The Ithaka Group, an investment advisory firm, released the “Ithaka US Growth Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. After a difficult 2022, most major market indices rebounded in 2023 with a 42.7% gain for the Russell 1000 Growth (R1G), the strongest performance in about 25 years. In the strong market, the strategy outperformed by rising 18.4% vs the R1G rising 14.2%. The outperformance was entirely due to stock selection, with a slight benefit from sector allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ithaka US Growth Strategy featured stocks such as ServiceNow, Inc. (NYSE:NOW) in the fourth quarter 2023 investor letter. Headquartered in Santa Clara, California, ServiceNow, Inc. (NYSE:NOW) is an enterprise cloud computing solutions provider. On February 8, 2024, ServiceNow, Inc. (NYSE:NOW) stock closed at $799.41 per share. One-month return of ServiceNow, Inc. (NYSE:NOW) was 9.63%, and its shares gained 74.41% of their value over the last 52 weeks. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $163.879 billion.
Ithaka US Growth Strategy stated the following regarding ServiceNow, Inc. (NYSE:NOW) in its fourth quarter 2023 investor letter:
“Founded in 2004, ServiceNow, Inc. (NYSE:NOW) has become the leading provider of cloud-based software solutions that define, structure, manage and automate workflow services for global enterprises. ServiceNow pioneered the use of the cloud to deliver IT service management (“ITSM”) applications. These applications allow users to manage incidents and to plan new IT projects, provision clouds, manage application performance and build applications themselves. The company has since expanded beyond the ITSM market to provide workflow solutions for IT operations management, customer support, human resources, security operations and other enterprise departments where a patchwork of semi-automated processes have been used in the past. ServiceNow’s stock appreciated in the quarter on the back of a strong rise in the overall technology market and strong earnings that beat Street estimates on the top and bottom line.”
A team of software engineers at desks working on code for a cutting-edge cloud computing solution.
ServiceNow, Inc. (NYSE:NOW) is in 24th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 99 hedge fund portfolios held ServiceNow, Inc. (NYSE:NOW) at the end of third quarter which was 93 in the previous quarter.
We discussed ServiceNow, Inc. (NYSE:NOW) in another article and shared the list of best American tech stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Free Dating Sites For Singles in the US
- 12 Most Useless Associate Degrees if You Want a High-Paying Job
- 20 Fastest Growing Professions in 2024
Disclosure: None. This article is originally published at Insider Monkey.
