Group 1 - MercadoLibre, Inc. (NASDAQ:MELI) is recognized as one of the 12 best digital currency and payments stocks to buy currently [1] - JPMorgan has a positive outlook on MercadoLibre, maintaining a Neutral rating despite increased competition from Shopee, which has similar take rates [2][7] - In Q3, MercadoLibre reported a net income of $421 million, a 6% year-over-year increase, but below the $481 million analysts expected due to currency effects and reduced demand in Argentina [3] Group 2 - The company's gross merchandise volume (GMV) grew by 35% on a currency-neutral basis, contributing to a 39% increase in net sales to $7.4 billion, surpassing projections [3] - Brazil's free shipping initiative led to a 34% increase in customer growth and GMV, although it resulted in EBIT margins declining to 9.8% [3] - Mercado Pago's loan balances increased by 83% to $11 billion, with delinquency rates decreasing to 6.8%, but EBIT was reported at $724 million, falling short of expectations [3] Group 3 - MercadoLibre operates an online commerce platform focusing on e-commerce and related services across four geographical segments: Brazil, Argentina, Mexico, and Other Countries [4]

Core Insights - Main Street Research LLC sold its entire position in MercadoLibre, totaling 15,833 shares, during the fourth quarter of 2025, with an estimated transaction value of $37.00 million [2][10] - The company reported a total revenue of $26.19 billion and a net income of $2.08 billion for the trailing twelve months (TTM) [4] - As of February 8, 2026, MercadoLibre's share price was $1,970.15, reflecting a one-year price change of -1.3%, underperforming the S&P 500 by 15.3 percentage points [8][4] Company Overview - MercadoLibre is a leading e-commerce and fintech platform in Latin America, offering a comprehensive ecosystem that includes marketplace, payments, credit, and logistics services [6] - The company generates revenue primarily through transaction fees, payment processing, credit interest, logistics services, and advertising placements [9] - It serves a diverse clientele, including consumers, merchants, and businesses seeking online retail and financial technology solutions in Latin American markets [9] Transaction Implications - The liquidation of MercadoLibre was the largest among the 17 positions that Main Street Research closed out in the fourth quarter of 2025 [7] - The filing did not specify the reasons for the sale, but it is noted that the stock had significantly underperformed the S&P 500 over the past year [10]

Core Insights - William Blair Investment Management reduced its position in MercadoLibre by 64,225 shares, amounting to an estimated $134.90 million transaction, with the quarter-end value of the position decreasing by $203.52 million due to trading and share price movements [1] - Following the sale, MercadoLibre now represents 0.93% of reportable 13F AUM [2] - As of February 6, 2026, MercadoLibre shares were priced at $2,035.59, reflecting a 3.8% increase over the past year, but underperforming the S&P 500 by 12 percentage points [3] Company Overview - MercadoLibre is a leading e-commerce and fintech provider in Latin America, offering a diversified portfolio of digital platforms and financial services [5] - The company utilizes proprietary technology and logistics infrastructure to facilitate online transactions and payments, providing a competitive advantage in capturing growth in digital commerce and financial inclusion [5] - Key financial metrics include a revenue of $26.19 billion and a net income of $2.08 billion for the trailing twelve months [4] Business Model - MercadoLibre generates revenue primarily from transaction fees, payment processing, credit products, logistics services, and value-added digital offerings to merchants and consumers [8] - The company serves businesses, merchants, and individual consumers throughout Latin America, targeting both online sellers and buyers seeking integrated e-commerce and financial solutions [8] Market Position - Despite the recent sale by William Blair, MercadoLibre remains the 12th-largest holding in the portfolio, indicating continued confidence in the company's potential [9] - The gradual selling trend observed over the last nine quarters suggests a strategic approach rather than a lack of confidence in the company's future prospects [9]

