Deep Sail Capital, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 17.8% net of fees compared to a 2.7% return for the Russell 2000 Index and 9.1% for the Russell Small Cap Growth Index. The significant outperformance of the fund in the first quarter was driven by the strong performance of its top holdings. You can check the top 5 holdings of the fund to know its best picks in 2023.
Deep Sail Capital highlighted stocks like MercadoLibre, Inc. (NASDAQ:MELI) in the first quarter 2023 investor letter. Headquartered in Montevideo, Uruguay, Mercadolibre, Inc. (NASDAQ:MELI) is an eCommerce platform. On June 8, 2023, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $1,209.74 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was -5.46%, and its shares gained 74.90% of their value over the last 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $63.059 billion.
Deep Sail Capital made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its Q1 2023 investor letter:
“In the first quarter, the fund outperformed all our benchmarks by a significant margin. The main driver of our outperformance in Q1 was strong performance in our top holdings, MercadoLibre, Inc. (NASDAQ:MELI) and Atlas Engineering Products. In the first quarter, the long portfolio had several strong contributions from both our microcap and quality focus areas. Mercado Libre was up 46% in Q1 and has become our top holding, driven by strong revenue and earnings growth across their six business segments.
Mercado Libre is an internet, technology, and payments company that services Latin America. Mercado Libre went public in 2007. Since the IPO, the company has grown from an eBay-like clone geared towards Latin America to a full suite of e-commerce, shops, payments, and logistics. Mercado Libre is a unique company that might be best described as 1/3 Alipay, 1/3 eBay, and 1/3 Amazon of Latin America (Latam). Aside from that, Mercado Libre is essentially Latin America’s sole e-commerce and internet behemoth…” (Click here to read the full text)
MercadoLibre, Inc. (NASDAQ:MELI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 85 hedge fund portfolios held MercadoLibre, Inc. (NASDAQ:MELI) at the end of first quarter 2023 which was 75 in the previous quarter.
We discussed MercadoLibre, Inc. (NASDAQ:MELI) in another article and shared the list of e commerce stocks billionaires are loading up on. In addition, please check out our hedge fund investor letters Q1 2023 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.