What smart money is saying about Meta
META · Communication Services · Internet Content & Information · Market cap $1807.01B
32 funds in our archive have pitched Meta, most recently Malborough US Focus Fund in October 2026.
Company profile
Meta Platforms Inc., which operated as Facebook, Inc. until its October 2021 rebranding, is a technology enterprise focused on developing innovative products that empower people globally to connect and share with their friends and family. These services are accessible across a variety of digital platforms, including mobile phones, personal computers, virtual reality devices, and wearables. The company's activities are organized into two principal divisions: the Family of Apps and Reality Labs. The Family of Apps segment encompasses well-known platforms such as: Facebook, where users can share content, participate in discussions, explore new interests, and build connections. Instagram, a vibrant community dedicated to sharing visual media like photos and videos, sending private messages, and utilizing features such as user feeds, ephemeral stories, short video reels, live streams, and integrated shopping functionalities. Messenger, a dedicated application that facilitates text, audio, and video communications, enabling individuals to communicate with their social networks, communities, and even businesses across different devices and operating systems. WhatsApp, a widely adopted and secure messaging service employed by individuals and enterprises for private communication and financial transactions. The Reality Labs division concentrates on pioneering augmented and virtual reality technologies. This segment is responsible for creating consumer-grade hardware, sophisticated software, and engaging content, all aimed at fostering a sense of connection among people, regardless of their physical location or time zone. Meta Platforms Inc. was founded in 2004 and its corporate headquarters are situated in Menlo Park, California.
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Fund signal · last 12 months
134 lettersFunds are split between buying and selling
+5
Net flow
20 buys · 7 new positions · 57%15 sells · 6 full exits
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q4 2026, 144 fund letters reported a position in Meta, with 20 buys (opened or added) and 16 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2026 | 1 | 0 | 0 | 1 |
| Q3 2026 | 75 | 9 | 2 | 16 |
| Q2 2026 | 40 | 10 | 8 | 4 |
| Q1 2026 | 11 | 1 | 2 | 1 |
| Q4 2025 | 7 | 0 | 3 | 6 |
| Q3 2025 | 3 | 0 | 0 | 1 |
| Q2 2025 | 4 | 0 | 1 | 1 |
| Q1 2025 | 1 | 0 | 0 | 0 |
Showing the 8 most recent quarters of 9 on record. Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 145 positions · 40 moves
- October 2026
“Lastly, Meta was a strong performer throughout the third quarter.”
Meta - HoldsCorbyn Investment Management Investment StrategiesSeptember 2026
“We continue to believe demand will remain robust, supported by unprecedented capital commitments from hyperscalers such as Alphabet, Microsoft, Amazon, and Meta to expand computing capacity in support of advancements in artificial intelligence.”
Meta - New positionOakmark Select FundSeptember 2026
“New purchases Meta Platforms is a U.S.-headquartered technology company whose Family of Apps (including Face- book, Instagram, and WhatsApp) reaches 3.6 billion daily active users.”
Meta - September 2026
“In Communication Services, Meta Platforms’ new personal AI assistant, Muse, quickly rose to the top of Apple’s App Store in September, reinforcing investor optimism about the company’s position in consumer AI services.”
Meta - AddedPolen Focus GrowthSeptember 2026
“As mentioned earlier , we added to our Meta position following the launch of Meta Muse, its personal AI agent.”
Meta - September 2026
“There were two meaningful events at Meta Platforms this past quarter that warrant mention.”
Meta - September 2026
“The largest detractors were ASML, TJX, underweights to Microsoft and Meta Platforms and not owning Palantir Technologies.”
Meta - September 2026
“Key contributors: Ibiden (+26%), the substrate maker described above, was the top contributor to Fund performance, adding 0.9 percentage points, and showed what the market had missed in July. Its shares had risen nearly sixfold over the previous year, then fell c.13% in the month before its results alongside the wider semiconductor complex. Fiscal first quarter operating profit then rose 52% year-on-year, 29% ahead of expectations, and management raised full year operating profit guidance by 41%. Demand for AI substrates is expected to rise four to five times between 2024 and 2028 while Ibiden's capacity rises only around 2.8 times, and for the first months of each new Nvidia processor it is effectively the only qualified supplier; a company whose planning has always assumed falling prices is now launching new products at higher price points. We exited Ibiden in June on valuation and 3 bought it back in July's weakness; results of this quality are why. Having grown its dividend at an 8.5% CAGR over the past five years, Ibiden is well placed to grow earnings and dividends as the shortage runs on. Meta (+29%), which owns Facebook, Instagram and WhatsApp, was the second largest contributor (+0.8 points) and showed how quickly sentiment can turn.”
Meta - September 2026
“Meta shares rose 29% after the company launched a new AI product called Muse, which is designed to make agentic AI capabilities accessible to ordinary consumers.”
Meta - September 2026
“Meta Platforms and Arista Networks as leading contributors during the quarter are positive proof points of this approach.”
Meta - New positionFat Prophets Global Contrarian FundSeptember 2026
“In response to market shifts, strategic adjustments were made to the investment portfolio. Two new positions were established in Amazon.com and Meta Platforms.”
Meta - September 2026
“Meta shares rose 29% after the company launched a new AI product called Muse, which is designed to make agentic AI capabilities accessible to ordinary consumers.”
Meta - September 2026
“Meta shares rose 29% after the company launched a new AI product called Muse, which is designed to make agentic AI capabilities accessible to ordinary consumers.”
Meta - September 2026
“Meta Platforms also contributed meaningfully to Montaka’s performance as the company’s new agentic AI offering, Muse, gains early traction.”
Meta - September 2026
“Comcast Corp. United States 0.9 Diversified Telecommunication Services Meta Platforms Inc. Class A United States 2.7 Interactive Media & Services”
Meta - September 2026
“Meta is now our longest-held investment.”
Meta - HoldsOakmark Bond FundSeptember 2026
“We own bonds issued by five companies in this cohort: Meta, Alphabet, Amazon, Oracle, and SpaceX.”
Meta - September 2026
“Shares of Meta Platforms, the world’s largest social media company, outperformed during the quarter, driven by accelerating advertising growth and positive reception of several new consumer AI initiatives.”
Meta - September 2026
“strong stock-specific returns from Moderna, Meta and Hays, all of which exceeded expectations.”
Meta - September 2026
Listed in Antipodes Global Fund (Institutional Clients)’s reported holdings.
Meta - HoldsVision Capital FundSeptember 2026
“Fund Commentary. The top 5 QTD detractors were: Pro Medicus (PME), Tesla (TSLA), The Trade Desk (TTD), Nu (NU), and Wise (WISE). The top 5 QTD contributors were: Palantir (PLTR), CrowdStrike (CRWD), Shopify (SHOP), Cloudflare (NET), and Meta (META).”
Meta - September 2026
“Twenty billion dollars is a powerful incentive. That is the amount by which Amazon recently increased its expected capital expenditure for 2026 – from $200bn to $220bn, with rising memory chip costs explicitly identified as driving that increase. More broadly, the four hyperscalers in the Global Alpha portfolio – Amazon, Microsoft, Meta and Alphabet – are collectively expected to spend more than $700bn this year, much of it on AI infrastructure.”
Meta - September 2026
“Communication Services increased during the period, driven primarily by price appreciation from Meta Platforms Inc Class A (META).”
Meta - September 2026
“A more useful question for us is whether the gap between capability and control is widening or narrowing as these systems improve. As investors in Anthropic and OpenAI through our private company portfolios and in Alphabet, Meta, Amazon and other holdings in this portfolio, we welcome greater independent scrutiny and take seriously the responsibility of the companies developing the technology.”
Meta - HoldsNexus Investment Management ULCSeptember 2026
“Microsoft and Meta Platforms led the way, along with our healthcare holdings Thermo Fisher, Gilead and Pfizer.”
Meta - HoldsDistillate CapitalSeptember 2026
“The shift is quite obviously the result of the unprecedented investment spending of the hyperscalers.”
Meta - September 2026
“We were busy again this quarter. We bought TJX Companies and sold Copart. We increased our positions in Amazon and Hermès. We trimmed our position in Meta Platforms.”
Meta - September 2026
“PORTFOLIO UPDATE Class A shares of the Alger Growth & Income Fund underperformed the S&P 500 Index during the third quarter of 2026. Microsoft Corporation, Apple Inc., and Meta Platforms Inc were among the top contributors to performance.”
Meta - New positionDiamond Hill Large Cap FundSeptember 2026
“modest repositioning in financials, where we reduced exposure to insurance and added to banks, and in energy, where we reduced exposure to natural gas to gain more oil exposure. Unlike recent quarters when the information technology sector was the largest detractor from the portfolio’s relative performance, it was the largest contributor to performance in 3Q26. Our software holdings, including Salesforce and Microsoft, rose significantly as fundamentals remain strong and as investor sentiment seems to be modestly improving. Valuations remain attractive, in our view. A new position in Meta Platforms was a contributor after releasing its AI agent, Muse, which has gained rapid adoption.”
Meta - September 2026
“Meta Platforms also contributed meaningfully to Montaka’s performance as the company’s new agentic AI offering, Muse, gains early traction.”
Meta - September 2026
“Nvidia (NVDA) is the world’s leading provider of AI accelerator chips. The stock outperformed as AI-related demand shows no signs of abating, with the company guiding for +70% y/y revenue growth in fiscal year 2028. Meta (META) is a leading social media company that owns several popular platforms including Facebook, Instagram, and WhatsApp. Meta outperformed primarily on strong customer reception of Muse, its new personal AI agent, easing investor concerns about the return on its elevated AI spending.”
Meta - September 2026
“As mentioned earlier , we added to our Meta position following the launch of Meta Muse, its personal AI agent.”
Meta - September 2026
“Portfolio Activity In Q3 2026, we initiated new positions in Seagate Technology , Advanced Micro Devices , Quanta Services , and SK Hynix , while selling Oracle . We also added to our existing positions in Meta Platforms and Keyence , while trimming NVIDIA , Broadcom , Shopify , ServiceNow , Tencent , Aon , Adyen and Tokyo Electron .”
Meta - September 2026
“Meta Platforms Inc Class A, 4.98%;”
Meta - HoldsWCM Global Growth LimitedSeptember 2026
Listed in WCM Global Growth Limited’s reported holdings.
Meta - September 2026
“Additionally, Alphabet and Meta were opportunistic 4 purchases created by their apparent AI model capability lag, but that we believe are better able to both use and develop AI given their advertising muscle, more than that that muscle is vulnerable to AIs development.”
Meta - September 2026
“Portfolio Discussion Our three best performing stocks this quarter were Meta, IQVIA and Shell.”
Meta - September 2026
“Meta Platforms Inc (META) benefited from continued strength in its core advertising business, healthy engagement trends, and investor confidence in the company’s ability to invest in AI while maintaining attractive profitability.”
Meta - New positionArtisan Partners Global Opportunities StrategySeptember 2026
“We initiated a GardenSM position during the quarter and subsequently increased it to a CropSM as our conviction grew.”
Meta - New positionArtisan Partners Global Opportunities FundSeptember 2026
“Meta Platforms is a leading global internet platform with dominant franchises across social media, messaging and digital advertising. Revenue grew 28% year over year, supported by AI-driven improvements in content recommendations and ad ranking that strengthened engagement and advertising performance. We also saw encouraging progress in emerging AI products, including its Muse personal agent, which could create new monetization opportunities and help capture greater consumer purchase intent. Although substantial AI investment remains an important consideration, we believe the strength of Meta’s core advertising business and management’s focus on investment returns support an attractive long-term opportunity. We initiated a GardenSM position during the quarter and subsequently increased it to a CropSM as our conviction grew.”
Meta - September 2026
Listed in Platinium AM Platinum Asia Fund’s reported holdings.
Meta - HoldsRowan Street FundSeptember 2026
“Meta is now our longest-held investment.”
Meta - September 2026
“ In Communication Services, Meta Platforms’ new personal AI assistant, Muse, quickly rose to the top of Apple’s App Store in September, reinforcing investor optimism about the company’s position in consumer AI services.”
