Polen Capital, an investment management company, released its “Polen Global Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund increased by 9.65% and 9.43 % gross and net of fees, respectively, compared to a 6.18% increase for the MSCI ACW Index. Year-to-date, the fund was up 22.46% and 21.87% gross and net of fees, respectively, compared to a 13.93% return for the index. Markets continued to be strong in the second quarter after a strong recovery in the first quarter of 2023 and are up robustly year to date. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Global Growth Strategy highlighted stocks like Globant S.A. (NYSE:GLOB) in the second quarter 2023 investor letter. Based in Luxembourg, Globant S.A. (NYSE:GLOB) is a technology services company. On August 16, 2023, Globant S.A. (NYSE:GLOB) stock closed at $167.85 per share. One-month return of Globant S.A. (NYSE:GLOB) was -9.17 %, and its shares lost 26.99% of their value over the last 52 weeks. Globant S.A. (NYSE:GLOB) has a market capitalization of $7.123 billion.
Polen Global Growth Strategy made the following comment about Globant S.A. (NYSE:GLOB) in its second quarter 2023 investor letter:
“We also added a small new position in Globant S.A. (NYSE:GLOB), a cloud-native information technology (IT) company specializing in digital and cognitive technology. We have been following this business for years and believe it is trading for a fair price at roughly 27x EPS. One of its main points of differentiation is being a digitally native IT services firm that helps enterprises with their digital transformations. Globant specializes in AI, software development, cybersecurity, and blockchain. As long owners of Accenture, we understand the power of being a trusted provider of these services. Globant benefits from having no legacy businesses in secular decline. Their entire enterprise is serving what Accenture calls “The New.” Globant describes its relationships with clients as a “digital journey” and positions itself as a true partner, not a onetime project consultant. Globant has worked with its largest client, Disney, for more than a decade. The business exceeds all our investment guardrails and participates in one of the largest total addressable markets. We expect Globant to deliver 20%+ EPS growth in the coming years.”
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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, 23 hedge fund portfolios held Globant S.A. (NYSE:GLOB) at the end of second quarter which was 25 in the previous quarter.
We discussed Globant S.A. (NYSE:GLOB) in another article and shared Polen International Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
