Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned -5.00% gross and -5.26% net of fees in the third quarter compared to a -6.84% return for the Russell 2500 Growth Index. The portfolio returned 11.68% (net) YTD, compared to 5.63% for the index. The negative absolute return of the portfolio in the quarter is due to ongoing macroeconomic uncertainty related to interest rates, credit tightening, and an uneven economy from a growth perspective. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. SMID Company Growth Strategy highlighted stocks like Globant S.A. (NYSE:GLOB) in the third quarter 2023 investor letter. Based in Luxembourg, Globant S.A. (NYSE:GLOB) is a technology services company. On October 30, 2023, Globant S.A. (NYSE:GLOB) stock closed at $168.39 per share. One-month return of Globant S.A. (NYSE:GLOB) was -16.14%, and its shares lost 10.75% of their value over the last 52 weeks. Globant S.A. (NYSE:GLOB) has a market capitalization of $7.146 billion.
Polen U.S. SMID Company Growth Strategy made the following comment about Globant S.A. (NYSE:GLOB) in its Q3 2023 investor letter:
“The top contributors to the Portfolio’s relative performance in the third quarter included Goosehead Insurance, Globant S.A. (NYSE:GLOB), and Yeti.
Globant, an IT consulting firm focused on helping companies embrace digital transformation, was a top contributor. The company has reported compelling results this year despite increased pessimism about the IT services space and some competitors reducing their outlook. While we do not believe Globant will be immune to a more significant downturn in IT services spending, we believe the long-term outlook for Globant continues to be very attractive.”
A close-up of a customer using the company’s e-commerce platform whilst shopping online.
Globant S.A. (NYSE:GLOB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Globant S.A. (NYSE:GLOB) at the end of second quarter which was 25 in the previous quarter.
We discussed Globant S.A. (NYSE:GLOB) in another article and shared Polen Global Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.
