Wasatch Global Investors, an investment management firm, released its “Wasatch U.S. Select Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Concerns about the impact of rising interest rates and the possibility of a recession caused stocks to decline in the third quarter. In this context, the fund’s Investor Class slipped -4.81% and underperformed its benchmark, the Russell 3000 Growth Index, which fell -3.34%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Wasatch U.S. Select Fund highlighted stocks like Guidewire Software, Inc. (NYSE:GWRE) in the third quarter 2023 investor letter. Headquartered in San Mateo, California, Guidewire Software, Inc. (NYSE:GWRE) is a software product-providing company for P&C insurers. On December 26, 2023, Guidewire Software, Inc. (NYSE:GWRE) stock closed at $110.26 per share. One-month return of Guidewire Software, Inc. (NYSE:GWRE) was 10.79%, and its shares gained 85.25% of their value over the last 52 weeks. Guidewire Software, Inc. (NYSE:GWRE) has a market capitalization of $9.034 billion.
Wasatch U.S. Select Fund made the following comment about Guidewire Software, Inc. (NYSE:GWRE) in its Q3 2023 investor letter:
“Guidewire Software, Inc. (NYSE:GWRE) was also a significant contributor. The company provides enterprise software for the property and casualty insurance industry. The software supports collaborative workflow, cooperation with external partners and rule-based decision making—all of which characterize modern underwriting and claims operations. Guidewire benefits as insurance companies increasingly replace their core (usually on-premises) legacy software with centralized, cloud-based offerings. Strong fundamentals have been driving the stock price higher. The transition to software as a service (SaaS) has occurred faster than expected. In the past year, Guidewire closed 37 cloud deals, including 17 in the most recent quarter. Of those 17 deals, 11 were for tier-one insurance providers. Margins have been increasing. And cash flows have been growing. Moreover, with Guidewire moving data from legacy systems to the cloud, the company should be especially well-positioned to use artificial intelligence (AI) applications.”
An insurance agent with a tablet device accessing a technology-enabled platform.
Guidewire Software, Inc. (NYSE:GWRE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Guidewire Software, Inc. (NYSE:GWRE) at the end of third quarter which was 36 in the previous quarter.
We discussed Guidewire Software, Inc. (NYSE:GWRE) in another article and shared Artisan Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 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.