Meta - September 2026
“• Meta Platforms rallied strongly in September, driven by improving confidence in AI monetisation and the successful launch of its Muse AI assistant, which rapidly gained consumer adoption.”
Meta - HoldsAlger Spectra FundSeptember 2026
“PORTFOLIO UPDATE Class A shares of the Alger Spectra Fund underperformed the Russell 3000 Growth Index during the third quarter of 2026. Microsoft Corporation, NVIDIA Corporation, and Meta Platforms Inc were among the top contributors to performance. • Microsoft is a global technology company”
Meta - September 2026
“Meta Platforms rallied strongly in September, driven by improving confidence in AI monetisation and the successful launch of its Muse AI assistant, which rapidly gained consumer adoption.”
Meta - September 2026
“Key stock contributors to performance over the Quarter included: • Microsoft finished higher over the Quarter following another robust earnings result, with Azure growth accelerating on sustained enterprise AI adoption and expanding Copilot deployments. Management's commentary reinforced confidence that AI investment was translating into improving revenue growth and operating leverage, easing concerns over elevated capital expenditure. Upward earnings revisions and Microsoft’s continued leadership in enterprise AI and cloud infrastructure renewed investor appetite. • Meta Platforms rallied strongly in September, driven by improving confidence in AI monetisation and the successful launch of its Muse AI assistant, which rapidly gained consumer adoption.”
Meta - September 2026
“Meta Platforms operates the Facebook, Instagram, WhatsApp, and Messenger family of apps and is investing heavily in AI. The Portfolio’s underweight position detracted from relative performance as shares outperformed during the quarter, including following the September 8 debut of Muse, Meta’s personal AI agent app.”
Meta - New positionHarris Associates Global All Cap StrategySeptember 2026
“PORTFOLIO POSITIONING We initiated the following position(s) during the pe- riod: • Meta Platforms is a U.S.-headquartered tech- nology company whose Family of Apps (includ- ing Facebook, Instagram, and WhatsApp) reaches 3.6 billion daily active users.”
Meta - September 2026
Listed in Royal London AM US Equity Fund (IRL)’s reported holdings.
Meta - September 2026
Listed in Royal London AM US Equity Trust’s reported holdings.
Meta - September 2026
“The benefits of the diversified nature of the portfolio across the corporate Life Cycle were seen over the quarter, with companies as diverse as Halozyme Therapeutics, Meta, Shell and Sumitomo Mitsui among the top performers. Halozyme Therapeutics was a standout performer. The company is benefiting from strong revenue growth and profits upgrades due to the continued adoption of ENHANZE drug-delivery platform, which converts intravenous therapies into more convenient subcutaneous injections. We took some profits and reduced the position towards the end of the quarter. The holding in Meta Platforms also performed well, boosting relative returns. We purchased the position in August and it quickly rose to become one of the quarter’s top contributors after announcing the release of its new agentic AI offering, Muse.”
Meta - September 2026
“The holding in Meta Platforms also performed well, boosting relative returns. We purchased the position in August and it quickly rose to become one of the quarter’s top contributors after announcing the release of its new agentic AI offering, Muse.”
Meta - September 2026
“Microsoft, Meta Platforms, and Burford Capital Ltd detracted from the fund’s performance during the quarter.”
Meta - September 2026
Listed in Royal London AM Global Equity Enhanced Fund’s reported holdings.
Meta - HoldsSTK Long Biased FIC FIASeptember 2026
Listed in STK Long Biased FIC FIA’s reported holdings.
Meta - HoldsSTK Long Only FIASeptember 2026
Listed in STK Long Only FIA’s reported holdings.
Meta - September 2026
“Notable 3Q Contributors Meta Platforms was the standout performer for the third quarter, thanks to the release of Muse, Meta’s consumer- focused AI agent.”
Meta - September 2026
“Notable 3Q Contributors Microsoft was the standout performer for the third quarter as investors cheered accelerating growth for its Azure cloud computing platform. Fellow technology firm Meta Platforms was also a top contributor, thanks to the release of Muse, Meta’s consumer-focused AI agent, to very favorable reviews.”
Meta - September 2026
“Microsoft’s stock soared as Azure growth accelerated, while Meta Platforms’ shares benefited from strong initial uptake of its Muse consumer agent, along with excellent core advertising results.”
Meta - September 2026
“Looking at individual stocks, the top contributors to relative performance were: Meta Platforms, Inc., the owner of Facebook, Instagram, and WhatsApp and one of the world's largest digital advertising platforms, was the fund's top contributor.”
Meta - September 2026
“Meta (+29%), which owns Facebook, Instagram and WhatsApp, was the second largest contributor (+0.8 points) and showed how quickly sentiment can turn.”
Meta - September 2026
Listed in Liontrust GF Global Technology Fund’s reported holdings.
Meta - September 2026
Listed in Buffalo funds Blue Chip Growth Fund’s reported holdings.
Meta - September 2026
“The top five winners for the quarter were Atom Computing Inc. (a legacy private position), Warner Bros Discovery Inc., Meta Platforms Inc., Indra Sistemas SA, and Bausch Health Cos Inc.”
Meta - September 2026
“Meanwhile, the fund’s lack of exposure to Meta proved negative as its shares rallied following the unveiling of its new agentic AI offering.”
Meta - HoldsFairtree Asset Management Global Equity FundSeptember 2026
“Notable contributors to Fund performance over the quarter were positions in Microsoft (+198bps absolute and +99bps relative), Meta Platforms (+92bps absolute and +58bps relative) and Nvidia (+57bps absolute and -7bps relative).”
Meta - September 2026
“Meta Platforms (META) Meta’s share price increased 29% during the third quarter and 10% year-to-date.”
Meta - August 2026
“Top 10 Holdings Company Sector Geography Weight NVIDIA Corporation Information Technology US ).9% Microsoft Corporation Information Technology US 5.$% Alphabet Inc. Communication Services US 5.$% Amazon.com, Inc. Consumer Discretionary US 3.4% Broadcom Inc. Information Technology US 2.9% Apple Inc. Information Technology US 2.3% Meta Platforms, Inc. Communication Services US $.4% NetƊix, Inc. Communication Services US $.2%”
Meta - August 2026
Listed in Harding Loevner Global Developed Markets Equity’s reported holdings.
Meta - August 2026
“Our decision to exit Meta from the Jensen Quality Growth Strategy reflects a meaningful decline in our confidence that Meta will generate returns commensurate with the extraordinary level of capital it is investing in artificial intelligence (AI).”
Meta - July 2026
“On the debt side, a similar pattern has emerged. Companies like Meta, Alphabet, and Oracle, none of which had issued much debt in recent years, have all turned to bond markets to help fund AI capital expenditure. Meta priced a $30 billion bond deal in October, its largest in years, while Oracle has been the most aggressive borrower of the group, raising $43 billion in debt over the past year and planning more.”
Meta - July 2026
Listed in Harding Loevner Global Equity ADR’s reported holdings.
Meta - July 2026
Listed in Harding Loevner Global Equity model portfolio’s reported holdings.
Meta - July 2026
Listed in Bell Global Equities Fund Wholesale Class’s reported holdings.
Meta - July 2026
“WHAT THIS MEANS FOR OUR PORTFOLIO Our Fund has been invested in TSMC and Meta since 2023, and Nvidia since 2025.”
Meta - July 2026
“WHAT THIS MEANS FOR OUR PORTFOLIO Our Fund has been invested in TSMC and Meta since 2023, and Nvidia since 2025.”
Meta - June 2026
“Declines in ServiceNow, Microsoft, KKR, Salesforce and Meta Platforms were among the largest detractors from portfolio performance over the 12 months.”
Meta Listed in Sustainable Growth Advisers U.S. Large Cap Growth Strategy’s reported holdings.
Meta- June 2026
“Meta Platforms is rumored to shortly follow suit. SemiAnalysis, one of the more well-regarded voices in technology at present, believes spending on AI between now and 2029 could require as much as $7 trillion in new debt issuance. The hyperscalers aren’t the only ones spending on AI infrastructure, but absent change they’ll likely constitute the bulk of it over the next several years. As investment continues to grow it will have profound implications for the businesses that presently constitute 38% of the S&P 500 index. If AI continues to accelerate toward its promise, those who’ve invested aggressively will be handsomely rewarded. If collective behavior results in more computing capacity than the world needs—AI is less transformational or progress is slower than anticipated—the hyperscalers will be saddled with excess capacity and financial liabilities that make them far less interesting investments. At present, the market is taking an increasingly glass-half-empty view of the likelihood of an attractive outcome. Microsoft and Meta Platforms, the owner of Facebook and Instagram, have been particularly punished. We’ve admired the companies’ ability to successfully navigate technological change over the past decade. They are once again approaching threshold moments. Our stance is that both will emerge from this season of sowing with durable growth intact. We continue to monitor strategic and capital allocation decisions closely, however. Meta Platforms has uniquely powerful data and distribution advantages and the company is investing aggressively in its own artificial intelligence models and compute to make its advertising platform more effective. Meta’s core business has among the most straight forward and compelling commercial use cases for AI that we are aware of. More engaging, relevant, and frequently refreshed creative content makes digital ads useful versus simply clutter. One unnamed Ironviner visits Instagram specifically for curated clothing, gear, and gift ideas—he checks in for the ads, not in spite of them, because he is often introduced 1 Amazon, Microsoft, Google, Meta, & Oracle 2 As of June 30, 2026 Page | 2 to new brands and items he hadn’t thought of or didn’t know existed. For advertisers, the ease and precision of targeting and measuring return on ad spend is powerful. They can refine and improve their approach leveraging Meta’s tools to increase efficiency. The company’s ability to leverage and improve its own models within this robust and proprietary feedback loop should draw additional advertising dollars and further the company’s lead in time. We initiated a position in Meta in our Concentrated strategy and added to our existing position in Core during the second quarter.”
Meta - June 2026
Listed in Harding Loevner Global Equity’s reported holdings.
Meta - June 2026
“ClearBridge owns both Meta and Alphabet in several portfolios, and we are cognizant of the risks to both society from social media and the companies via potential liability.”
Meta - ExitedMiddle Coast InvestingJune 2026
“We sold Meta Platforms from one client’s portfolio where they have better tech exposure.”
Meta - June 2026
“We added to the portfolio’s holdings in Intuit, Lowe’s, Medtronic, Meta (Facebook), Nike, PepsiCo, TE Connectivity, Thermo Fisher Scientific, and Tyson Foods.”
Meta - June 2026
“During the quarter, we were unusually busy. We bought Hermès and sold Tractor Supply Company, Zoetis, and CDW. We increased positions in Chubb, Progressive, Meta, Amazon, Microsoft, and Visa. We trimmed United Rentals, Alphabet, and Taiwan Semiconductor Manufacturing.”
Meta “During the quarter, we initiated one new position in Netflix, Inc. We fully liquidated our investments in Commerzbank AG, Meta Platforms Inc. Class A, and Universal Display Corp.”
Meta- June 2026
Listed in Royal London AM Global Equity Enhanced Fund’s reported holdings.
Meta - June 2026
Listed in Giverny Capital Asset Management Model Portfolio’s reported holdings.
Meta - AddedVision Capital FundJune 2026
“We had strong inflows in early Q2 from our largest investors (us included) seeking to take advantage of buying opportunities. We deployed some of that new capital to 10 of our existing positions (in alphabetical order): Cloudflare (NET), MercadoLibre (MELI), Meta (META), Nu (NU), Palantir (PLTR), Pro Medicus (PME), Sea Limited (SE), ServiceNow (NOW), Shopify (SHOP), and Zscaler (ZS).”
Meta - June 2026
Listed in Baron Opportunity Fund’s reported holdings.
Meta - June 2026
“The five largest cloud and AI infrastructure giants (Amazon, Alphabet, Meta, Microsoft, and Oracle) are projected to spend over $725 billion on capex in 2026 alone, nearly double last year’s already eye-popping levels.”
