Top 5 Stock Picks of Michael Pausic’s Foxhaven Asset Management

2. Atlassian Corporation PLC (NASDAQ:TEAM)

Foxhaven Asset Management’s Stake Value: $349 million

Percentage of Foxhaven Asset Management’s 13F Portfolio: 10.05%

Number of Hedge Fund Holders: 60

Atlassian Corporation PLC (NASDAQ:TEAM) generated nearly 30% stock price gain for shareholders in the past twelve months. The Australian software company is the second-largest stockholding of Foxhaven Asset Management as of September, according to data tracked by Insider Monkey. 

ClearBridge Investments, an investment management firm, praised Atlassian’s performance in the third quarter investor letter. Here is what ClearBridge Investments stated:

“The ClearBridge Mid Cap Growth Strategy delivered positive absolute performance and outperformed the benchmark in the third quarter, with the primary differentiator being stock selection among our IT holdings. The tech names in the portfolio gained 10.1% for the quarter compared to a 2.2% gain for tech in the benchmark. Most of the heavy lifting was done by enterprise software holdings that are helping businesses analyze activity and execute more efficiently, such as Atlassian. The leading contributors to absolute returns during the third quarter included Atlassian.”