Lakehouse Capital, a Sydney-based investment manager, released its “Lakehouse Global Growth Fund” May 2023 investor letter. A copy of the same can be downloaded here. During the month, there were concerns about the deadline to raise the US debt ceiling. The fund returned 4.3% net of fees and expenses in May compared to a 1.0% return for the MSCI All Country World Index benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Lakehouse Global Growth Fund highlighted stocks ServiceNow, Inc. (NYSE:NOW) in the May 2023 investor letter. Headquartered in Santa Clara, California, ServiceNow, Inc. (NYSE:NOW) is a global cloud computing solutions provider. On June 8, 2023, ServiceNow, Inc. (NYSE:NOW) stock closed at $535.34 per share. One-month return of ServiceNow, Inc. (NYSE:NOW) was 17.61%, and its shares gained 13.14% of their value over the last 52 weeks. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $113.239 billion.
Lakehouse Global Growth Fund made the following comment about ServiceNow, Inc. (NYSE:NOW) in its May 2023 investor letter:
“At the portfolio level, the biggest contributor to performance during the month was ServiceNow, Inc. (NYSE:NOW) (+21.1%), which benefited from investor enthusiasm generated at its annual investor day.
US-based software company ServiceNow held its annual Analyst Day in May, providing insights into its long-term strategy and business operations. With the challenging economic environment, the market has been anticipating a relatively weaker operating period for the company. Investors were pleased to learn that the company’s revised financial targets were still quite healthy, although slightly lower than last year’s estimates. The event also highlighted other positive developments, such as achieving 125% net revenue retention (NRR), Customer and industry workflow products reaching $800m in annual contract value (ACV) and Creator workflows reaching $850m in ACV, demonstrating the power of ServiceNow’s platform and its ability to expand beyond their core IT related products. Management also touched on its opportunity presented by Generative AI and the potential for seat expansion and monetisation through higher-priced or add-on product offerings. Overall, we remain happy shareholders of the company and have confidence in the company’s management team as they navigate the fast changing technology landscape.”
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ServiceNow, Inc. (NYSE:NOW) is 24th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 96 hedge fund portfolios held ServiceNow, Inc. (NYSE:NOW) at the end of first quarter 2023 which was 97 in the previous quarter.
We discussed ServiceNow, Inc. (NYSE:NOW) in another article and shared the list of hot stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 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.
