Next Century Growth Investors, LLC, an investment Management Company, released its “SMID Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. October had negative returns from the equity markets in the fourth quarter of 2023, but November and December saw a robust market rally that produced positive returns for the quarter. The strategy returned 4.84% (net of fees) compared to 12.59% for the Russell 2500™ Growth Index. Over the trailing year, the strategy returned 15.46% compared to 18.93% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
NCG SMID Cap Growth Strategy featured stocks like Guidewire Software, Inc. (NYSE:GWRE) in the fourth 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 March 19, 2024, Guidewire Software, Inc. (NYSE:GWRE) stock closed at $112.67 per share. One-month return of Guidewire Software, Inc. (NYSE:GWRE) was -2.95%, and its shares gained 48.96% of their value over the last 52 weeks. Guidewire Software, Inc. (NYSE:GWRE) has a market capitalization of $9.388 billion.
NCG SMID Cap Growth Strategy stated the following regarding Guidewire Software, Inc. (NYSE:GWRE) in its fourth quarter 2023 investor letter:
“Guidewire Software, Inc. (NYSE:GWRE) provides a software platform for P&C insurance companies to run their businesses (policies, claims, billing, data & analytics). Traditionally, P&C insurance companies have used legacy, on-premise solutions or homegrown systems, which have difficulty scaling as companies grow. GWRE currently has >500 customers and targets the Top 2,000 insurers worldwide. GWRE is a company we owned in the past but sold due to a business model transition which caused some growing pains. They are now mostly through the transition and are experiencing increased adoption of their next generation platform as more and more insurers are moving their core systems to the cloud. Following many years of increased investment in product and go-to-market initiatives, GWRE should be in position to deliver solid revenue growth and improved profit margins and free cash flow.”
An insurance adjuster reviewing images and paperwork to process a claim.
Guidewire Software, Inc. (NYSE:GWRE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Guidewire Software, Inc. (NYSE:GWRE) was held by 33 hedge fund portfolios, up from 31 in the previous quarter, according to our database.
We discussed Guidewire Software, Inc. (NYSE:GWRE) in another article and shared Baron FinTech Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
