Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund underperformed its benchmark, the Russell 2500 Growth Index, and returned -28.35% net of fees. Poor performance of consumer discretionary and financials sectors impacted the fund’s performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the second quarter 2022 investor letter, Polen Capital discussed stocks like Globant S.A. (NYSE:GLOB). Based in Luxembourg, Globant S.A. (NYSE:GLOB) is a technology services company. On September 28, 2022, Globant S.A. (NYSE:GLOB) stock closed at $197.27 per share. One-month return of Globant S.A. (NYSE:GLOB) was -3.34% and its shares lost 29.80% of their value over the last 52 weeks. Globant S.A. (NYSE:GLOB) has a market capitalization of $8.241 billion.
Here is what Polen Capital specifically said about Globant S.A. (NYSE:GLOB) in its Q2 2022 investor letter:
“Globant S.A. (NYSE:GLOB) is a leading IT consulting company based in Argentina. In particular, Globant’s expertise comes in helping companies digitally transform utilizing artificial intelligence, AR/VR, and blockchain. It has leveraged this expertise, and success with notable clients like Google and Disney, into faster than market growth. In the current environment, where businesses everywhere need help digitally transforming, Globant is seeing very strong demand for its services. The stock price reaction this quarter was related to broad market weakness on concerns around a slowdown in IT spend amidst global recession. In our view, while there’s always the possibility of a moderation in demand in the short term, the secular tailwinds from digital transformation make it likely that strong demand should persist for years to come, supporting strong earnings growth over the long term.”
Pixabay/Public domain
Globant S.A. (NYSE:GLOB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Globant S.A. (NYSE:GLOB) at the end of the second quarter which was 31 in the previous quarter.
We discussed Globant S.A. (NYSE:GLOB) in another article and shared Harding Loevner’s views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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