Next Century Growth Investors, LLC, an investment Management Company, released its “Small Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. The market continued its rally in the first quarter of 2024; it paused in January but resumed its upward trajectory in February and March. In the quarter the small-cap strategy generated gains from most sectors, except technology where two tech stocks contributed significantly to the index performance. Against this backdrop, the strategy returned 9.35% (net of fees) in the quarter, compared to a 7.58% return for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Next Century Growth Small Cap 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 15.68%, and its shares lost 2.63% of their value over the last 52 weeks. On July 1, 2024, Globant S.A. (NYSE:GLOB) stock closed at 176.29 per share with a market capitalization of $7.631 billion.
Next Century Growth Small Cap Strategy stated the following regarding Globant S.A. (NYSE:GLOB) in its first quarter 2024 investor letter:
“Globant S.A. (NYSE:GLOB)is an IT service provider focused on enabling digital transformation for companies across a broad range of industries. We have owned GLOB in the past. Digital transformation spending has been strong for many years but there was a slowdown following outsized growth during 2021 and early 2022. Globant was able to navigate the slowdown while maintaining solid growth rates and we believe they are well positioned as the spending environment improves.”
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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.
We discussed Globant S.A. (NYSE:GLOB) in another article and shared Wasatch U.S. Select Strategy’s views on the company. In its Q1 2024 investor letter, Alger Mid Cap Growth Fund noted that despite strong results, Globant S.A. (NYSE:GLOB) declined during the quarter. 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.