Meta - TrimmedBaron Durable Advantage FundJune 2026
“Top net sales for the quarter Quarter End Market Cap ($B) Net Amount Sold ($M) Meta Platforms, Inc. 1,429.9 8.8”
Meta - June 2026
“FUND MANAGEMENT TOP 10 HOLDINGS (%)* NVIDIA Corporation 12.66 Apple, Inc. 9.05 Microsoft Corporation 7.94 Alphabet, Inc. 6.34 Amazon.com, Inc. 5.16 Broadcom, Inc. 4.03 Meta Platforms, Inc. 3.23 Eli Lilly and Company 2.44 Mastercard, Inc. 1.64 Visa, Inc. 1.57 Top 10 Holdings Total 54.06”
Meta - June 2026
Listed in Baron Opportunity Strategy’s reported holdings.
Meta - TrimmedBuffalo Funds Growth FundJune 2026
“In the first half of the year, the hyperscalers significantly underperformed the broader technology company landscape. We believe that the Capex outlay in the first half of the year, combined with very reasonable valuations, offers a great setup for Meta, Microsoft, Amazon and Google into the back-half of the year. Although we have trimmed shares back a bit, the fund remains significantly overweight those four positions.”
Meta - HoldsPershing SquareJune 2026
“When taken together with our existing holdings in dominant, fast-growing companies such as Microsoft, Amazon, Meta, Uber, Brookfield, and Restaurant Brands, we believe our current portfolio is highly attractive”
Meta - HoldsOakmark Fixed IncomeJune 2026
“Instead of asking, “Who wins AI?” we ask a different question: “Which businesses can create value across the widest range of AI outcomes?” That question has shaped every AI-related investment we’ve made. Meta’s bonds are a good example.”
Meta - June 2026
Listed in Coronation Global Equity Strategy’s reported holdings.
Meta - June 2026
“Today, few companies are making ROI-based decisions on AI spending. Many are investing aggressively because they do not want to risk falling behind (FOMO). At times, the spending appears haphazard, as evidenced by large companies paying bonuses based on higher token usage. The result is a capital expenditure (capex) sprint that, by any historical measure, is extraordinary. The five largest cloud and AI infrastructure giants (Amazon, Alphabet, Meta, Microsoft, and Oracle) are projected to spend over $725 billion on capex in 2026 alone,”
Meta - HoldsMontaka Global FundJune 2026
“Performance Deconstruction While Montaka delivered positive returns in the June quarter, performance over the last 12-month period was materially negative – driven overwhelmingly by the declines experienced in the March quarter related to the ‘SaaSpocalypse’ (the selloff in software and AI–exposed names). We shared our detailed analysis of this selloff, and why we believe many competitively advantaged businesses have been drastically oversold in our most recent whitepaper: Where Advantages Lie (and Lie) in the Age of AI . Declines in ServiceNow, Microsoft, KKR, Salesforce and Meta Platforms were among the largest detractors from portfolio performance over the 12 months.”
Meta - June 2026
“Top net sales for the quarter Net Amount Sold ($M) Meta Platforms, Inc. 8.8”
Meta - June 2026
“Over the quarter, we exited four positions: Meta, Intuitive Surgical, Shopify, and EchoStar.”
Meta - June 2026
“Highlighted Detractors Meta Platforms Inc (META) 3.85% due 8/15/2032 (Aa3/AA-) underperformed despite strong operating growth and cash generation.”
Meta - June 2026
“Highlighted Detractors Meta Platforms Inc (META) 3.85% due 8/15/2032 (Aa3/AA-) underperformed despite strong operating growth and cash generation.”
Meta - June 2026
“During the quarter, we initiated positions in two quality companies, TJX Companies (TJX) and Amphenol Corporation (APH). We believe these investments serve to broaden portfolio diversification and increase exposure to businesses with exposure to resilient end markets, attractive reinvestment opportunities, and long runways for compounding growth across various market environments, with each offering a compelling entry point from a quality, growth, and valuation perspective. To fund these new positions, we exited two positions where rapid technological change has increased uncertainty regarding the long- term competitive environment. These changes included the full sale of Broadridge (BR) and Equifax (EFX). Although these companies have continued to post strong financial results, our ongoing competitive advantage assessments have flagged rising competitive threats and less resilient long-term moats than the new Portfolio additions profiled above and existing Portfolio holdings. Specifically, we’ve taken advantage of largely indiscriminate selling within software and business services sectors to upgrade the quality, growth and long-term competitive advantage profiles within the Portfolio. We also exited Copart (CPRT), a position we’ve been decreasing over time due to deteriorating competitive advantages. We also harvested gains in Meta (META) and Microsoft (MSFT) following strong share-price appreciation and reallocated capital to more attractively priced opportunities.”
Meta - June 2026
“We added materially to existing holdings on the same logic: Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.”
Meta - June 2026
“We added materially to existing holdings on the same logic: Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.”
Meta - June 2026
Listed in Liontrust GF Global Innovation Fund’s reported holdings.
Meta - June 2026
Listed in Liontrust Global Innovation Fund’s reported holdings.
Meta - June 2026
Listed in Liontrust GF Global Technology Fund’s reported holdings.
Meta - June 2026
Listed in Liontrust Global Technology Fund’s reported holdings.
Meta - June 2026
“We currently own some Alphabet and have previously owned both Meta and Microsoft.”
Meta - June 2026
“including larger positions in Taiwan Semiconductor, Microsoft, Alphabet and Meta Platforms, the strongest performers in 2Q26 were companies more directly benefiting from AI-related capital spending.”
Meta - June 2026
“As described in our Value Matters letter, given the breakneck pace of AI capability development, we are trying to be both imaginative and humble in our analysis across all our investments. In that spirit of “picking our spots,” we remain significantly invested in major AI players like Meta Platforms (another “top” detractor, down just 2%),”
Meta - AddedBurke Wealth Management Focused Growth StrategyJune 2026
“Q2 PORTFOLIO ACTIVITY The second quarter was an active trading quarter in our Focused Growth portfolio. We sold our positions in Abbott Labs and Lowe’s, added new positions in Eaton and Apollo, trimmed back rocket ship Micron twice for risk management purposes and used share price weakness as an opportunity to bolster our weightings in Intuitive Surgical, Meta, Service Now and Uber.”
Meta - ExitedRozendal Partners Global Fund and Worldwide Flexible Prescient Qualified Investor Hedge FundJune 2026
“we proceeded to make Meta a meaningful investment for the Fund.”
Meta - HoldsHIX Capital Geo FlagshipJune 2026
Listed in HIX Capital Geo Flagship’s reported holdings.
Meta - March 2026
“Meta Platforms (META) underperformed during the first quarter of 2026 as a combination of legal, fundamental, and sentiment-driven factors weighed on the stock. The primary catalyst was a landmark Los Angeles jury verdict against Meta and Alphabet, which established a new legal pathway targeting product design features such as algorithmic feeds, autoplay, and infinite scroll. This introduced a meaningful litigation overhang and, more importantly, raised concerns that potential algorithmic changes could reduce engagement. Given the direct link between user time spent and revenue, investors reassessed forward growth assumptions, driving multiple compression alongside broader concerns around AI investment intensity and market volatility. We believe the selloff is overdone. The market is discounting worst case legal and engagement outcomes that remain uncertain and likely to unfold over several years, particularly as Meta is expected to appeal. Core fundamentals remain intact, with strong advertiser demand supported by continued AI-driven improvements in targeting and conversion, as well as expanding monetization across Reels. Importantly, the stock is now trading near trough valuation levels (16x), which we view as disconnected from Meta’s long-term earnings power and ability to compound free cash flow as investment moderates. That said, we recognize that long term liabilities could ultimately be significant and difficult to forecast, and we will manage this risk through disciplined position sizing while maintaining exposure to the company’s structural growth opportunity. Portfolio Activity During the quarter, we initiated new investments in Ecolab Inc (ECL), GE Vernova Inc (GEV) and QXO Incorporated (QXO). We also exited our positions in Salesforce (CRM) and SAP ADR (SAP). During the quarter-end rebalance of the Quality Premier strategy, we added to our holdings in Danaher (DHR), Netflix (NFLX) and Linde plc (LIN), and trimmed Intuit (INTU) and Meta Platforms (META).”
Meta - HoldsFlexible Equity FundMarch 2026
“ Meta Platforms (META) detracted from performance despite continuing to deliver results ahead of consensus expectations.”
Meta - HoldsBuffalo Growth FundMarch 2026
“FUND MANAGEMENT TOP 10 HOLDINGS (%)* NVIDIA Corporation 12.20 Alphabet, Inc. 11.82 Microsoft Corporation 11.22 Amazon.com, Inc. 8.79 Apple, Inc. 8.21 Meta Platforms, Inc. 5.46 Broadcom, Inc.”
Meta - March 2026
Listed in Buffalo Blue Chip Growth Fund’s reported holdings.
Meta - March 2026
Listed in Giverny Capital Asset Management (GCAM) model portfolio’s reported holdings.
Meta - March 2026
“Comcast Corp. United States 1.3 Diversified Telecommunication Services Meta Platforms Inc. Class A United States 2.4 Interactive Media & Services”
Meta - March 2026
Listed in HL Global Carbon Transition Equity’s reported holdings.
Meta - March 2026
Listed in Riverparks funds RiverPark funds RiverPark Large Growth Fund’s reported holdings.
Meta - HoldsL&GMarch 2026
“2025 is the year when the AI revolution truly reached private credit. Several multi-billion deals were announced, including Meta’s $29bn AI data centre financing and Microsoft’s $30bn partnership with BlackRock.* This is not a fleeting trend: we expect further growth in private credit financing of digital infrastructure in 2026.”
Meta - New positionPolen Focus GrowthMarch 2026
“While we remain mindful of elevated data center capex and the uncertainty around its ultimate return without a comparable cloud business, we are encouraged by Meta’s strong execution in monetizing AI across its platforms.”
Meta - TrimmedThe Davenport FundsMarch 2026
“We also trimmed investments in some technology holdings including Analog Devices, Inc. (ADI), Broadcom, Inc. (AVGO), and Meta Platforms, Inc. (META).”
Meta - TrimmedClipper FundDecember 2025
“Our technology holdings were big contributors to our 2025 results. Based on the strong market gains, we trimmed certain holdings like Meta and Applied Materials.”
Meta - December 2025
“Despite these concerns, we believe Meta is effectively utilizing its current strengths to fund future growth.”
Meta - December 2025
Listed in Sands Capital Select Growth’s reported holdings.
Meta - TrimmedDavenportDecember 2025
“During the quarter we also lightened our weighting in several technology stocks with the position sizing changes reflecting emerging valuation concerns as well as a desire to emphasize other ideas with more compelling risk/reward profiles. As such, we have decreased Fund weightings in Adobe Inc. (ADBE), Alphabet, Meta Platforms Inc. (META), and Nvidia Corp (NVDA) while adding to names such as Microsoft Corp (MSFT), Union Pacific Corp (UNP), Accenture Plc (ACN) and EOG Resources Inc. (EOG).”
Meta - ExitedPlatinium Asset ManagementDecember 2025
“Portfolio positioning and the year ahead Over the past year we exited Alphabet and Meta on concerns that earnings growth will slow due to increased AI datacentre investments.”
Meta - HoldsDiameterDecember 2025
“We still hold a sizable position in the debt that offers attractive absolute and relative value.”
Meta - December 2025
Listed in Royal London Global Equity Diversified Fund’s reported holdings.
Meta - September 2025
Listed in RiverPark Long Short Opportunity Fund’s reported holdings.
Meta - September 2025
“Furthermore, consumer technology companies such as Meta (META) and Apple (AAPL) have the potential to play an influential role as AI becomes increasingly pervasive in consumer devices.”
Meta - September 2025
“Although the market showed some signs of broadening in the third quarter, performance continued to be dominated by a handful of mega-cap technology companies. The so-called Magnificent Seven—Apple (AAPL), Microsoft, Alphabet (GOOG), Amazon (AMZN), Meta (META), NVIDIA (NVDA), and Tesla (TSLA)—now represent more than 35% of the S&P 500’s total market capitalization and accounted for over half of the Index’s return.”
