Should You Still Consider Investing in Globant (GLOB)?

Baron Funds, an asset management firm, published its “Baron Fintech Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. In the quarter ended June 30, 2022, Baron FinTech Fund (the “Fund”) fell 22.40% (Institutional Shares) compared with a 16.10% decline for the S&P 500 Index (the “Benchmark”) and a 22.80% decline for the FactSet Global FinTech Index (the “Index”). Since inception (December 31, 2019), the Fund has risen 3.81% on an annualized basis compared with an 8.27% gain for the Benchmark and a 5.25% decline for the FactSet Global FinTech Index. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, Baron Fintech Fund mentioned Globant S.A. (NYSE:GLOB) and explained its insights for the company. Founded in 2003, Globant S.A. (NYSE:GLOB) is a Buenos Aires, Argentina-based software development company with an $8.4 billion market capitalization. Globant S.A. (NYSE:GLOB) delivered a -35.44% return since the beginning of the year, while its 12-month returns are down by -38.76%. The stock closed at $202.78 per share on September 06, 2022.

Here is what Baron Fintech Fund has to say about Globant S.A. (NYSE:GLOB) in its Q1 2022 investor letter:

“The Fund’s unique exposure to Digital IT Services weighed on performance as outsourced software developer Globant, S.A. (NYSE:GLOB) was down sharply due to concerns about macroeconomic uncertainty potentially weighing on client demand even though recent trends have been strong.”

Our calculations show that Globant S.A. (NYSE:GLOB) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Globant S.A. (NYSE:GLOB) was in 18 hedge fund portfolios at the end of the first quarter of 2022, compared to 31 funds in the previous quarter. Globant S.A. (NYSE:GLOB) delivered a 1.51% return in the past 3 months.

In June 2022, we also shared another hedge fund’s views on Globant S.A. (NYSE:GLOB) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

Disclosure: None. This article is originally published at Insider Monkey.