Core Insights - Baron Fifth Avenue Growth Fund gained 5.7% in Q3 2025, underperforming the Russell 1000 Growth Index (10.5%) and the S&P 500 Index (8.1%) [2] - Year-to-date, the Fund is up 14.4%, compared to 17.2% and 14.8% for its benchmarks [2] Top Contributors to Performance - NVIDIA Corporation's shares rose 18.1% due to its strong position in AI infrastructure, with a long-term total addressable market (TAM) expansion from $1 trillion to between $3 and $4 trillion [3] - Shopify Inc. saw a 28.6% increase in shares, driven by a 30% year-over-year revenue growth and a 29% increase in gross merchandise volume (GMV) [4][5] - Tesla, Inc. shares increased by 40.0%, supported by record delivery volumes, renewed investor confidence in leadership, and advancements in AI initiatives [6] Top Detractors from Performance - The Trade Desk's shares declined 31.9% due to in-line earnings and competitive pressures, particularly from Amazon's entry into the market [7] - Intuitive Surgical, Inc. shares fell 17.7% as system placements in the U.S. did not meet expectations, compounded by financial pressures on hospital customers [8] - MercadoLibre, Inc. shares decreased by 10.6% due to macroeconomic pressures in Argentina and increased competition from Amazon, despite strong quarterly results [9] Recent Activity - The Fund initiated a small investment in Figma and added to existing holdings in KKR, Alphabet, Taiwan Semiconductor, and CrowdStrike, funded by reducing positions in seven other holdings [10]

Group 1 - The article emphasizes the importance of three key attributes for investing in growth stocks [1] - PropNotes aims to identify high-yield investment opportunities for individual investors, simplifying complex concepts and providing actionable insights [2] - The analysis produced by PropNotes is designed to assist investors in making informed market decisions based on expert research [2] Group 2 - The article includes a disclosure indicating a beneficial long position in the shares of MELI, highlighting the author's personal investment stance [3] - Seeking Alpha's disclosure notes that past performance does not guarantee future results and that no specific investment recommendations are provided [4]

Group 1 - The article emphasizes the importance of three key attributes for investing in growth stocks [1] - PropNotes aims to identify high-yield investment opportunities for individual investors, simplifying complex concepts and providing actionable insights [2] - The analysis produced by PropNotes is designed to assist investors in making informed market decisions based on expert research [2] Group 2 - The article includes a disclosure indicating a beneficial long position in the shares of MELI, highlighting the author's personal investment stance [3] - Seeking Alpha's disclosure notes that past performance does not guarantee future results and clarifies that no specific investment advice is provided [4]

Core Insights - MayTech Global Investments disclosed a sale of 1,148 shares of MercadoLibre, reducing its position by approximately $2.7 million, bringing its total holdings to 25,081 shares valued at $58.6 million at the end of the third quarter [1][2]. Company Overview - MercadoLibre is a leading e-commerce and fintech platform in Latin America, with a market capitalization of $106.7 billion and a revenue of $26.2 billion over the trailing twelve months (TTM) [4][5]. - The company offers a wide range of services including e-commerce platforms, digital payments (Mercado Pago), logistics (Mercado Envios), credit, investment products, classifieds, advertising, and digital storefront solutions [7]. Financial Performance - As of November 11, 2025, MercadoLibre shares were priced at $2,099.57, reflecting a 7% increase over the past year, although this underperformed the S&P 500 by 2 percentage points [3]. - The company has demonstrated robust growth, with sales increasing by more than 35% annually over the last year, five years, and ten years [11]. Investment Position - Following the recent sale, MercadoLibre now accounts for 6.1% of MayTech Global Investments' assets under management (AUM), down from 7.0% in the previous quarter [3][6]. - The top holdings of MayTech Global Investments include Nvidia, Alphabet, Meta Platforms, Amazon, and MercadoLibre, with MercadoLibre valued at $58.6 million [6]. Market Context - MercadoLibre is viewed as a key player in the rapidly expanding digital economy in Latin America, leveraging its integrated marketplace and logistics infrastructure to drive growth [8]. - Despite trading at 50 times forward earnings, MercadoLibre's growth story remains compelling, indicating potential for future investment opportunities [12].

Core Insights - Mercado Libre, the leading e-commerce and fintech platform in Latin America, released insights from its CFO regarding Q3 performance and investor inquiries [1] Group 1: Financial Performance - The CFO, Martin de los Santos, discussed the company's performance in the latest quarter, highlighting key metrics and trends [1] - Early results from the implementation of a lower free shipping threshold in Brazil were addressed, indicating a strategic move to enhance customer engagement and sales [1] Group 2: Investor Engagement - The podcast episode is part of a series aimed at providing transparency and insights to investors, reflecting the company's commitment to open communication [1] - Key questions from investors were answered, showcasing the company's responsiveness to stakeholder concerns [1]