Meta - HoldsDavis Global FundJune 2025
“In communication services, Meta, a top three position in DGF, returned 26% in the first half of 2025.”
Meta - June 2025
“Sector % of Portfolio Holding % of Portfolio Technology 58.02% Apple Inc. 10.99% Health Care 8.76% Microsoft Corporation 10.85% Producer Durables 3.31% NVIDIA Corporation 10.56% Consumer Discretionary 19.67% Meta Platforms Inc. Class A 5.99%”
Meta - TrimmedDavis New York Venture FundJune 2025
“Technology: Resilient, Reasonably- Priced Growth Technology, broadly defined, makes up the portfolio’s next largest theme. As with financials, the term technology covers a broad range of companies with diverse types of business models. Within the tech universe, we focus on a select few companies that combine proven long-term growth with reasonable valuations. This valuation discipline has led us to avoid many of the market darlings that have driven the S&P 500 Index in recent years, including most of the so-called Magnificent Seven tech darlings that today represent an unprecedented concentration of almost 35% of the S&P 500 Index’s market capitalization.9 9. The Magnificent Seven consists of Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla. Fig. 8: Four Investment Themes with Long Tailwinds Financials Misunderstood Durability Tech Resilient, Reasonably- Priced Growth Healthcare Durability vs. Speculation Industrials Resilient, Non- Linear Growth • Enhanced level of capital • Cheap, underestimated • Industries include: – Non-financial financials – Mega banks – Consumer finance • Focus on valuation • Stalwarts vs. darlings • Global reach can help offset inflation • Industries include: – E-commerce – Cloud – Online search – Social media – Semiconductors • Driven by demographics • Services and generics • Pharma and biotech have big single drug risk • Electrification • Energy efficiency DNYVF | SEMI-ANNUAL REVIEW [ 11 ] In fact, while others have been piling into companies like Meta and Alphabet, which we have owned for many years, we have used their recent outperformance as an opportunity to significantly reduce our positions in these excellent, but richly valued, companies.”
Meta - HoldsRS Global StrategyJune 2025
“Meta Platforms Inc. Class A 2.82”
Meta - HoldsTouchstone Sands Capital Select Growth FundMarch 2025
Listed in Touchstone Sands Capital Select Growth Fund’s reported holdings.
Meta - HoldsAMG Renaissance Large Cap Growth FundDecember 2024
“Meta Platforms Inc, Class A 2.34”
Meta - HoldsNewBridge Large Cap Growth EquityDecember 2024
“The portfolio’s Communication Services sector also outperformed the benchmark. Netflix, Inc. was the portfolio’s best performer within the sector, while Meta Platforms detracted from the portfolio’s relative return.”
Meta
Also mentioned · 142
These funds discuss Meta as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedBeck Mack & OliverOctober 2026
“The large “hyperscalers”—companies that provide computing capacity, such as Google, Amazon, Microsoft, Meta, Oracle, and SpaceX—have collectively issued nearly $250 billion of corporate bonds thus far this year,”
Meta - MentionedHennessy Japan FundOctober 2026
“8. AI agents replacing human decision-makers: The rise of AI agents has the potential to fundamentally reshape the e-commerce landscape. Traditionally, companies have invested heavily in building brands that appeal to human consumers. However, if AI agents increasingly take over purchasing decisions on behalf of users, brand strength may become far less important than it is today. We will be watching closely how agent-based tools such as Muse, recently launched by Meta, become integrated into consumers’ daily lives and what implications this may have for the future of e-commerce.”
Meta - MentionedEquinova Investment Managers PMS PortfoliosOctober 2026
“Skepticism has started rising around viability of AI trade amid mounting debt concerns and reducing free cash flows for established tech giants like Amazon, Microsoft, Meta and Alphabet.”
Meta - MentionedMalborough Multi-Cap GrowthOctober 2026
“The month was characterised by rising government bond yields, elevated energy prices and the arrival of agentic artificial intelligence (AI) in the mainstream, with the launch of Meta Muse.”
Meta - MentionedLoomis SaylesOctober 2026
“The AI capex boom is in full swing and boosting economic activity. We see upside risk to the already eye-popping AI hyperscalers’ capex estimates. Hyperscaler Bloomberg Estimated Consensus CapEx Plans (Bil. USD, Calendar Year-End) 0 200 400 600 800 1,000 1,200 1,400 21 22 23 24 25 26 2021 2022 2023 2024 2025 2026 2027 2028 *Bloomberg FA Function Estimates through time. **Last datapoint for historical years is the actual reported CapEx figure, not an estimate. ***Stocks included: NVDA, AAPL, GOOGL, ORCL, MSFT, AMZN, META.”
Meta - MentionedTroy Multi-Asset StrategyOctober 2026
Named in a table in Troy Multi-Asset Strategy’s letter.
Meta - MentionedCDT Capital VNAVOctober 2026
Named in a table in CDT Capital VNAV’s letter.
Meta - MentionedSageOne Investment Managers SLMPOctober 2026
“The US provides several examples — Alphabet, Microsoft, Meta and Amazon have grown into some of the world's largest companies while continuing to deliver strong growth of 15% despite their enormous revenue bases of USD 200-300 bn.”
Meta - MentionedSpheria Australian Microcap FundOctober 2026
“Results from some of the biggest technology companies highlighted the sheer capital being invested into AI - with Google, Amazon and Meta spending US$51bn, US$77bn and US$35bn respectively on capex in the September quarter, pushing free cash flow negative at all three despite strong revenue growth.”
Meta - MentionedSKBA Capital ManagementSeptember 2026
“In uncertain times, investors tend to flock to safety. Such is the mantra, usually. We live in unusual times, however, and paradoxically, today’s stock markets are driven by those few companies presumed to usher in the demise of the human race. There is Open AI and Anthropic of course (both of which are still private), but there is also Nvidia, Amazon, Alphabet with Gemini, Meta with Muse, SpaceX with Grok and Microsoft with Copilot (which is underpinned by Open AI), all of which have inseparable dependencies with one another.”
Meta - September 2026
“Another AI Round The topic that poses most risk to our portfolio would seem to be AI. The wave of ‘AI may kill us all hype’, as well as continued new releases – Meta Platforms’ (META) Muse Agent being the most notable – suggest a) increasing capacities for AI, and b) the likelihood that these capacities will only improve and get cheaper.”
Meta - September 2026
“This is where all the money was made from the dotcom boom (Netflix, Spotify, Amazon, Meta etc) and I expect the same here.”
Meta - September 2026
“Out of the large listed technology companies, Meta outperformed over the month. It launched a personal AI assistant called “Muse” that quickly received positive reviews. Muse connects and interacts with many other platforms and can directly carry out tasks for users. JPMorgan analysts believe Muse has the potential to become “the most widely used consumer AI application since ChatGPT”1. There is now the potential for consumers to empower AI to make decisions for them, which will challenge how companies are able to win and retain customers. Meta has invested substantially into AI, including “acqui-hiring” its current chief AI officer Alexandr Wang through the purchase of his startup company Scale AI just over a year ago. That deal involved paying $14.3billion for just a 49% stake in the business2. If Meta can win an edge in new products such as Muse, it may be money well spent. But we see a risk of high further spend and hefty competition. Previous barriers between cloud compute, advertising and consumer devices no longer feel the same. All the large technology companies are now in an arms race to protect their existing businesses from each other. Furthermore, talent can always leave. Meta has seen frequent changes to strategy, spending plans and product development3. One of the other highly regarded researchers who were brought into the AI team at the same time as Mr. Wang was an Australian researcher called Andrew Tulloch. After less than a year he has joined Anthropic’s inference and performance team4. He was said to have been hired by Meta on a pay package worth more than $1billion over six years. We don’t know what he was offered at Anthropic. We do know that both Meta’s share-based compensation and capital expenditure continue to grow, putting pressure on cash flow generation. Will it have to acquire further teams and startups? Will its investments pay off, or fail like the Metaverse? This quote perhaps sums it up well: 1 JP Morgan Research 24/9/26 2 Meta poaches 28-year-old Scale AI CEO after taking multibillion dollar stake in startup | Reuters 3 Inside Mark Zuckerberg’s turbulent bet on AI 4 https://www.neoteo.com/en/andrew-tulloch-reportedly-leaves-meta-for-anthropic 3 “Mark Zuckerberg likes to play high-stakes poker. Other people like doing it in Las Vegas. He likes doing it with his company,” says one former Meta executive who worked closely with him. “Mark has a keen sense of when the market is changing and moving quickly to catch up. Here, he is buying momentum,” the person adds. “I would be wary of betting against his ability to deploy his resources to be successful. Will he ‘win’? I’m not sure. But he will not lose.” 3 For Meta’s future, the range of outcomes is wide and the need for investment will remain high. We are happy to watch from the sidelines.”
Meta - September 2026
“The term “consensus” within the capital markets industry refers to the average of earnings estimates made by professionals. Magnificent 7 data refers to the following set of stocks: Microsoft (MSFT), Amazon (AMZN), Meta (META), Apple (AAPL), Google parent Alphabet (GOOGL), Nvidia (NVDA), and Tesla (TSLA).”
Meta - MentionedGreenlight CapitalSeptember 2026
“the 191 technology companies in the S&P 1500, plus Amazon, Meta, Google and Tesla, collectively generated $4 trillion in actual revenue last year.”
Meta - September 2026
“On 8 September Meta launched Muse, a personal agent that books travel, makes payments, sends emails and manages calendars on a user’s behalf following on from venture-backed startup Instinct’s launch in August.”
Meta - MentionedCDT Capital VNAV FundSeptember 2026
“For some context around the magnitude of the AI investment super-cycle and the extraordinary demand for capital, earlier this month, Goldman Sachs reported that by 2028 the capital budgets for the five-cloud computing hyperscalers, Oracle (ORCL), Microsoft (MSFT), Google (GOOG), Meta (META) and Amazon (AMZN) will more than 3x from 2025 levels”
Meta - MentionedVltava FundSeptember 2026
“One of the most striking aspects of today’s U.S. stock market concerns companies’ exceptionally high earnings and record-high profit margins. The net profit margin of companies in the S&P 500 index is at historic highs. According to FactSet, it reached approximately 15% in the second quarter after adjusting for certain extraordinary investment gains. The previous high was around 14% (in 2021), followed by 13% (in 2018) and, before that, 10.5% (in 2008). Historically, profit margins have generally been in the single digits. Also interesting is that U.S. corporate profits are growing very rapidly today at a time when the economy itself is showing a rather moderate pace of growth and when we are somewhere in the middle of the economic cycle. Accelerating profitability growth in the middle of an economic cycle is highly unusual. In our view, this trend has in part a relatively straightforward explanation. The composition of the stock market has changed through the decades. Today’s index includes far more technology, software, and other asset-light companies, and these naturally achieve higher margins than do traditional industrial firms. At the same time, however, there is another factor in play that, in our view, receives surprisingly little attention, and this is an unprecedented investment boom related to artificial intelligence. Microsoft, Alphabet, Amazon, and Meta (the so-called “hyperscalers”) collectively plan this year to make capital investments exceeding $700 billion.”
Meta - September 2026
“Bears fear that NICE will be disrupted by AI. We believe that these fears are misplaced and that NICE is an AI winner. The company is on offense and has been aggressively investing to strengthen its competitive position and win this large and growing market. NICE has one of the best enterprise-grade AI products available and their AI-related revenues are growing rapidly. Call volumes and seats continue to increase and personal agents, like Meta’s Muse, have the potential to drive a massive influx of interactions to already overburdened contact centers.”
Meta - MentionedBrandes IP Global Equity FundSeptember 2026
“The four largest relative detractors were all index holdings in which we do not have a position: Microsoft, Nvidia, Apple, and Meta Platforms.”
