Generali Powszechne Towarzystwo Emerytalne increased its stake in MercadoLibre by buying 5,030 shares, estimated at $10.57 million. The trade led to a rise in the quarter-end position value by $6.88 million, now totaling 15,100 shares valued at $30.42 million. MercadoLibre represents 5.2% of the fund’s assets under management, moving out of the top five holdings list.

The purchase comes at a time when MercadoLibre’s stock growth has slowed, facing e-commerce competition and increased bad debt losses. However, the company has built successful e-commerce, fintech, and logistics businesses in a region with political and economic challenges. With revenue growth remaining strong, the stock’s valuation and growth opportunities in recovering markets make it an appealing investment for Generali.

Read more at Nasdaq: Generali Loads Up 5,000 MELI Shares Worth $10.6 Million