Core Insights - MercadoLibre has established a powerful e-commerce and fintech ecosystem in Latin America, achieving over 35% annual revenue growth for the past five years [1][4] - Despite strong revenue growth, the stock has remained stagnant since 2025 due to concerns over margin volatility, rising credit provisions, and significant logistics investments [1] Industry Growth Potential - The Latin American e-commerce market is projected to grow nearly 1.5 times faster than the global average, potentially reaching $215.3 billion by 2026 [3] - Key markets such as Brazil, Mexico, and Argentina represent approximately 85% of Latin America's online sales, with e-commerce penetration in these countries still below that of the U.S. and Europe, indicating substantial growth opportunities [3] Company Strategy and Investments - MercadoLibre is focused on long-term growth despite short-term profitability pressures, investing in logistics and fulfillment centers to create a competitive advantage [4] - The company is enhancing its fintech capabilities through Mercado Pago, which processes billions of transactions annually and aims to become the largest digital bank in Latin America [5] Market Position and Future Outlook - Given the favorable market conditions and the company's strategic investments, MercadoLibre is positioned as a hidden gem in the stock market, with potential for significant upside surprises [6]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近期，英国百年资管巨头柏基投资（ Baillie Gifford）披露了最新美股持仓报告。 作为全球知名的 "成长股捕手"，柏基投资曾精准布局特斯 拉、英伟达、谷歌、亚马逊、奈飞以及阿里巴巴、腾讯、美团、宁德时代等多只科技巨头 。 其长期全球成长策略旗舰产品表现亮眼，不仅跑赢 标普 500与纳斯达克指数，也超越了巴菲特执掌的伯克希尔-哈撒韦 。 公开信息显示，以其旗舰产品苏格兰抵押贷款投资信托（SMT）基金为例， 2004年至2024年的20年间，该基金实现了13.64倍的总回报，年化 回报率约13.88%。这一业绩显著超越了同期标普500指数（6.98%）、纳斯达克指数（10.87%）以及巴菲特管理的伯克希尔-哈撒韦公司 （10.02%）的年化回报率 。 根据美国证监会13F文件， 截至 2025年四季度末，柏基投资持仓总市值约1203.41亿美元，较三季度的1349.98亿美元下降10.86% 。前二十大重 仓股合计市值约740.92亿美元，占持仓总市值超六成。其中 英伟达为第一大重仓股，持股约 4387万股，持仓市值约81.81亿美元，占组 ...

Summary of Key Points Core Viewpoint - Baillie Gifford's total holdings value decreased to $120.34 billion in Q4 2025, down approximately 10.8% from $135 billion in Q3 2025, primarily due to a net selling strategy and some growth stocks experiencing high-level corrections [1][2]. Group 1: Portfolio Adjustments - Nvidia remains the largest holding despite a 5.76% reduction in shares, accounting for 6.80% of the portfolio [3]. - Mercado Libre saw a 4.95% increase in holdings, raising its share to 5.83%, solidifying its position as a cornerstone of the portfolio [3]. - The top five holdings also include Amazon, Shopify, and Sea Ltd, with the top ten holdings comprising 43.4% of the total portfolio [4]. Group 2: Notable Transactions - Significant reductions were made in Amazon, Shopify, Meta, and Cloudflare, while Google saw a notable increase in holdings by 166%, reflecting a strategic shift towards AI capabilities [5][6]. - Baillie Gifford's investment in Google is valued at approximately $1.7 billion post-increase [6]. Group 3: Investment Philosophy and Trends - The investment team emphasizes the importance of adapting to the AI wave, suggesting that companies must pivot quickly to meet new market demands [9][10][12]. - The transition to AI is viewed as a new paradigm shift, with potential for significant growth opportunities as new companies emerge [14][15]. - The focus is on both "AI core" companies and those using AI as a tool to enhance existing services [21][24]. Group 4: Insights on China and Platform Companies - The sentiment in China has shifted, with a recognition of the country's potential to foster visionary entrepreneurs, particularly in the battery sector where CATL holds a significant market share [25][26]. - Platform companies are highlighted for their ability to create value through network effects and adaptability, requiring a long-term investment perspective [28]. Group 5: Non-Public Company Investments - Baillie Gifford has committed over £6 billion to non-public companies since 2012, recognizing the increasing duration of private company ownership before IPOs [31][32]. - The firm holds significant stakes in companies like SpaceX and ByteDance, which have shown substantial revenue growth compared to public market indices [33]. Group 6: Portfolio Construction Approach - The investment strategy is bottom-up, focusing on global transformations rather than specific trends or technologies [34]. - The portfolio includes a diverse range of companies across various sectors, with ongoing adjustments to capitalize on emerging growth opportunities [38].