Meta - September 2026
“The quarter was dominated by escalating conflict in the Middle East, which led to increased inflation pressures against a backdrop of prolific government spending and corporate issuance. Thus, there was a severe selloff in long-dated bonds in the US, Japan and Europe. Compounding matters, market interventions in currency and bond markets signaled limited interest in fiscal consolidation. These pressures led the AI trade to come under pressure in July, as circular financing issues and levered positioning led to declines in the MSCI Korea Index (MXKR, 35.97% in local currency terms) and SOX Index (26.66%) between June 30 and July 29. However, milestones in OpenAI frontier models and the traction of the Meta Muse AI agent resulted in a subsequent rebound in these indices through September 30 (MXKR Index 22.74%, SOX 21.04%), even as the global bond selloff deepened.”
Meta - MentionedKNA Capital Core Equity StrategySeptember 2026
“Given the above, it’s not surprising that 75% of S&P 500 stocks were down in September. The S&P 500 itself was buoyed by good performance among a small group of very large companies. Meta (Facebook’s parent company) was up 26.8% in September and NVIDIA, Apple, and Microsoft all finished positive.”
Meta - MentionedBoyar Value GroupSeptember 2026
“Artificial intelligence (AI) remained the market’s central theme. Investors focused on the enormous spending plans of the largest technology companies, strong demand for computing power, businesses putting AI to work, and, especially late in the quarter, growing excitement about AI “agents” —software that can carry out tasks on a user’s behalf. Meta’s new agent, Muse, became the leading example, and its debut sent stocks seen as potential losers from this new and unproven technology sharply lower.”
Meta - MentionedAugustine Asset Management Quarterly FundSeptember 2026
“Balance sheets, meanwhile, are benefiting from financing structures that remain off reported liabilities. Meta has financed a data center through an entity to keep $27 billion of debt off its balance sheet,”
Meta - September 2026
“The outperformance of communications services was driven by Meta Platforms, which benefited from its launch of the AI agent, Muse.”
Meta - MentionedRewey AM Smid Value StrategySeptember 2026
Named in a table in Rewey AM Smid Value Strategy’s letter.
Meta - September 2026
“Microsoft and Meta Platforms were the two largest detractors, because we did not own them and they returned +38% and +29%, respectively, as constituents of our benchmark.”
Meta - September 2026
“Nuance Perspectives4 At the end of the third quarter of 2026, the Nuance Concentrated Value Composite was up 10.32 percent (through September 30, 2026, net of fees), versus 19.22 percent for the Russell 3000® Value Index and 12.75 percent for the S&P 500® Index. With the Russell 3000® Value Index outperforming the S&P 500® Index year to date, it may appear on the surface that value style investing is beating growth style investing this year. However, in our opinion, the performance this year is more of a reflection of a disconnect that we have touched on in prior commentaries, namely that Russell’s value indices are increasingly diverging from how value style investing is conventionally defined. Over the last few years, we have observed a number of stocks on multiple occasions with meaningful weight in the Russell 3000® Value Index that bear little resemblance to the classic value businesses we have bought and sold over time. Recent examples include Meta Platforms Inc (META), Micron Technology, Inc. (MU), Advanced Micro Devices, Inc. (AMD), and Microsoft Corporation (MSFT), among others.”
Meta - September 2026
“One big development during the quarter was the emergence of personal AI agents. Among these are: Muse from Meta, which quickly became one of the most downloaded consumer apps; Dots from OpenAI, launched at its developer conference in late September; Grok bots from xAI; and Instinct, a 2025 startup whose agent already handles over $1 billion a year in transactions on behalf of its users (for more on the story of Instinct, see the link in "Content Corner" below).”
Meta - MentionedAntipodes Global FundSeptember 2026
“• Meta Platforms rallied strongly in September, driven by improving confidence in AI monetisation and the successful launch of its Muse AI assistant, which rapidly gained consumer adoption.”
Meta - MentionedAntipodes Global Fund (PIE)September 2026
“• Meta Platforms rallied strongly in September, driven by improving confidence in AI monetisation and the successful launch of its Muse AI assistant, which rapidly gained consumer adoption.”
Meta - September 2026
“AI-related stocks experienced a sharp sell-off early in the quarter, exacerbated by the forced unwinding of positions at the highly levered Situational Awareness hedge fund in July. This created technical selling pressure on many of the AI trade’s previous winners with several stocks falling some 40% in a short period. Sentiment subsequently improved, supported by renewed confidence in AI investment and the launches of OpenAI’s GPT- 6 Astra and more recently, Meta’s new personal AI agent, Muse.”
Meta - September 2026
“Sentiment subsequently improved, supported by renewed confidence in AI investment and the launches of OpenAI’s GPT- 6 Astra and more recently, Meta’s new personal AI agent, Muse.”
Meta - September 2026
“AI-related stocks experienced a sharp sell-off early in the quarter, exacerbated by the forced unwinding of positions at the highly levered Situational Awareness hedge fund in July. This created technical selling pressure on many of the AI trade’s previous winners with several stocks falling some 40% in a short period. Sentiment subsequently improved, supported by renewed confidence in AI investment and the launches of OpenAI’s GPT- 6 Astra and more recently, Meta’s new personal AI agent, Muse.”
Meta - September 2026
“supported by renewed confidence in AI investment and the launches of OpenAI’s GPT- 6 Astra and more recently, Meta’s new personal AI agent, Muse.”
Meta - September 2026
“Sentiment subsequently improved, supported by renewed confidence in AI investment and the launches of OpenAI’s GPT- 6 Astra and more recently, Meta’s new personal AI agent, Muse.”
Meta - September 2026
“Examples included Norwegian firm ASP Data Center which develops, owns, and operates data centre infrastructure and Sopaipilla Investor, a joint venture set up between BlackRock and Meta to finance the design and construction of a 960-megawatt data centre under development in El Paso, Texas.”
Meta - September 2026
“This is where all the money was made from the dotcom boom (Netflix, Spotify, Amazon, Meta etc) and I expect the same here.”
Meta - MentionedBrandes Core Plus Fixed Income FundSeptember 2026
“Sopaipilla Investor LLC is a project finance bond for a data center in El Paso, Texas. The primary tenant will be Meta. The project is 80% owned by Blackstone and 20% owned by Meta. The primary risks related to this bond are construction cost risk and the tenant’s ability to pay for the lease. Meta is responsible for cost overruns above 5%, and if Meta decides to walk away from the lease, a residual value guarantee is triggered, effectively limiting the risk to principal for bondholders. Ultimately, we view this bond as an extension of Meta credit risk.”
Meta - MentionedNAOS Asset Management Listed Investment Companies (NAC, NCC and NSC)September 2026
“Firmus has announced a major deal with OpenAI, which will become an anchor tenant in two Firmus AI factories in Malaysia, expected to be operational by the end of CY28. The company has also announced a further deal with Meta Platforms Inc. (NDQ: META) at their Batam, Indonesia project with the potential for more Asian projects with Meta (beyond its existing Australian relationship).”
Meta - MentionedCopeland Capital ManagementSeptember 2026
“Anthropic’s Claude, Alphabet’s Gemini, and OpenAI’s ChatGPT conƟnue to see rapid uptake.10 Meta’s (META) Muse app, launched in September, quickly became one of the fastest-growing consumer apps ever.”
Meta - MentionedCopelandSeptember 2026
“Anthropic’s Claude, Alphabet’s Gemini, and OpenAI’s ChatGPT conƟnue to see rapid uptake.10 Meta’s (META) Muse app, launched in September, quickly became one of the fastest-growing consumer apps ever.11 Anthropic’s IPO prospectus, filed this month, offers a look at AI economics.”
Meta - September 2026
“Microsoft and Meta Platforms were the two largest detractors, because we did not own them and they returned +38% and +29%, respectively, as constituents of our benchmark.”
Meta - September 2026
“After many months of blistering gains powered by enthusiasm for artificial intelligence (AI), share prices weakened in July as investors began to question whether the staggering capital expenditures in this growing segment of the tech sector would generate adequate returns. Meanwhile, global economic conditions began to show more cracks. With inflation reaccelerating, the Federal Reserve raised interest rates for the first time since 2023. Oil climbed even higher in reaction to ongoing conflicts in the Middle East. And a global sell-off in government debt sent long-term yields climbing. Against this darkening backdrop, consumer confidence fell to its lowest level since 2014.1 Still, the S&P 500 Index managed a +2.30% return during the quarter as growth in all the wrong places— inflation, interest rates and energy—drove investors back to the perceived safety of mega-cap and AI-related winners in September. To this point, without the contributions of Microsoft Corporation (MSFT), NVIDIA Corporation (NVDA), Apple Inc. (AAPL) and Meta Platforms, Inc. (META), the S&P 500 would have fallen -2.45% during the quarter.”
Meta - MentionedGuinness Global Quality Mid Cap FundAugust 2026
“Amazon lifted its 2026 capex outlook to roughly $210bn, Alphabet raised guidance to $195–$205bn, and Meta is moving toward the upper end of its $130–$145bn range.”
Meta - MentionedGuinness Global Innovators FundAugust 2026
“Over July, these fears have only grown as hyperscaler capex expectations continued to move higher. Expected FY26 capex by Amazon, Alphabet, Microsoft, Meta and Oracle combined has risen from around $536bn in December to $784bn by July, an increase of almost 50% in just seven months. Over the same time frame, expectations for free cash flow (FCF) have fallen dramatically, with all but Microsoft expected to have negative absolute FCF over 2026. The latest earnings season strengthened those expectations as three of 7 Guinness Global Innovators August 2026 the four main hyperscalers raised capex guidance. Amazon lifted its 2026 capex outlook to roughly $210bn, Alphabet raised guidance to $195bn–$205bn, and Meta is moving toward the upper end of its $130bn–$145bn range.”
Meta - MentionedCDT CapitalAugust 2026
“All the while, Meta continues to insist on spending $140B on AI models that their own company does not even use (Article) and the entire system is ever more leveraged ever.”
Meta - MentionedCDT Capital Investment StrategyAugust 2026
“All the while, Meta continues to insist on spending $140B on AI models that their own company does not even use (Article) and the entire system is ever more leveraged ever.”
Meta - MentionedGuinness Global Equity Income FundAugust 2026
“Over July, these fears have only grown as hyperscaler capex expectations continued to move higher. Expected FY26 capex by Amazon, Alphabet, Microsoft, Meta and Oracle combined has risen from around $536bn in December to $784bn by July, an increase of almost 50% in just 8 Guinness Global Equity Income August 2026 seven months. Over the same time frame, expectations for free cash flow (FCF) have fallen dramatically, with all but Microsoft expected to have negative absolute FCF over 2026. The latest earnings season strengthened those expectations as three of the four main hyperscalers raised capex guidance. Amazon lifted its 2026 capex outlook to roughly $210bn, Alphabet raised guidance to $195–$205bn, and Meta is moving toward the upper end of its $130–$145bn range.”
Meta - August 2026
“Metcalfe’s Law, well-known in the computer sciences—though not frequently used in economics—has been evident in the initial valuations of companies like Facebook (now Meta) and Tencent, as well as Internet usage in general.”
Meta - August 2026
“Metcalfe’s Law, well-known in the computer sciences—though not frequently used in economics—has been evident in the initial valuations of companies like Facebook (now Meta) and Tencent, as well as Internet usage in general.”
Meta - July 2026
“Two global themes stood out. First, the big four hyperscalers (Amazon, Microsoft, Alphabet and Meta) issued guidance that their combined 2026 capital expenditure would be $650-725bn, up 60-77% year-on-year.”
Meta - MentionedGuinness Global Quality Mid Cap FundJuly 2026
“On the debt side, a similar pattern has emerged. Companies like Meta, Alphabet, and Oracle, none of which had issued much debt in recent years, have all turned to bond markets to help fund AI capital expenditure. Meta priced a $30 billion bond deal in October, its largest in years, while Oracle has been the most aggressive borrower of the group, raising $43 billion in debt over the past year with more planned.”
