Aristotle Capital Management, LLC, an investment management company, released its “Aristotle Core Equity Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -17.49% at NAV, underperforming the S&P 500 Index, which returned -16.10%. The underperformance of the fund was attributed to the stock selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Aristotle Capital discussed stocks like ServiceNow, Inc. (NYSE:NOW) in the second quarter 2022 investor letter. Headquartered in Santa Clara, California, ServiceNow, Inc. (NYSE:NOW) is a software company. On October 7, 2022, ServiceNow, Inc. (NYSE:NOW) stock closed at $401.21 per share. One-month return of ServiceNow, Inc. (NYSE:NOW) was -15.76% and its shares lost 34.85% of their value over the last 52 weeks. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $81.044 billion.
Here is what Aristotle Capital specifically said about ServiceNow, Inc. (NYSE:NOW) in its Q2 2022 investor letter:
“ServiceNow, Inc. (NYSE:NOW) provides digital workflows on a single enterprise cloud platform called the Now Platform. The company offers products on the Now Platform and standard applications specially designed for automating IT, Employee and Customer workflows. ServiceNow delivers software via the Internet through a simple and easy-to-use interface that can deploy the package offerings and allow customers to build their applications. Customers can choose to host software by themselves or through third-party service providers. The company offers professional services, both directly and through partners, to help customers deploy and utilize the products and platform. We consider ServiceNow a leading beneficiary of the digital transformation initiatives taking place in enterprises around the world. We believe it is the best-of-breed technology company with attractive topline growth metrics supported by a growing Total Addressable Market (TAM) along with positive FREE cash flow which is recycled into accelerating growth initiatives both organically and through selective M&A.”
ServiceNow, Inc. (NYSE:NOW) is in 16th 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 the second quarter which was 90 in the previous quarter.
We discussed ServiceNow, Inc. (NYSE:NOW) in another article and shared the list of the best artificial intelligence stocks to invest in. In addition, please check out our hedge fund investor letters Q2 2022 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.
