The London Company, an investment management company, released “The London Company SMID Cap Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund increased 15.2% (15% net) compared to a 13.4% gain for the Russell 2500 Index. The outperformance was due to both stock selection and sector exposure. The portfolio generated a solid relative and absolute performance in the fourth quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company SMID Cap Strategy featured stocks such as Endava plc (NYSE:DAVA) in the fourth quarter 2023 investor letter. Headquartered in London, the United Kingdom, Endava plc (NYSE:DAVA) is a technology services provider. On February 8, 2024, Endava plc (NYSE:DAVA) stock closed at $68.96 per share. One-month return of Endava plc (NYSE:DAVA) was -10.92%, and its shares lost 23.91% of their value over the last 52 weeks. Endava plc (NYSE:DAVA) has a market capitalization of $3.983 billion.
The London Company SMID Cap Strategy stated the following regarding Endava plc (NYSE:DAVA) in its fourth quarter 2023 investor letter:
“Initiated: Endava plc (NYSE:DAVA) – DAVA is one of the largest next-generation IT servicers in the world, specializing primarily in custom application development. DAVA benefits directly from the trend towards increasing sophistication of enterprise IT environments (more variety, faster, more convenience, etc.). With a workforce exceeding 10,000 and a culture that fosters agile technology solutions, DAVA has an edge over less nimble competitors while also having a deep bench of skilled developers. We believe that the shortage of quality technical talent will persist for the near future, which supports a very favorable pricing and margin environment for DAVA. DAVA also has a strong balance sheet, minimal capital expenditures, and trades at an attractive discount to our conservative estimate of intrinsic value.”
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Endava plc (NYSE:DAVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Endava plc (NYSE:DAVA) at the end of third quarter which was 12 in the previous quarter.
We discussed Endava plc (NYSE:DAVA) in another article and shared Baron Funds’ views on the company in the previous quarter. 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.