Meta - MentionedGuinness Global Equity Income FundJuly 2026
“Hyperscaler capex The current capex cycle is clearly intertwined with a sharp increase in semiconductor demand, and we believe continued hyperscaler spending is a key indicator that the AI infrastructure build-out is still underway. This spending is effectively funding the next phase of the data centre build-out. As hyperscalers scale both training and, increasingly, inference workloads, their willingness to keep lifting capex expectations supports the view that this semiconductor cycle could prove longer lasting and more structurally driven than previous upcycles. In each earnings cycle, the major hyperscalers have generally revised capex guidance higher and the direction of travel is striking. Expected FY26 hyperscaler capex has risen from around $298bn in December 2024 to $758bn by the end of the second quarter this year, more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Meta - July 2026
“Bravida has been active in data centres since 2011, when it constructed Meta’s first facility outside the United States.”
Meta - MentionedBronte Capital Amalthea FundJuly 2026
Named in a table in Bronte Capital Amalthea Fund’s letter.
Meta - MentionedAlpha Wealth Fund The Insiders FundJuly 2026
“Meta is already discussing selling its "excess" computing capacity, and SpaceX recently leased surplus AI data center capacity to Anthropic and Alphabet.”
Meta - MentionedCDT Capital VNAVJuly 2026
“• Meta Earnings: The lack of a coherent AI strategy is drawing the ire of shareholders that are being asked to foot the bill for a $130 to $145B AI buildout with no comprehensible plan insight.”
Meta - MentionedCDT Capital VNAV StrategyJuly 2026
“• Meta Earnings: The lack of a coherent AI strategy is drawing the ire of shareholders that are being asked to foot the bill for a $130 to $145B AI buildout with no comprehensible plan insight.”
Meta - July 2026
“Amazon, Meta, Nvidia, Google, Oracle, and SpaceX have issued approximately $182 billion in investment-grade bonds in 2026, roughly 15% of all US corporate debt issuance3.”
Meta - July 2026
“We didn’t participate in either CoreWeave or Galaxy’s issues due to credit quality concerns, but we did purchase an investment grade rated issue from a Meta Inc. leased and supported transaction for Sopaipilla Investor LLC, which priced at a yield of just over 7.5% for a A+/AA- rated issue with an average life of about fourteen years.”
Meta - MentionedO'Keefe Stevens NVIDIA StrategyJuly 2026
“Since GTC DC in October 2025, we have received additional purchase orders and further diversified our customer base, including Anthropic, Meta, and a growing set of world-class model builders such as Cursor, Perplexity, Thinking Machines Lab, Reflection, and Skild.”
Meta - June 2026
“Combined AI capex: Microsoft, Alphabet, Meta, Amazon, Oracle.”
Meta - MentionedDeep Sail Capital PartnersJune 2026
“The company serves enterprise AI companies and the hyperscalers, including Google, Meta, Dell, HPE, IBM, Juniper Networks, and Oracle Corporation, among others.”
Meta - MentionedNexus Investment Management ULCJune 2026
“Large U.S. technology companies, including Amazon, Alphabet, Microsoft, Meta, Oracle, and now SpaceX, issued approximately US$122 billion of bonds in 2025, and by the second quarter, 2026 had already exceeded the prior year's total.”
Meta - MentionedBrasada CM Brasada Private AccountsJune 2026
“cash flow flush hyperscalers like Amazon, Microsoft, Alphabet, and Meta.”
Meta - MentionedGuinness Global Equity Income FundJune 2026
“Expected FY26 hyperscaler capex has risen from around $298bn in December 2024 to $737bn by May of this year, more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Meta - MentionedEmerald Focused Equity StrategyJune 2026
“Some signs are worth watching. Meta is reportedly preparing to rent out computing capacity to third parties, an implicit admission it has built more infrastructure than its own AI products currently require.”
Meta - MentionedFirst Eagle Investments Small Cap Market OverviewJune 2026
“companies like Amazon, Apple, Meta, Microsoft and Oracle that operate massive data centers supporting cloud computing”
Meta - MentionedHosking PartnersJune 2026
“This phenomenon seems to be approaching its end, as the scale of AI building has consumed all the hyperscalers' free cash flow, leaving no room to continue buybacks. In a reversal, Alphabet and Meta have recently conducted secondary offerings to ensure they do not fall behind in the spending race.”
Meta - MentionedHotchkis & Wiley Value OpportunitiesJune 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Meta - June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Meta - June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Meta - MentionedFirst Eagle Investments 2Q26 Market Overview: The Cost of CredibilityJune 2026
“The magnitude of capital expenditures by hyperscalers—companies like Amazon, Apple, Meta, Microsoft and Oracle that operate massive data centers supporting cloud computing—has been another source of support for investor sentiment.”
Meta - MentionedWarden Capital War CapJune 2026
“One of the firm's trying to produce an AI model that is struggling with adoption I think would find a company like Gitlab very tempting, such as Meta or SpaceX.”
Meta - MentionedManole Capital ManagementJune 2026
“Facebook/Meta provides a useful reminder.”
Meta - MentionedPacker & Co Investigator TrustJune 2026
“AI Capital Expenditure Boom (Google, Microsoft, Amazon, Meta & Oracle) Investors are on board, paying handsome prices for America’s tech giants.”
Meta - MentionedDistillate CapitalJune 2026
“Letter Summary Artificial Intelligence enthusiasm and uncertainty whipsawed markets and pushed valuations to extraordinary levels during the last quarter. Hyperscalers (Alphabet, Amazon, Meta, Microsoft, & Oracle) lagged amid concerns about returns on their enormous investments, while semiconductor and tech equipment companies benefiting from this spending surged.”
Meta - MentionedBaron SMID Cap StrategyJune 2026
“The rotation into perceived “AI winners” from the first quarter continued. These include companies that supply chips, power generation equipment, electrical and air conditioning equipment, engineering services and infrastructure, and financing geared toward AI data center construction. The PHLX Semiconductor Sector Index (known as the “SOX”) had its best quarter ever! While there is no doubt that AI is revolutionary, we believe that the indiscriminate momentum driving the price performance in the AI Annualized performance (%) for period ended June 30, 2026 (figures in USD)1 Strategy (net)2 Strategy (gross)2 Russell 2500 Growth Index2 Russell 3000 Index2 QTD3 15.62 15.84 24.02 15.44 YTD3 3.41 3.80 19.66 10.88 1 Year 6.11 6.51 32.94 22.82 Since Inception (12/31/2024)4 7.70 7.96 20.33 19.04 For Strategy reporting purposes, the Firm is defined as all accounts managed by Baron Capital Management, Inc. ("BCM") and BAMCO, Inc. ("BAMCO"), registered investment advisers wholly owned by Baron Capital Group, Inc. As of 6/30/2026, total Firm assets under management were approximately $69.7 billion.* The Strategy is a time-weighted, total return composite of all small- and mid-cap accounts managed on a fully discretionary basis using our standard investment process. Since 2010, accounts in the Strategy are market-value weighted and are included on the first day of the month following one full month under management. Prior to 2010, accounts were included on the first day of the quarter after one full quarter under management. Gross performance figures do not reflect the deduction of investment advisory fees and any other expenses incurred in the management of the investment advisory account. Actual client returns will be reduced by the advisory fees and any other expenses incurred in the management of the investment advisory account. A full description of investment advisory fees is supplied in the Firm's Form ADV Part 2A. Valuations and returns are computed and stated in U.S. dollars. Performance figures reflect the reinvestment of dividends and other earnings. Baron SMID Cap Strategy is currently composed of one ETF managed by BAMCO. * Includes client and proprietary accounts. BAMCO and BCM claim compliance with the Global Investment Performance Standards (GIPS®). To receive a complete list and description of the Firm’s strategies or a GIPS Report please contact us at 1-800-99-BARON. GIPS® is a registered trademark owned by CFA Institute. CFA Institute does not endorse, promote or warrant the accuracy or quality of the report. The performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. QUARTERLY LETTER | JUNE 30, 2026 Baron SMID Cap Strategy Calendar year performance (%) (figures in USD) Strategy (net)2 Strategy (gross)2 Russell 2500 Growth Index2 Russell 3000 Index2 2025 8.08 8.08 10.31 17.15 Randy Gwirtzman Laird Bieger Portfolio Manager Portfolio Manager 2 FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR USE WITH THE PUBLIC.SMALL/MID CAP winners bucket has a number of headwinds that by the end of the second quarter were beginning to show. These include: 1. Concerns regarding the pushback on unbridled usage of AI tokens (which measure the amount of work and thereby cost of usage) by customers of large language models (LLMs) including OpenAI and Anthropic. There are numerous reports of so-called “tokenmaxxing” being curtailed by companies such as Tesla, Meta, Accenture, and Walmart.”
Meta - MentionedBaron SMID Cap ETFJune 2026
“There are numerous reports of so-called “tokenmaxxing” being curtailed by companies such as Tesla, Meta, Accenture, and Walmart.”
Meta - June 2026
“The global property and casualty insurance needs of businesses such as Coca-Cola or American Express or Meta are not as simple as underwriting a state-mandated liability policy for a Toyota Camry.”
Meta - MentionedSaltLight Capital Co‑Investor LetterJune 2026
“Open-weight models, meanwhile, are getting very good, and there are plenty of workflows where top-shelf intelligence is simply not required. At a fraction of the cost, and with the considerable virtue that one's intellectual property stays at home, they are becoming an awkward fact of life for closed-model vendors. Consider the position of the enterprise customer. Its data and internal know-how are precisely what distinguish it from its competitors, and we suspect a growing reluctance (fear may be the better word) to hand either over to a model company that might, through some legal loophole, train on them. Or you were an enterprise processing a critical AI-based workflow on Anthropic’s Fable model only to discover, one Friday afternoon, that an edict from the Trump administration has switched it off. Taking Mr Spolsky’s playbook of commoditising your complements, we see ample room for Meta and Microsoft to commoditise intelligence and earn money elsewhere.”
Meta - MentionedArtisan Partners Global Value FundJune 2026
“The reason the direct model worked for auto and home policies is that these policies are essentially commodities. They have standard limits, coverage levels that are, in many cases, mandated by state regulations, and they are easily comparable. A basic liability policy for a 2026 Toyota Camry in San Francisco, California, purchased from Progressive or through your State Farm agent, is going to look pretty much the same. The biggest difference is the price of the policy. Progressive can generally offer a better one because it doesn’t have a large brokerage infrastructure to support. Direct retail auto and home insurance is not a good analog for commercial insurance. The global property and casualty insurance needs of businesses such as Coca-Cola or American Express or Meta are not as simple as underwriting a state-mandated liability policy for a Toyota Camry.”
Meta - MentionedCDT Capital (CDT)June 2026
“The Meta Investment Reckoning: Meta is at it again.”
Meta - MentionedMD SASS Concentrated ValueJune 2026
“The explanation lies in the extraordinary performance of the companies supplying the AI buildout. Semiconductor, memory, and hardware providers dramatically outperformed not only the hyperscalers funding the investment, including Amazon, Microsoft, Meta, and Alphabet, but also the broader market.”
Meta - MentionedCDT CapitalJune 2026
“The Meta Investment Reckoning: Meta is at it again.”
Meta - MentionedHorizon Kinetics Market CommentaryJune 2026
“Metcalfe’s Law, which is well-known in the computer sciences—though not frequently used in economics—has been evident in the initial valuations of companies like Facebook (now Meta) and Tencent, as well as Internet usage in general.”
Meta - June 2026
“the direct model worked for auto and home policies is that these policies are essentially commodities. They have standard limits, coverage levels that are, in many cases, mandated by state regulations, and they are easily comparable. A basic liability policy for a 2026 Toyota Camry in San Francisco, California, purchased from Progressive or through your State Farm agent, is going to look pretty much the same. The biggest difference is the price of the policy. Progressive can generally offer a better one because it doesn’t have a large brokerage infrastructure to support. Direct retail auto and home insurance is not a good analog for commercial insurance. The global property and casualty insurance needs of businesses such as Coca-Cola or American Express or Meta are not as simple as underwriting a state-mandated liability policy for a Toyota Camry.”
