Here’s How Globant S.A. (GLOB) Performed in the Second Quarter

Harding Loevner, an asset management company, released its “Global Small Companies Equity” second quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -14.49% net of fees compared to a return of -16.96% for the MSCI All Country World Small Cap Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Harding Loevner discussed stocks like Globant S.A. (NYSE:GLOB) in the second quarter investor letter. Based in Luxembourg, Globant S.A. (NYSE:GLOB) is a technology services company. On September 23, 2022, Globant S.A. (NYSE:GLOB) stock closed at $190.09 per share. One-month return of Globant S.A. (NYSE:GLOB) was -10.17% and its shares lost 36.31% of their value over the last 52 weeks. Globant S.A. (NYSE:GLOB) has a market capitalization of $7.941billion.

Here is what Harding Loevner specifically said about Globant S.A. (NYSE:GLOB) in its Q2 2022 investor letter:

“Information Technology (IT), one of the market’s worst-performing sectors, was our primary detractor due to a combination of our overweight position and poor stock selection in it. The curse of rich valuation was most vividly on display in several of our IT-services holdings. Argentina-based Globant S.A. (NYSE:GLOB) saw fears of an economic slowdown dampen its near-term outlook despite posting first-quarter revenue and earnings-per-share growth above 40% year-over-year and increasing its full-year guidance for both metrics.”

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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, 18 hedge fund portfolios held Globant S.A. (NYSE:GLOB)  at the end of the second quarter which was 31 in the previous quarter.

We discussed Globant S.A. (NYSE:GLOB) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.