Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund delivered 1.42% gross and 1.11% net of fees compared to a 7.58% return for the Russell 2000 Growth Index and a 4.77% return for the S&P SmallCap 600 Growth Index. It was a historic quarter for the Russell 2000 Growth Index as more than half of its performance was driven by Super Micro Computer and MicroStrategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Polen U.S. Small Company Growth Strategy featured stocks like Globant S.A. (NYSE:GLOB) in the first quarter 2024 investor letter. Based in Luxembourg, Luxembourg, Globant S.A. (NYSE:GLOB) is a technology services company. On May 17, 2024, Globant S.A. (NYSE:GLOB) stock closed at $167.75 per share. One-month return of Globant S.A. (NYSE:GLOB) was -6.86%, and its shares lost 3.18% of their value over the last 52 weeks. Globant S.A. (NYSE:GLOB) has a market capitalization of $7.237 billion.
Polen U.S. Small Company Growth Strategy stated the following regarding Globant S.A. (NYSE:GLOB) in its first quarter 2024 investor letter:
“The most significant detractors from relative performance in the quarter were Super Micro Computer (not owned), Globant S.A. (NYSE:GLOB), and Bumble. On an absolute basis, the most significant detractors were Endava, Globant, and Bumble. Globant, a cloud-native IT services company specializing in digital technology, was also a top detractor in the quarter. While Globant has been a strong contributor on a one-year and six- month basis, the stock reacted negatively to what we view as prudently cautious guidance from management in their fourth quarter 2023 earnings report. Secular tailwinds support Globant as companies are compelled to spend on digital transformation and increase spending to integrate Al effectively. We maintain our confidence in the company’s capability to deliver mid to high double-digit top-line growth for many years. Despite broad IT services headwinds, we have been very impressed with Globant’s significantly above-industry growth.”
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Globant S.A. (NYSE:GLOB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Globant S.A. (NYSE:GLOB) at the end of the fourth quarter which was 20 in the previous quarter.
In another article, we discussed Globant S.A. (NYSE:GLOB) and shared the list of best high-growth IT stocks to buy. Polen Global Growth Strategy increased its position in Globant S.A. (NYSE:GLOB) in the current quarter due to its long-term growth potential. In addition, please check out our hedge fund investor letters Q1 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.