Meta - MentionedHorizon KineticsJune 2026
“Five companies have announced plans to spend a combined $720 billion on such expansion— Amazon ($198 billion); Microsoft ($146 billion), Alphabet ($186 billion); Meta ($132 billion); and Oracle ($56 billion).”
Meta - MentionedBronte Capital Amalthea FundJune 2026
Named in a table in Bronte Capital Amalthea Fund’s letter.
Meta - MentionedHosking Partners StrategyJune 2026
“Since the global financial crisis, US companies have been reducing the number of shares outstanding through buybacks, aided by cheap debt. This reduction of supply has been a powerful tailwind for returns and valuations. This phenomenon seems to be approaching its end, as the scale of AI building has consumed all the hyperscalers’ free cash flow, leaving no room to continue buybacks. In a reversal, Alphabet and Meta have recently conducted secondary offerings to ensure they do not fall behind in the spending race.”
Meta - MentionedAntipodes Global SMID Active ETFJune 2026
Named in a table in Antipodes Global SMID Active ETF’s letter.
Meta - MentionedHayden CapitalJune 2026
“Alphabet is guiding to as much as $205 billion of capex this year (LINK). Amazon, $220 billion. Meta, $130 – 145 billion. Microsoft, roughly $190 billion.”
Meta - MentionedHamlin Capital Management Equity and High Yield Municipal Bond StrategiesJune 2026
“We think it is noteworthy that several large companies in the AI ecosystem raised capital this quarter: Google, Meta, and Oracle announced large new equity and debt issuances, and SpaceX went public in June with much fanfare.”
Meta - MentionedAfrican Lions FundJune 2026
“they also made the point that formerly capital-light market darlings, such as Alphabet, Meta, Microsoft, and so on, are becoming huge consumers of capital for investments in AI infrastructure.”
Meta - MentionedAegis Value FundJune 2026
“Earnings gains were driven almost entirely by the hyperscalers - Amazon, Alphabet, Microsoft and Meta - and by the companies supplying the semiconductor and AI-infrastructure build-out, including Nvidia, Broad-”
Meta - MentionedMayTech Global Investments Global Growth StrategyJune 2026
“OpenAI followed with GPT-5.6 on July 9, and Meta released Muse Spark 1.1 the same week.”
Meta - June 2026
“In a reversal, Alphabet and Meta have recently conducted secondary offerings to ensure they do not fall behind in the spending race.”
Meta - MentionedO'Keefe Stevens AdvisoryJune 2026
“At the investor day, Qualcomm doubled its fiscal 2029 non-handset revenue goal to $40 billion, lifted its automotive revenue target to $10 billion, and struck a deal with Meta to supply data center CPUs for AI infrastructure, with production of its Dragonfly C1000 slated for 2028.”
Meta - MentionedCopeland Capital Management Dividend GrowthJune 2026
“At the infrastructure layer, we have seen an unquestionable ramp in expected capex, with large companies building out infra- structure at all costs to meet anticipated demand. To paraphrase Mark Zuckerberg’s comments at Meta’s annual shareholder meeting, he is willing to risk massive overbuilding because Meta can rent its datacenter capacity to someone else if it goes wrong.”
Meta - MentionedCopeland Capital Management Dividend Growth StrategyJune 2026
“To paraphrase Mark Zuckerberg’s comments at Meta’s annual shareholder meeting, he is willing to risk massive overbuilding because Meta can rent its datacenter capacity to someone else if it goes wrong.”
Meta - MentionedScharf Investments Quality Value StrategyJune 2026
“This massive investment spending is being led by large technology companies such as Amazon, Microsoft, Google, and Meta who see AI compute as a growth engine for their businesses.”
Meta - MentionedDistillate Capital Multi-StrategyJune 2026
“Artificial Intelligence enthusiasm and uncertainty whipsawed markets and pushed valuations to extraordinary levels during the last quarter. Hyperscalers (Alphabet, Amazon, Meta, Microsoft, & Oracle) lagged amid concerns about returns on their enormous investments, while semiconductor and tech equipment companies benefiting from this spending surged.”
Meta - June 2026
“The Biggest Capital Rush in History The size of today’s build-out is without precedent. In 2025 alone, the hyperscalers (Amazon, Microsoft, Meta, and their peers) spent roughly $388 billion chasing AI investments, equal to about 1.3% of U.S. GDP.”
Meta - Mentioned1492 Capital Management Quarterly NewsletterJune 2026
“Total annual capex spending across the major hyperscalers plus Meta has gone from roughly $156 billion in CY2023 to an estimated $712 billion in CY2026, which is more than a fourfold increase in three years.”
Meta - MentionedArgent Capital ManagementJune 2026
“In addition, the gargantuan “spend” that the hyper-scalers (such as Alphabet, Amazon, Meta and Microsoft) are willing to invest in data centers will likely negatively impact their earnings for years to come.”
Meta - MentionedGreenfield Seitz Capital ManagementJune 2026
“Magnificent 7 Underperforms We warned about the tech darlings swelling AI spending in our January letter, noting they were once asset light companies that are beginning to look more like industrials with heavy capex spending on semiconductors. The Magnificent 7 (Alphabet/Google, Amazon, Apple, Meta/Facebook, Microsoft, Nvidia, and Tesla) stocks are flat for 1H26, while the market is up 10%.”
Meta - MentionedJAG Capital ManagementJune 2026
“Figure 3. Big Five hyperscaler US bond issuance: the 2020–2024 average versus 2025 actual versus the 2026 forecast. Sources: BofA Securities via Reuters and Mellon Investments (Dec 2025); BofA Global Research 2026 forecast (Mar 2026). Big Five = Amazon, Microsoft, Alphabet, Meta, Oracle. 2020–2024 average issuance was ~$28B per year.”
Meta - MentionedManole Capital ManagementJune 2026
“For perspective, Facebook's 2012 IPO valued the company at approximately $81 billion, meaning a future SpaceX offering could be more than 15x times larger at the time of its listing.”
Meta - MentionedBrasada CM Private AccountsJune 2026
“cash flow flush hyperscalers like Amazon, Microsoft, Alphabet, and Meta.”
Meta - June 2026
“Including the leading hyperscale customers (Alphabet, Meta, Microsoft, Amazon) who are spending all excess cashow on infrastructure used to deliver AI services, the AI ecosystem accounts for about a third of the benchmark.”
Meta - MentionedHennessy Japan FundMay 2026
“Compared with incumbents such as Google and Meta, OpenAI has potential advantages in targeting through direct insight into "user intent" through conversational context.”
Meta - MentionedHL Global EquityMay 2026
Named in a table in HL Global Equity’s letter.
Meta - May 2026
“We guessed that executive option plans (buy backs) would take precedence over headcount and thus we expected lay-offs - tick:- see Meta, Atlassian, Oracle, Amazon amongst others.”
Meta - May 2026
“Meta: Sentiment/Investment cycles ▪ Example of occasional very inefficient markets”
Meta - March 2026
“The company operates across more than 150 countries with a vast retail footprint and a robust research and development ecosystem increasingly focused on transforming the optical industry into a med-tech and digital healthcare platform. During the quarter, shares detracted from performance as margins disappointed expectations despite broad- based revenue strength. Investor sentiment was further weighed down by growing concerns around emerging competition in the smart glasses category and the perception that the company’s key smart glasses partner Meta may be falling behind in the generative AI race.”
Meta - March 2026
“Despite the broad sell-off among large-cap growth stocks during the first quarter, three portfolio holdings demonstrated double-digit price appreciation – all within the semiconductor area. Consensus spend expectations for data center infrastructure continue to expand rapidly, particularly among the hyperscalers. During the first quarter of 2026, consensus estimates for 2026 and 2027 capital expenditures among Amazon (AMZN), Microsoft (MSFT), Meta (META), Alphabet (GOOGL) and Oracle(ORCL) cumulatively increased by 25% and 23% respectively, largely to support data center demand – inclusive of chips and related equipment.”
Meta - MentionedEagle Equity StrategyMarch 2026
“In 2021, we had the meme stock and SPAC craze. In 2022, with the war in Europe, we had an inflationary shock, and internet giants like Amazon, Meta, and Netflix declined precipitously, while the commodity complex exploded higher amid temporary shortages.”
Meta - March 2026
“One year later, the questions that defined that bear case have been answered in sequence, and not one of them broke the wrong way. Late in 2025, NBIS added META to its customer list with a ~$3B capacity-constrained contract.”
Meta - MentionedBridgewaterJanuary 2026
“AI capex is unlikely to be very labor-intensive—most of the cost involved is equipment-related (chips, cooling equipment, etc.), and once the data center is built, it requires very few people to operate. As a stark example, consider Meta’s $1.5 billion data center development in El Paso, Texas, compared to AESC’s $1.6 billion investment in a battery cell manufacturing plant in Florence County, South Carolina.”
Meta - MentionedBlackstoneJanuary 2026
“5 Source: Reflects data center CapEx by Microsoft, Amazon, Google, Meta per Morgan Stanley Equity Research, as of August 2025.”
Meta - MentionedWestfield Capital ManagementDecember 2025
Named in a table in Westfield Capital Management’s letter.
Meta - MentionedHoran WealthDecember 2025
“Included in the Communication Services sector are companies like Alphabet (GOOGL), Meta Platforms (META), and Netflix (NFLX).”
Meta - MentionedSchafer Cullen Value EquityDecember 2025
“To justify the roughly $500 billion in annual capital spending by the top five hyperscalers – directed toward model training, compute, data centers, power infrastructure, and talent to secure leadership in agentic AI – Bain & Company4 estimates these firms would need to generate approximately $2 trillion in annual revenue by 2030 to profitably fund data centers, compared with roughly $1.2 trillion in their current combined revenue across Nvidia, Meta, Microsoft, Alphabet, and Apple5.”
Meta - MentionedThe Ithaka GroupDecember 2025
“These stealth ROI’s are appearing across companies and sectors. Dara Khosrowshahi, CEO of Uber, has pointed to agentic AI workflows that optimized driver routing and consumer pricing in real time, with the latest generation of AI models translating into hundreds of millions of dollars of benefit for the company. John Plant, CEO of Howmet Aerospace, has highlighted AI as a dual-force for his company, both a technological tool to improve manufacturing efficiency and as a massive market driver for their industrial products. Plant has repeatedly praised the company’s digital thread, an AI-monitored manufacturing process that is signifi cantly improving casting yields for advanced jet engine parts. Eli Lilly’s CEO, David Ricks, frequently emphasizes that the number of possible organic chemicals that could become medicine is larger than the number of stars in the sky. Machine learning will allow the company to identify pathogenic cells and design targeted molecules, allowing Lilly to move from getting lucky to predictive engineering. In late 2025 Shopify reported traffic increased 7x for merchants who fully integrated AI powered tools into their websites and that these merchants saw a minimum 22% increase in conversion rates. Meta Platforms CEO, Mark Zuckerberg, stated that AI-powered recommendation models drove a 5% increase in conversions on Instagram and a 3% increase on Facebook in the quarter, translating to hundreds of millions, if not billions, of advertising dollar impact.”
Meta - MentionedTsai CapitalDecember 2025
“Elon Musk—Tesla Inc. Satya Nadella—Microsoft Corporation Sundar Pichai—Alphabet Inc. Ron Vachris—Costco Wholesale Corporation Mark Zuckerberg—Meta Platforms, Inc.”
Meta - MentionedClearbridgeDecember 2025
“Magnificent 7 data refers to the following set of stocks: Microsoft (MSFT), Amazon (AMZN), Meta (META), Apple (AAPL), Google parent Alphabet (GOOGL), Nvidia (NVDA), and Tesla (TSLA).”
Meta - MentionedPartners CapitalDecember 2025
Named in a table in Partners Capital’s letter.
