Artisan Partners, an investment management company, released its “Artisan Developing World Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Investor Class) returned 9.64% compared to 8.72% for the MSCI Emerging Markets Index. The Artisan Developing World Fund has returned 149.38% cumulatively, since June 30, 2015, compared to 50.92% for the index. During the quarter, the US labor market’s weakness interrupted the steady year-over-year inflation rate improvement, which paved the way for a 50bps interest rate cut from the Federal Reserve at its September policy meeting. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Developing World Fund highlighted stocks like MercadoLibre, Inc. (NASDAQ:MELI), in the third quarter 2024 investor letter. MercadoLibre, Inc. (NASDAQ:MELI) is an online commerce platform that operates Mercado Libre Marketplace and Mercado Pago FinTech platforms. The one-month return of MercadoLibre, Inc. (NASDAQ:MELI) was -1.31%, and its shares gained 58.38% of their value over the last 52 weeks. On October 4, 2024, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $1,960.00 per share with a market capitalization of $99.367 billion.
Artisan Developing World Fund stated the following regarding MercadoLibre, Inc. (NASDAQ:MELI) in its Q3 2024 investor letter:
“Top contributors to performance for the quarter included Latin American marketplace MercadoLibre, Inc. (NASDAQ:MELI). MercadoLibre reported an impressive acceleration in gross merchandise value (GMV) growth in its core Brazilian market, while acceleration in credit card lending and development of its digital advertising capabilities continued.”
A customer using their phone to access an online commerce platform.
MercadoLibre, Inc. (NASDAQ:MELI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 84 hedge fund portfolios held MercadoLibre, Inc. (NASDAQ:MELI) at the end of the second quarter which was 79 in the previous quarter. The consolidated revenue of MercadoLibre, Inc. (NASDAQ:MELI) in the second quarter reflects the robust performance of the it’s Commerce and Fintech operations, with revenues reaching $5.1 billion and growing over 40% year-on-year. While we acknowledge the potential of MercadoLibre, Inc. (NASDAQ:MELI) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed MercadoLibre, Inc. (NASDAQ:MELI) and shared the list of most promising fintech stocks to buy in detail. In addition, please check out our hedge fund investor letters Q3 2024 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.