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Meta Platforms (META) Rose on Better-Than-Expected Revenues And Profits

Diamond Hill Capital, an investment management company, released its “Long-Short Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio achieved positive returns in Q4, but it trailed the Russell 1000 Index and the blended benchmark (60% Russell 1000 Index/40% Bloomberg US Treasury Bills 1-3 Month Index). The short positions didn't perform as well as the index, but they still contributed positively to the overall performance. The long positions in financials, on the other hand, performed better than the index. However, long positions in technology and the fund’s below-benchmark exposure didn't perform well and were the cause of underperformance in Q4. In addition, you may look at the fund’s top 5 holdings to learn about its best picks in 2023.

Diamond Hill Long-Short Fund featured stocks like 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 April 3, 2024, Meta Platforms, Inc. (NASDAQ:META) stock closed at $506.74 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was -1.06%, and its shares gained 134.49% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $1.292 trillion.

Diamond Hill Long-Short Fund stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its fourth quarter 2023 investor letter:

"Other top Q4 contributors included Meta Platforms, Inc. (NASDAQ:META) and Microsoft. Social media platform Meta’s digital ad revenues increased during the quarter, while it continued cutting costs — a combination which generated better-than-expected revenues and profits. Shares of software and information technology services provider Microsoft rose as its Azure cloud business continues growing and the company continues capitalizing on its attractive recurring revenue-based model to drive growth."

Hedge Funds Were Right About These 10 Sinking Stocks
Hedge Funds Were Right About These 10 Sinking Stocks

Photo by Joshua Hoehne on Unsplash

Meta Platforms, Inc. (NASDAQ:META) is in third position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Meta Platforms, Inc. (NASDAQ:META) was held by 242 hedge fund portfolios, up from 234 in the previous quarter, according to our database.

We discussed Meta Platforms, Inc. (NASDAQ:META) in another article and shared the list of AI stocks that will skyrocket. 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.