Meta - December 2025
“Since the release of ChatGPT in November 2022, US equities have added nearly $24 trillion in market capitalization. BCA Research conservatively estimates that $9-$12 trillion of this increase cannot be explained by higher earnings or lower bond yields, implying that markets have already more than discounted substantial future AI-driven growth. To justify the roughly $500 billion in annual capital spending by the top five hyperscalers – directed toward model training, compute, data centers, power infrastructure, and talent to secure leadership in agentic AI – Bain & Company4 estimates these firms would need to generate approximately $2 trillion in annual revenue by 2030 to profitably fund data centers, compared with roughly $1.2 trillion in their current combined revenue across Nvidia, Meta, Microsoft, Alphabet, and Apple5.”
Meta - MentionedOrbis Global BalancedDecember 2025
“From cereal bowls to cereal 13/02/2026 16:31 Orbis Global Balanced | Quarterly Commentary https://www.orbis.com/uk/institutional/insights/commentaries/quarterly/2025/q4/balanced 4/8 Consider the little guy in the picture. He’s full of promise, and naturally his parents think he’ll be the most productive youngster in history. He might be, but he might squander his parents’ investments in him instead. We don’t know. What we do know is that he’s got a voracious appetite. The little dude loves cereal. He can’t get enough of it, spilt milk be damned. Sure, he needs a bowl and a spoon before pouring his cereal, but unless something breaks, he only needs those once. Really he needs a steady supply of cereal and milk. This little guy is artificial intelligence. Neither his parents nor anyone else knows exactly how he’ll grow up. But they are going to feed him, even if he eats sloppily. To wit: “If we end up misspending a couple of hundred billion dollars, I think that is going to be very unfortunate… but I actually think the risk is higher on the other side.” – Mark Zuckerberg “Once we build this generally intelligent system, we will ask it to figure out a way to generate an investment return.” – Sam Altman As Ben Preston writes in the Global Equity commentary, our analysts believe Alphabet’s AI advantages over Meta and OpenAI are underappreciated.”
Meta - December 2025
“Artificial Intelligence In November 2022, OpenAI launched ChatGPT to enormous fanfare reaching 100 million users in just two months and projected to reach one billion users by February 2026, achieving that milestone ten years faster than Google did with its search engine. For the first time, a conversation with a machine has become indistinguishable from one with a human, heralding the advent of artificial intelligence (AI). The Industrial Revolution brought on the mechanisation of production and an explosion of goods. AI promises to commoditise intelligence and, when combined with robotics, has the potential to disrupt almost all industries. For the largest software companies who have built their businesses around intangible assets, AI represents an existential threat. Larry Page, a co-founder of Alphabet (formerly Google), told colleagues he would be ‘happy to go bankrupt rather than lose this race’ for AI supremacy. Capital expenditures (capex) related to AI have surged with the largest US hyperscalers (Alphabet, Amazon, Meta, Microsoft and Oracle) expected to spend over $500bn in related capex in 2026, more than twice their capex spend pre the launch of ChatGPT.”
Meta - MentionedBlackrockDecember 2025
“Source: BlackRock Fundamental Equities, with data from FactSet as of Nov. 24, 2025. Chart shows capex spending and spending intentions of the five largest U.S. hyperscalers (Amazon, Meta, Alphabet, Microsoft and Oracle).”
Meta - MentionedHeadwaters CapitalSeptember 2025
“2019 2020 2021 2022 2023 2024 2025 2026 2019-2026 CAGR 2024-2026 CAGR Hyperscaler CAPEX - MSFT, AMZN, GOOGL, META, ORCL (a) 70 97 130 158 154 239 350 405 28% 38%”
Meta - September 2025
“Growth stocks, particularly those most associated with the rise of artificial intelligence, have driven returns for U.S. equities for an extended period. This momentum has produced impressive returns for investors in recent years, but concentration risk remains elevated on the S&P 500 Index. Some of the companies driving this growth and concentration risk such as Amazon.com Inc. and Meta Platform Inc. are also now part of the Russell 1000 Value Index.”
Meta - MentionedFederated Hermes Sustainable Global EquityJune 2025
“The first half of 2025 demanded resilience from global equity markets against a backdrop of heightened volatility and geopolitical uncertainty. While US equities delivered solid gains over this period, they were notably outpaced by several developed and emerging market (EM) regions, particularly in USD terms. Trade tensions fuelled by US President Donald Trump’s protectionist tariff regime rattled stock markets in April. Equity markets did, however, rebound over the subsequent period, driven by improving trade negotiations, robust earnings, and continued enthusiasm around artificial intelligence (AI). The rally was notably concentrated, with mega-cap technology and communication services stocks – such as Meta and Netflix – delivering outsized gains.”
Meta - MentionedClearbridge All Cap Growth StrategyMarch 2025
“Tariffs were just one of the headwinds impacting the Magnificent Seven as all except Meta Platforms underperformed the index.”
Meta - March 2025
“Tariffs were just one of the headwinds impacting the Magnificent Seven as all except Meta Platforms underperformed the index.”
Meta - MentionedHerford CapitalMarch 2025
“Peter Thiel – co-founder of PayPal and Palantir, and an early investor in Airbnb, Facebook, SpaceX, Stripe, Spotify, and Trade Republic, among others – provides an interesting case study.”
Meta - MentionedAvellemyMarch 2025
“The US is very good at producing certain products and services that have little competition elsewhere, e.g. via Microsoft, Meta, Netflix, AI services and so on.”
Meta - MentionedGeneration IMMarch 2025
“This retreat was not limited to climate. In corporate America, there has been a visible pullback from equity, diversity and inclusion (EDI) efforts. Rollbacks have been reported by Amazon, Google and Meta, amongst others.”
Meta - MentionedMacquarie Large Cap Growth FundMarch 2025
“The largest individual detractors from performance relative to the benchmark were not owning Meta Platforms, not owning Eli Lilly & Co., and our position in Electronic Arts Inc.”
Meta - MentionedMar Vista US Quality SelectDecember 2024
“BATMMAAN — Broadcom, Apple, Tesla, Microsoft, Meta Platforms, Amazon, Alphabet, and Nvidia — all boasting market valuations exceeding $1 trillion, delivered an average 2024 return of 63.3%, significantly outperforming the S&P 500®.”
Meta
Fund coverage · 32 theses
- Malborough US Focus FundOctober 2026
Meta is emerging as an early leader in monetising AI through the Meta Muse consumer agent and a broader new product cycle.
Read the full thesis - Artisan Partners Global Value FundSeptember 2026
Meta Platforms is positioned to lead in AI thanks to its compute, research, consumer distribution, and internal ad monetization potential.
Read the full thesis - Rowan Street FundSeptember 2026
Meta Platforms has compounded over many years despite major drawdowns, illustrating the firm’s belief in owning exceptional businesses and letting compounding run.
Read the full thesis - Alger Focus Equity FundSeptember 2026
Meta’s scale, data advantages, and AI capabilities support its competitive position and potential to monetize AI beyond advertising.
Read the full thesis - Diamond Hill Large Cap FundSeptember 2026
Meta Platforms has broad distribution and an accelerating advertising business, with an attractive valuation entry point.
Read the full thesis - Oakmark Equity and Income FundSeptember 2026
Meta Platforms operates Family of Apps at massive scale and offers AI monetization optionality at a valuation discount to intrinsic value.
Read the full thesis - Artisan Partners Global Opportunities FundSeptember 2026
Meta Platforms combines dominant ad franchises with AI-driven product improvements and emerging monetization opportunities.
Read the full thesis - Oakmark Select FundSeptember 2026
Meta Platforms operates Facebook, Instagram and WhatsApp, with exceptional core economics, AI monetization potential, and shares trading at a meaningful discount to intrinsic value.
Read the full thesis - Harris Associates U.S. Large Value StrategySeptember 2026
Meta Platforms combines exceptional core business economics with AI monetization opportunities and an attractive discount to intrinsic value.
Read the full thesis - Homestead Advisers Value FundSeptember 2026
Meta Platforms owns leading digital advertising platforms and its AI-enhanced advertising engine is viewed as one of the strongest franchises in the market.
Read the full thesis - Liontrust Global Dividend FundSeptember 2026
Meta owns Facebook, Instagram and WhatsApp and keeps compounding revenue and AI engagement, with its consumer AI agent Muse signaling where its AI investment is heading.
Read the full thesis - Pershing Square Holdings, Ltd.September 2026
Meta is held for its accelerating AI-driven advertising growth, new monetization paths through Muse and Meta Enterprise Platform, and expected 20%-plus earnings growth at an undervalued valuation.
Read the full thesis - Wedgewood Partners U.S. Large Cap Growth StrategySeptember 2026
Meta Platforms is benefiting from successful AI product launches, massive user adoption, and a track record of generating strong returns on new products.
Read the full thesis - Polen Focus GrowthSeptember 2026
Meta Platforms has a powerful distribution advantage and new AI monetization avenues beyond its core advertising business.
Read the full thesis Meta Platforms is using Muse to expand from social entertainment into productivity and commerce while the teen-safety settlement reduces legal uncertainty.
Read the full thesisMeta Platforms is a dominant digital advertising and consumer technology company with massive user scale and network effects, but the fund sold it because soaring AI capex raised doubts about returns on invested capital.
Read the full thesis- Longriver Partners FundJuly 2026
Meta Platforms is using AI to improve a highly productive advertising system and monetizes its own products without depending on external model providers.
Read the full thesis Meta Platforms uses its scale and AMD-related economic hedge to offset DRAM inflation and support future returns.
Read the full thesis- Pershing SquareJune 2026
Meta Platforms is benefiting from AI-driven engagement and monetization improvements and is expected to grow earnings at a 20%+ rate.
Read the full thesis - Ironvine Capital PartnersJune 2026
Meta Platforms benefits from powerful data and distribution advantages, and AI should make its ad platform more effective and reinforce its lead.
Read the full thesis - Rozendal Partners Global Fund and Worldwide Flexible Prescient Qualified Investor Hedge FundJune 2026
Meta Platforms was bought when market pessimism overdone, on the strength of its unmatched ad targeting data, social media network effects, scale advantage and under-earning Instagram and WhatsApp.
Read the full thesis - Polen Global GrowthMarch 2026
Meta Platforms is a global advertising platform with AI monetization, massive user reach, and attractive valuation-driven growth potential.
Read the full thesis - Pershing SquareDecember 2025
Meta Platforms, Inc. is a dominant, fast-growing digital ad business with vast AI upside trading at a discounted multiple.
Read the full thesis - Baron Durable Advantage FundDecember 2025
Meta Platforms is leveraging AI to improve engagement and ad performance with long-term monetization optionality despite near-term investment concerns.
Read the full thesis - YCG InvestmentsDecember 2025
Meta Platforms is the largest social network with powerful network effects and AI-driven ad targeting that sustains engagement and monetization across a 3.5 billion-user ecosystem.
Read the full thesis - Rowan StreetDecember 2025
Meta Platforms is a dominant social and advertising platform whose founder-led long-term investments are enhancing ad effectiveness and cash generation, supporting continued compounding.
Read the full thesis - Mar Vista US Quality PremierDecember 2025
Meta Platforms is sustaining robust growth while investing heavily in AI infrastructure that the managers expect will catalyze future revenue and free cash flow expansion.
Read the full thesis - Baron Fifth Avenue Growth FundDecember 2025
Meta Platforms is a dominant social network benefiting from AI-driven engagement and ad improvements with long-term monetization optionality despite elevated near-term AI spend.
Read the full thesis - Artisan Global Value StrategySeptember 2025
Meta is significantly increasing its capex investments, targeting $70 billion in 2023, with strong incremental returns expected from AI enhancements, despite some initiatives currently lacking economic value.
Read the full thesis - Longriver Partners FundJune 2025
Meta has built world-class AI infrastructure and automation for its ad platform, but without a compelling consumer-facing product, it risks powering the future of AI from behind the scenes while rivals like OpenAI capture the end-user and the upside.
Read the full thesis - Nightview capitalDecember 2024
Meta is a dominant force in global advertising, leveraging its extensive platform reach, AI advancements, and innovations in wearables to drive long-term growth.
Read the full thesis - Loomis Sayles Global Growth FundDecember 2024
Meta is a high-quality company positioned for strong growth through its competitive advantages in online advertising, with a significant market share potential and currently undervalued in the market.
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