Here’s Why Globant S.A. (GLOB) Declined in Q4

Harding Loevner, an asset management company, released its “Frontier Emerging Markets Equity Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 5.72% gross of fees compared to a 9.23% return for the MSCI Frontier Emerging Markets Index. The fund returned -17.23% gross of fees for the year compared to -17.84% return for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Harding Loevner Frontier Emerging Markets Equity Strategy highlighted stocks like Globant S.A. (NYSE:GLOB) in its Q4 2022 investor letter. Based in Luxembourg, Globant S.A. (NYSE:GLOB) is a technology services company. On March 16, 2023, Globant S.A. (NYSE:GLOB) stock closed at $152.00 per share. One-month return of Globant S.A. (NYSE:GLOB) was -12.14%, and its shares lost 44.76% of their value over the last 52 weeks. Globant S.A. (NYSE:GLOB) has a market capitalization of $6.45 billion.

Harding Loevner Frontier Emerging Markets Equity Strategy made the following comment about Globant S.A. (NYSE:GLOB) in its Q4 2022 investor letter:

“Viewed by sector, IT investments drove the portfolio’s underperformance in the quarter. Argentina-based IT servicer Globant S.A. (NYSE:GLOB) suffered as management tempered guidance for its immediate growth prospects, noting its customers are delaying booking projects as well as their start dates due to weakening economic prospects.”

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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 the fourth quarter which was 22 in the previous quarter.

We discussed Globant S.A. (NYSE:GLOB) in another article and shared the list of most valuable European tech companies in the world. In addition, please check out our hedge fund investor letters Q4 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.