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Giverny Capital Asset Management, LLC, an investment management company, recently published its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm's model portfolio appreciated 7.92%, net of fees in the second quarter compared to an 8.74% return for the Standard & Poor’s 500 Index. Year-to-date, the portfolio returned 14.46% compared to 16.89% for the Index. Since inception, the portfolio generated an annualized performance of 17.4%, net of fees, vs. 20.1% for the Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Giverny Capital Asset Management highlighted stocks like Meta Platforms, Inc. (NASDAQ:META) in the second quarter 2023 investor letter. Headquartered in Menlo Park, California, Meta Platforms, Inc. (NASDAQ:META) is a technology company that develops products to connect people. On August 24, 2023, Meta Platforms, Inc. (NASDAQ:META) stock closed at $286.75 per share. One-month return of Meta Platforms, Inc. (NASDAQ:META) was -8.01%, and its shares gained 69.90% of their value over the last 52 weeks. Meta Platforms, Inc. (NASDAQ:META) has a market capitalization of $737.854 billion.
Giverny Capital Asset Management made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its second quarter 2023 investor letter:
"I have believed for a while that we’re better served with a lower weight to the tech giants – we own Alphabet (8.1% of our model portfolio at the end of June) and Meta Platforms, Inc. (NASDAQ:META) (5.2%) for a 13.3% exposure, or about half the Index’s weight in the giants. And while Alphabet’s 36% return for the first half and Meta’s 138% return were gratefully received, I’m pleased to report that if we strip out that contribution to our overall return, the other 23 stocks we own, constituting 85% of our portfolio (with cash making up the balance), were up 10.2% on a weighted basis.