Polen Capital, an investment management company, released its “Polen International Growth Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy returned 9.23% net in the fourth quarter compared to a 14.28% return for the MSCI ACWI (ex-USA). For 2022, the return was -30.00% net compared to -16.00% for the benchmark. The healthcare, information technology, and consumer discretionary sectors contributed to the underperformance of the strategy in the year. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Polen International Growth Strategy highlighted stocks like Globant S.A. (NYSE:GLOB) in its Q4 2022 investor letter. Based in Luxembourg, Globant S.A. (NYSE:GLOB) is a technology services company. On February 14, 2023, Globant S.A. (NYSE:GLOB) stock closed at $160.79 per share. One-month return of Globant S.A. (NYSE:GLOB) was -6.71%, and its shares lost 39.77% of their value over the last 52 weeks. Globant S.A. (NYSE:GLOB) has a market capitalization of $6.717 billion.
Polen International Growth Strategy made the following comment about Globant S.A. (NYSE:GLOB) in its Q4 2022 investor letter:
“Globant S.A. (NYSE:GLOB) is a leading IT consulting company based in Argentina. In the most recent quarter, the company continued to deliver strong top-line growth, and management has reiterated its positive long-term outlook for digital transformation and IT services. With that said, the company did note some slowing in decision-making by clients, which can be a precursor to clients reassessing their IT budgets. Zooming out, it’s clear that the economic slowdown is creeping into enterprise IT spending, as evidenced by the belt tightening we are seeing at big U.S. tech companies. Recent tech industry layoff announcements could continue for a few quarters. However, in the medium term, these big tech layoffs could benefit Globant as the battle for talent should ease. More importantly, with a long-term lens, the secular tailwind from digital transformation is undeniable, in our opinion. While there may be periods of slowing growth along the way, we believe demand should persist for years to come and drive earnings growth greater than 25%.”
Globant S.A. (NYSE:GLOB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Globant S.A. (NYSE:GLOB) at the end of the third quarter, which was 18 in the previous quarter.
We discussed Globant S.A. (NYSE:GLOB) in another article and shared the list of stocks to buy according to Teresa Barger’s Cartica Management. In addition, please check out our hedge fund investor letters Q4 2022 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.
