Baron Funds, an investment management company, released its “Baron FinTech Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund rose 6.33% (Institutional Shares) compared to a 3.60% gain for the FactSet Global FinTech Index (Benchmark) and a 10.56% gain for the S&P 500 index. The major market indexes touched an all-time high in the quarter driven by robust economic data and relatively strong corporate earnings. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron FinTech Fund highlighted stocks like Globant S.A. (NYSE:GLOB), in the first quarter 2024 investor letter. Globant S.A. (NYSE:GLOB) is a Luxembourg-based technology services company. The one-month return of Globant S.A. (NYSE:GLOB) was -7.93%, and its shares lost 7.48% of their value over the last 52 weeks. On May 24, 2024, Globant S.A. (NYSE:GLOB) stock closed at $166.49 per share with a market capitalization of $7.183 billion,
Baron FinTech Fund stated the following regarding Globant S.A. (NYSE:GLOB) in its first quarter 2024 investor letter:
“Globant S.A. (NYSE:GLOB) provides outsourced software development, design, and digital marketing services for business customers. Shares fell after the company provided financial guidance that was below Street expectations. While management expects market share gains to continue, 2024 guidance indicates a slowdown in revenue and earnings growth. We remain investors. Despite a broad slowdown in IT spending, the company showed resilient business momentum with 18% revenue growth and 16% EPS growth in the most recent quarter, well above peer levels due to Globant’s diversified customer base, favorable geographic mix, and acquisition strategy. We believe Globant has a long runway for expansion in a large global market for IT services.”
A large array of computer screens and tech equipment representing the technology company’s self-service cloud-based platform.
Globant S.A. (NYSE:GLOB) generated $571.1 million in revenues in the first quarter, a 20.9% increase year-over-year. Globant S.A. (NYSE:GLOB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Globant S.A. (NYSE:GLOB) at the end of the first quarter which was 26 in the previous quarter.
In another article, we discussed Globant S.A. (NYSE:GLOB) and shared Polen U.S. Small Company Growth Strategy’s views on the company. 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.
