Investment management company Ave Maria recently released its “Ave Maria World Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -4.88% compared to the MSCI All Country World Index’s -3.40% return. Year-to-date the fund returned 9.62% compared to the 10.06% return for the index. You can check the top 5 holdings of the fund to know its best picks in 2023.
Ave Maria World Equity Fund highlighted stocks like StoneCo Ltd. (NASDAQ:STNE) in the third quarter 2023 investor letter. Headquartered in George Town, the Cayman Islands, StoneCo Ltd. (NASDAQ:STNE) provides financial technology and software solutions. On December 13, 2023, StoneCo Ltd. (NASDAQ:STNE) stock closed at $16.58 per share. One-month return of StoneCo Ltd. (NASDAQ:STNE) was 21.20%, and its shares gained 81.00% of their value over the last 52 weeks. StoneCo Ltd. (NASDAQ:STNE) has a market capitalization of $5.209 billion.
Ave Maria World Equity Fund made the following comment about StoneCo Ltd. (NASDAQ:STNE) in its Q3 2023 investor letter:
StoneCo Ltd. (NASDAQ:STNE) provides solutions that enable merchants and integrated partners to conduct electronic commerce seamlessly across in-store, online, and mobile channels in Brazil. StoneCo has faced near-term operational challenges because of the pandemic and high levels of inflation in Brazil. The company appears to be moving past these challenges and it appears that the successful integration of the newly acquired software business with its payments business will drive substantial shareholder value longer term.
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StoneCo Ltd. (NASDAQ:STNE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held StoneCo Ltd. (NASDAQ:STNE) at the end of third quarter which was 35 in the previous quarter.
We discussed StoneCo Ltd. (NASDAQ:STNE) in another article and shared Warren Buffett’s small-cap stock picks. In addition, please check out our hedge fund investor letters Q3 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.