Ensemble Capital Management, an investment management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy slightly outperformed with a gain of 8.76% compared to the S&P 500’s 8.74% gain. The strategy’s performance in the quarter was driven by big gains generated by small companies in the portfolio. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ensemble Capital Management highlighted stocks like ServiceNow, Inc. (NYSE:NOW) in the second quarter 2023 investor letter. Headquartered in Santa Clara, California, ServiceNow, Inc. (NYSE:NOW) is a global cloud computing solutions provider. On July 27, 2023, ServiceNow, Inc. (NYSE:NOW) stock closed at $559.89 per share. One-month return of ServiceNow, Inc. (NYSE:NOW) was -0.37%, and its shares gained 25.35% of their value over the last 52 weeks. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $114.072 billion.
Ensemble Capital Management made the following comment about ServiceNow, Inc. (NYSE:NOW) in its second quarter 2023 investor letter:
“ServiceNow, Inc. (NYSE:NOW): AI has been all over the news lately and we’ve seen some amazing results in terms of a step up in intelligence, productivity, and creativity come out of it. Nvidia, the semiconductor leader in GPUs (Graphical Processor Units), has gotten the spotlight as the hardware enabler of the technology while Microsoft, Open AI, and Google have been highlighted as the companies that brought the technology to the market.
However, the ramp in the use and application of the technology is just starting. As we’ve seen with previous innovations, the majority of the value often accrues more broadly to companies and societies who incorporate the technology into their offerings – creating new applications and enhancing existing ones – and see higher productivity and better living standards. Of course, there are also companies that get disrupted and have to figure out new business models or become obsolete.
We can think of ServiceNow’s core offering, the NOW Platform, as a “Platform of Platforms” within the enterprise, and as we’ll explain, it allows companies to stitch together their disparate, siloed software and data systems so that they can be accessible, modernized, and integrated to create more efficient workflows to unlock better customer services and increase productivity…” (Click here to read the full text)
ServiceNow, Inc. (NYSE:NOW) is 24th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 96 hedge fund portfolios held ServiceNow, Inc. (NYSE:NOW) at the end of first quarter which was 97 in the previous quarter.
We discussed ServiceNow, Inc. (NYSE:NOW) in another article and shared the list of best big tech stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
