Investment management company First Pacific Advisors recently released its “The FPA Crescent Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund gained 7.52% and 20.27% in the trailing twelve months. In 2023, Crescent experienced a decrease in its net risk exposure from 74.6% to 70.1%. This decline was mainly attributed to securities that had less favorable risk/reward profiles. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The FPA Crescent Fund featured stocks such as Meta Platforms, Inc. (NASDAQ:META) in its Q4 2023 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On February 2, 2024, Meta Platforms, Inc. (NASDAQ:META) stock closed at $474.99 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was 32.43%, and its shares gained 155.29% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $1.211 trillion.
The FPA Crescent Fund stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its fourth quarter 2023 investor letter:
“Meta Platforms, Inc. (NASDAQ:META) saw a welcome recovery in engagement and revenue year-to-date following a tough 2022. The company has continued to offer new solutions that allow advertisers to target customers effectively and efficiently via one of the world’s leading digital platforms. Moreover, operating profits are rising due to an organization-wide focus on improving productivity and accelerating the time to market for new products. However, overall profitability continues to be weighed down by losses in the Reality Labs segment. But, there is positive optionality that Meta will emerge from the AI arms race as one of the leading players in the industry.”
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Meta Platforms, Inc. (NASDAQ:META) is in third position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 234 hedge fund portfolios held Meta Platforms, Inc. (NASDAQ:META) at the end of third quarter which was 225 in the previous quarter.
We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared Light Street Capital’s top stock picks. In addition, please check out our hedge fund investor letters Q4 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.