Wasatch Global Investors, an asset management company, released its “Wasatch U.S. Select Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. During the first quarter, the strategy gained but underperformed the Russell 3000 Growth Index benchmark, which was up 11.23%. Holdings in information technology (IT) and financials sectors detracted from the relative performance of the strategy, on the other hand, holdings in healthcare and consumer-discretionary sectors outperformed and contributed to the performance of the strategy in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Wasatch U.S. Select Strategy 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 -7.84%, and its shares lost 14.05% of their value over the last 52 weeks. On June 17, 2024, Globant S.A. (NYSE:GLOB) stock closed at 158.07 per share with a market capitalization of $6.82 billion.
Wasatch U.S. Select Strategy stated the following regarding Globant S.A. (NYSE:GLOB) in its first quarter 2024 investor letter:
“Another detractor was Globant S.A. (NYSE:GLOB), a global IT-consulting firm. Even though the firm’s earnings were ahead of expectations, the stock price fell after management issued conservative full-year guidance. General concern from investors about IT spending has weighed on the stock prices of firms in the consulting industry. However, our long[1]term views on the company remain unchanged. Globant continues to grow faster than many of its competitors, and we believe it will benefit as companies seek help digitalizing their business and incorporating AI into a wide range of functions.”
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Globant S.A. (NYSE:GLOB) is not on our list of 31 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. Globant S.A. (NYSE:GLOB) generated $571.1 million in revenues in the first quarter, a 20.9% increase year-over-year. While we acknowledge the potential of Globant S.A. (NYSE:GLOB) 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 Globant S.A. (NYSE:GLOB) and shared Alger Mid Cap Growth Fund’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.
