolio compounded at 12.3% annually net of fees and expenses, since inception. In addition, check the fund’s top five holdings to know its best picks in 2022.
Broyhill Asset Management highlighted stocks like Meta Platforms, Inc. (NASDAQ:META) in the Q4 2022 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On March 17, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $195.61 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 13.15%, and its shares lost 7.51% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $531.31 billion.
Broyhill Asset Management made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its Q4 2022 investor letter:
“Shares of Meta Platforms, Inc. (NASDAQ:META) declined 66% for the twelve months ending December 2022. It literally pained me to write that sentence. But despite the stock’s horrendous performance, which was the worst of the (in)famous FANG gang, we take some comfort knowing that we had sold most of our position at significantly higher prices during the COVID-fueled rally of 2020-2021 and more comfort knowing that we added to the position at year-end, ahead of the stock’s 55% gain this year, through the first week of February. We initially resisted the urge to add to the position after the company’s disastrous third quarter earnings call, which sent shares down as much as 25% on the day. At the time, our internal recap of the report was straightforward: “Bottom line is that we need to see a clear shift in strategy for the market to value the shares closer to historical levels. This isn’t going to happen while META is lighting real cash on fire in the imaginary metaverse.” A couple of weeks later, we got the first hint of what has since been labeled Meta’s Year of Efficiency when Bloomberg reported, “Meta to Lay Off Thousands of Staff.” 2 We doubled our position that day.”
Photo by Timothy Hales Bennett 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, 194 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of the fourth quarter which was 177 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list of best augmented reality stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 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.