Hardman Johnston Global Advisors, an investment management company, released its “Hardman Johnston Global Equity” fourth quarter 2024, investor letter. A copy of the letter can be downloaded here. The fourth quarter concluded the portfolio’s successful year in comparison to its benchmark index. The strategy returned -0.17%, net of fees, in the quarter, compared to -0.99% return for the MSCI AC World Net Index. From a sector standpoint, the main drivers of the portfolio’s outperformance during the quarter were Industrials and Materials. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Hardman Johnston Global Equity Strategy emphasized stocks such as Atlassian Corporation (NASDAQ:TEAM). Atlassian Corporation (NASDAQ:TEAM) is a company that designs, develops, licenses, and maintains various software products. The one-month return of Atlassian Corporation (NASDAQ:TEAM) was -20.92%, and its shares gained 17.47% of their value over the last 52 weeks. On March 20, 2025, Atlassian Corporation (NASDAQ:TEAM) stock closed at $226.16 per share with a market capitalization of $59.254 billion.
Hardman Johnston Global Equity Strategy stated the following regarding Atlassian Corporation (NASDAQ:TEAM) in its Q4 2024 investor letter:
“The top individual contributors to relative performance during the quarter were Atlassian Corporation (NASDAQ:TEAM), Standard Chartered, and Howmet Aerospace. Shares of Atlassian recovered sharply in the fourth quarter, driven by strong outperformance in Cloud and Data Center revenue growth and operating margins exceeding guidance by 360 bps. Paid seat expansion and cloud migrations led the earnings beat at the collaborative software maker, as management indicated that the macroeconomic environment has remained stable sequentially. Atlassian demonstrated a strong pace of innovation in the quarter, rolling out three new Premium versions of existing products, including Guard, Product Discovery, and Compass, plus two new out-of-the-box AI agents in Autodev and Autoreview to enhance engineering workflow efficiency. Additionally, Atlassian appointed its new CRO, Brian Duffy, whose background in the cloud division at SAP serves as a potential catalyst to scaling Atlassian’s enterprise go-to-market sales approach.”
A computer programmer developing a software application for high-performance computing.
Atlassian Corporation (NASDAQ:TEAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 75 hedge fund portfolios held Atlassian Corporation (NASDAQ:TEAM) at the end of the fourth quarter compared to 44 in the third quarter. While we acknowledge the potential of Atlassian Corporation (NASDAQ:TEAM) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Atlassian Corporation (NASDAQ:TEAM) and shared Parnassus Growth Equity Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.