Core Viewpoint - Baillie Gifford's total holdings value decreased to $120.34 billion in Q4 2025, down approximately 10.8% from $135 billion in Q3 2025, primarily due to a net selling strategy and high valuations of growth stocks [2][3]. Group 1: Portfolio Adjustments - Nvidia remains the largest holding at 6.80%, despite a 5.76% reduction in shares for the second consecutive quarter [4]. - Mercado Libre saw a 4.95% increase in holdings, raising its portfolio share to 5.83%, solidifying its position as a key asset [4]. - The top five holdings include Amazon, Shopify, and Sea Ltd, with the top ten holdings accounting for 43.4% of the portfolio [5]. Group 2: Notable Transactions - Significant reductions were made in Amazon, Shopify, Meta, and Cloudflare, while Google saw a notable increase in holdings by 166%, reflecting a strategic shift towards AI capabilities [6]. - Baillie Gifford's investment in Google is estimated at around $1.7 billion post-increase, indicating a focus on AI custom chips and cost advantages in large-scale computing [7]. Group 3: AI Investment Insights - The investment team emphasizes the importance of early engagement in AI trends, suggesting that companies must pivot quickly to new business models once product-market fit is established [10][12]. - The transition to an "intelligent paradigm" is viewed as the next major shift in technology, with AI expected to create new growth opportunities and large companies [13][14]. - Current AI applications are primarily in personal assistant chatbots and programming tools, with companies like Anthropic experiencing rapid growth [15][16]. Group 4: Chinese Market Perspectives - The sentiment in the Chinese market has shifted, with a recognition of the potential for visionary entrepreneurs and rapid technological advancements [24]. - Baillie Gifford holds a significant stake in CATL, which commands 40% of the global battery market, indicating confidence in the future of battery technology beyond electric vehicles [25]. - Despite geopolitical risks, the firm sees potential in select Chinese companies that remain undervalued [27]. Group 5: Non-Public Company Investments - Since 2012, Baillie Gifford has committed over £6 billion to non-public companies, recognizing the increasing time companies remain private before IPO [30]. - The non-public market has expanded significantly, with over 1,500 companies valued at over $1 billion, representing a total market cap exceeding $5 trillion [32]. - Investments in non-public companies like SpaceX and ByteDance are seen as essential for capturing growth opportunities that may be missed in public markets [33]. Group 6: Portfolio Construction Strategy - The portfolio is constructed from the bottom up, avoiding single bets on specific countries or trends, focusing instead on global transformations [36][37]. - The firm is actively reallocating capital towards disruptive growth opportunities, including increased investments in companies like CATL and Chinese consumer platforms [42].

