Artisan Partners, an investment management company, released its “Artisan Developing World Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund (Investor Class) returned 1.91% compared to 0.90% for the MSCI Emerging Markets Index. The fund has returned 88.68% cumulatively since June 30, 2015, compared to a 23.33% return for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Developing World Fund 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 July 10, 2023, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $1,087.15 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was -10.12%, and its shares gained 66.32% of their value over the last 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $54.583 billion.
Artisan Developing World Fund made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its second quarter 2023 investor letter:
“Bottom contributors to performance for the quarter included Latin American marketplace MercadoLibre, Inc. (NASDAQ:MELI). MercadoLibre was negatively impacted by investor concerns around a potential devaluation of the Argentine peso despite the natural hedge of its expense footprint in the country, and without regard to continued momentum in the company’s Brazilian and Mexican operations.”
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 which was 75 in the previous quarter.
We discussed MercadoLibre, Inc. (NASDAQ:MELI) in another article and shared the list of best stocks for long term growth. In addition, please check out our hedge fund investor letters Q2 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.