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Why Is MercadoLibre (MELI) a Lucrative Investment Opportunity?

Baron Funds, an investment management company, released its “Baron Fifth Avenue Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund fell 3.5% (Institutional Shares) in the third quarter compared to a 3.1% loss for the Russell 1000 Growth Index and a 3.3% decline for the S&P 500 Index. Year-to-date, the fund is up 34.0% compared to 25.0% and 13.1% gains, respectively, for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Baron Fifth Avenue Growth Fund highlighted stocks like MercadoLibre, Inc. (NASDAQ:MELI) in the third quarter 2023 investor letter. Headquartered in Montevideo, Uruguay, Mercadolibre, Inc. (NASDAQ:MELI) is an online Commerce platform that operates through Mercado Libre Marketplace and Mercado Pago FinTech platform. On December 1, 2023, MercadoLibre, Inc. (NASDAQ:MELI) stock closed at $1,652.01 per share. One-month return of MercadoLibre, Inc. (NASDAQ:MELI) was 20.17%, and its shares gained 87.32% of their value over the last 52 weeks. MercadoLibre, Inc. (NASDAQ:MELI) has a market capitalization of $83.548 billion.

Baron Fifth Avenue Growth Fund made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its Q3 2023 investor letter:

"Another name we added to during the quarter was the Latin-American e-commerce platform, MercadoLibre, Inc. (NASDAQ:MELI). The company continues to execute at the highest level, reporting second quarter revenue growth of 57% year-over-year in local currency with operating margins reaching 16.3%. The company continues to gain market share, taking advantage of its differentiated competitive positioning, enabling convenience, rapid delivery speeds, and vast selection of SKUs to its customers. We continue to be excited about the company’s long runway for growth as e-commerce remains underpenetrated in the region and as the company innovates and further deepens its platform and ecosystem over time."

A businesswoman using her mobile device to shop on a ecommerce platform.

MercadoLibre, Inc. (NASDAQ:MELI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 76 hedge fund portfolios held MercadoLibre, Inc. (NASDAQ:MELI) at the end of third quarter which was 77 in the previous quarter.

We discussed MercadoLibre, Inc. (NASDAQ:MELI) in another article and shared the list of best long-term growth stocks to invest in. 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.