Core Insights - The article presents a perspective on stock investments, emphasizing the author's unique insights and knowledge in the field [1] Group 1 - The analyst holds a beneficial long position in Amazon (AMZN) shares, indicating confidence in the company's future performance [2] - The article is authored by the analyst without external compensation, suggesting an independent viewpoint [2] - The analysis aims to provide contrasting views on the portfolio, highlighting the author's extensive experience in investment analysis [1] Group 2 - The content is intended for informational purposes and does not constitute professional investment advice, urging readers to conduct their own research [3] - There is a disclaimer regarding past performance not guaranteeing future results, indicating a cautious approach to investment recommendations [4] - The article clarifies that the views expressed may not reflect those of the platform as a whole, emphasizing the independent nature of the analysis [4]

Core Insights - MercadoLibre (MELI) is under increasing scrutiny regarding its ability to maintain profitability while aggressively expanding in Latin America's e-commerce and fintech sectors [1][3] - The company's strategy of lowering free shipping thresholds and expanding logistics has strengthened its ecosystem but also exposes vulnerabilities as it trades short-term margins for long-term scale [1][3] Financial Performance - In Q3 2025, MELI's operating margin decreased by 70 basis points year-over-year to 9.8%, and gross profit margin fell by 260 basis points to 43.3% [2][7] - The growth in logistics efficiency appears to be flattening, with unit shipping costs in Brazil declining only 8% sequentially despite a 42% increase in items sold [2] - Mercado Pago's credit portfolio increased by 83% to $11 billion, but net interest margin after losses compressed to 21%, indicating capital intensity in scaling financial services [2] Growth Estimates - The Zacks Consensus Estimate for Q4 2025 revenues is $8.54 billion, reflecting a 39.48% year-over-year increase [3] - The central issue for MercadoLibre is whether its growth can coexist with healthy profitability, as rising logistics and credit costs challenge the balance between expansion and earnings [3] Competitive Landscape - MercadoLibre faces intensified competition from Sea Limited and Amazon, both of which are expanding their presence in Latin America's e-commerce and fintech markets [4] - Sea Limited is enhancing its Shopee platform and digital finance services, while Amazon is strengthening its logistics and local marketplace capabilities [4] Stock Performance and Valuation - MELI shares have risen by 23.4% year-to-date, outperforming the Zacks Internet-Commerce industry and the Zacks Retail-Wholesale sector [5] - The stock is currently trading at a forward 12-month Price/Sales ratio of 3.03X, compared to the industry's 2.48X, indicating a relatively higher valuation [9] - The Zacks Consensus Estimate for MELI's 2025 earnings is $40.27 per share, down 6.8% over the past 30 days, suggesting a year-over-year growth of 6.85% [11]

Group 1 - The article discusses the investment strategy of a family office fund led by Amrita, focusing on sustainable, growth-driven companies that aim to maximize shareholder equity [1] - Amrita has a background in high-growth supply-chain start-ups and has experience working with venture capital firms, which has contributed to her investment acumen [1] - The newsletter "The Pragmatic Optimist," co-founded by Amrita, emphasizes portfolio strategy, valuation, and macroeconomics, aiming to make financial literacy accessible [1] Group 2 - The article mentions that the author has a long position in Amazon (AMZN), indicating a personal investment interest in the company [2] - It clarifies that the article reflects the author's own opinions and is not influenced by compensation from any company mentioned [2] - The disclosure emphasizes that past performance does not guarantee future results, highlighting the inherent uncertainties in investment [3]

Core Viewpoint - Investors in the Internet - Commerce sector should consider Expedia (EXPE) and MercadoLibre (MELI) for potential undervalued stock opportunities [1] Group 1: Zacks Rank and Earnings Outlook - Expedia has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while MercadoLibre has a Zacks Rank of 4 (Sell) [3] - The Zacks Rank system emphasizes companies with positive earnings estimate revisions, suggesting that EXPE is likely experiencing a more favorable earnings outlook than MELI [3] Group 2: Valuation Metrics - EXPE has a forward P/E ratio of 18.50, significantly lower than MELI's forward P/E of 51.95 [5] - The PEG ratio for EXPE is 1.05, while MELI's PEG ratio is 1.50, indicating that EXPE may offer better value relative to its expected earnings growth [5] - EXPE's P/B ratio is 12.79 compared to MELI's P/B of 17.06, further supporting EXPE's more attractive valuation metrics [6] Group 3: Value Grades - EXPE has earned a Value grade of B, while MELI has a Value grade of D, reflecting the stronger valuation metrics and estimate revision activity for EXPE [6][7] - Overall, value investors are likely to conclude that EXPE is the superior option compared to MELI at this time [7]

Core Insights - The article emphasizes the importance of understanding macro trends and their influence on asset prices and investor behavior [1] - It highlights the author's extensive experience in asset management, particularly in equity analysis and derivatives [1] Group 1: Professional Background - The author has over 10 years of experience in asset management, focusing on equity analysis, macroeconomics, and risk-managed portfolio construction [1] - The professional background includes advising on and implementing multi-asset strategies, with a strong emphasis on equities and derivatives [1] Group 2: Investment Philosophy - The article promotes the idea that investing should be accessible, inspiring, and empowering for all investors [1] - It encourages collaboration among investors to build confidence in long-term investing [1] Group 3: Market Insights - The author closely follows EU and US central bank policies, sector rotation, and sentiment dynamics to construct actionable investment strategies [1] - The analysis aims to share insights and exchange ideas among fellow investors [1]