Core Insights - Aubrey Capital Management Ltd has completely exited its position in MercadoLibre, selling 5,638 shares for an estimated value of $13.18 million, which was 4.15% of the fund's assets under management [2][9] - As of February 3, 2026, MercadoLibre shares were priced at $2,099.90, reflecting a 10% increase over the past year, although underperforming the S&P 500 by 5.4 percentage points [3][10] - The company's market capitalization stands at $106.46 billion, with a revenue of $26.19 billion and a net income of $2.08 billion for the trailing twelve months [4] Company Overview - MercadoLibre operates a leading e-commerce and fintech platform in Latin America, providing services such as online marketplaces, digital payments (Mercado Pago), credit solutions, logistics, and advertising [6][7] - The company generates revenue through transaction fees, fintech services, advertising, logistics, and value-added services for merchants and consumers [7] - MercadoLibre's logistics network and diversified service offerings provide a competitive advantage in high-growth emerging markets [8] Performance Metrics - The stock has shown strong performance over the years, with a 77% increase since 2023, translating to a compound annual growth rate (CAGR) of 20.9%, compared to the S&P 500's CAGR of 20.4% [10] - Despite recent challenges, including a decline in operating margins from nearly 13% to under 10%, the company continues to grow, with revenue increasing from $22.4 billion to $26.2 billion over the last 12 months [11][12]

Core Insights - C WorldWide Group Holding A/S increased its stake in MercadoLibre by purchasing 44,747 additional shares during Q4 2025, with an estimated transaction value of approximately $93.99 million [2][6] - The fund's quarter-end position value in MercadoLibre rose by $87.34 million, reflecting both trading activity and stock price changes [2] Company Overview - As of February 3, 2026, MercadoLibre's stock price was $2,099.90, with a market capitalization of $106.46 billion [4] - The company reported a trailing twelve months (TTM) revenue of $26.19 billion and a net income of $2.08 billion [4] Business Model - MercadoLibre operates as a leading e-commerce and fintech platform in Latin America, offering a diverse portfolio of digital solutions including e-commerce, fintech, logistics, classifieds, advertising, and digital storefronts [6][7] - Revenue is primarily generated through transaction fees, payment processing, credit products, advertising, logistics services, and value-added marketplace offerings [7] Investment Implications - C WorldWide's stake in MercadoLibre increased by 517% in Q4, indicating a strong interest in the Latin American market, particularly as Amazon is one of the fund's largest positions [9] - Despite the increase in stake, MercadoLibre's stock has struggled over the past year due to heightened competition in e-commerce and challenges faced by its fintech arm, Mercado Pago, which had to increase provisions for doubtful accounts significantly [9]

Core Viewpoint - The current stock market presents opportunities to increase holdings in five specific stocks that are expected to thrive in the coming years, despite the market being near all-time highs. Group 1: Nvidia - Nvidia has been a top-performing stock and continues to benefit from significant spending in the artificial intelligence sector, with data center buildouts still ongoing [2][4] - The stock is currently priced at $185.71, with a market cap of $4.6 trillion and a gross margin of 70.05% [3][4] - Analysts project over 50% year-over-year revenue growth for fiscal 2027, with the stock trading at 25 times full-year 2027 earnings, indicating it is undervalued [4] Group 2: The Trade Desk - The Trade Desk is trading at a low valuation of 15 times forward earnings, while experiencing healthy growth, with a reported 18% year-over-year revenue increase in Q3 2025 [5][6] - Despite market pessimism due to slowing growth and rising competition, it remains a leading advertising platform, making it an attractive investment opportunity [6] Group 3: MercadoLibre - MercadoLibre offers exposure to the Latin American market and has shown strong performance over the past decade, including recent quarterly results [7][9] - The stock is currently priced at $2,147.20, with a market cap of $109 billion, and is down approximately 13% from its peak in July 2025, presenting a buying opportunity [8][9] Group 4: Nebius Group - Nebius Group provides full-stack AI computing solutions, with management expecting significant growth, projecting an annual run rate of $7 billion to $9 billion by year-end [10][11] - The company’s annual run rate was only $551 million at the end of the last quarter, indicating substantial growth potential for 2026 [11] Group 5: Broadcom - Broadcom is focusing on AI computing units, partnering with AI hyperscalers to design specialized computing units, which may offer better results at lower costs compared to traditional GPUs [12] - The stock is currently priced at $331.11, with a market cap of $1.6 trillion and a gross margin of 64.71% [13]