Harding Loevner, an asset management company, released its “Global Equity Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The stock market recovered in the last quarter of 2023. The market regained all that it lost in the steep decline in 2022. The fund generated 13.21% (13.10% net) compared to 11.15% and 11.53% for the MSCI All Country World Index and MSCI World Index, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Global Equity 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.
Global Equity Strategy stated the following regarding ServiceNow, Inc. (NYSE:NOW) in its fourth quarter 2023 investor letter:
“Information technology is a crucial part of almost every business. As generative Al infiltrates more and more businesses, their leaders are increasingly recognizing the need for an IT platform that can support the evolution of their business model in an ever-evolving world. Generally, that has entailed a more consolidated, cloud-based infrastructure that can help drive cost efficiency as well as productivity. ServiceNow, Inc. (NYSE:NOW) has become a preferred vendor for addressing those needs.
ServiceNow has differentiated itself through the fast implementation times made possible by the simplicity of its Now Platform, which features a single code base and data model. This makes it easier to roll out across large organizations such as those in the public sector. For example, it took just six months for ServiceNow to develop a digital governmental-services tool to be used by citizens in one US state, and as of the third quarter, its business with the US federal government had increased 75% year over year. After beating and raising its guidance three quarters in a row, ServiceNow forecast full-year revenue growth of 25% for 2023, far eclipsing the 4.3% growth in global IT spending…” (Click here to read the full text)
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.
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Disclosure: None. This article is originally published at Insider Monkey.
