Next Century Growth Investors, LLC, an investment Management Company, released its “SMID Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. October had negative returns from the equity markets in the fourth quarter of 2023, but November and December saw a robust market rally that produced positive returns for the quarter. The strategy returned 4.84% (net of fees) compared to 12.59% for the Russell 2500™ Growth Index. Over the trailing year, the strategy returned 15.46% compared to 18.93% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
NCG SMID Cap Growth Strategy featured stocks like Braze, Inc. (NASDAQ:BRZE) in the fourth quarter 2023 investor letter. Based in New York, New York, Braze, Inc. (NASDAQ:BRZE) provides a customer engagement platform. On March 19, 2024, Braze, Inc. (NASDAQ:BRZE) stock closed at $51.19 per share. One-month return of Braze, Inc. (NASDAQ:BRZE) was -7.82%, and its shares gained 66.47% of their value over the last 52 weeks. Braze, Inc. (NASDAQ:BRZE) has a market capitalization of $5.111 billion.
NCG SMID Cap Growth Strategy stated the following regarding Braze, Inc. (NASDAQ:BRZE) in its fourth quarter 2023 investor letter:
“Braze, Inc. (NASDAQ:BRZE) is a leading next-generation customer engagement platform that allows brands to deliver cross channel marketing campaigns to end customers in real-time. BRZE currently serves about 2,000 customers across a diverse range of verticals, including retail/ecommerce, media & entertainment, financial services, travel & hospitality, quick service restaurants, and social/messaging/gaming. With a next-generation platform addressing the modern needs of an enterprise, Braze is disrupting the market and gaining share from legacy competitors, demonstrated by recent revenue growth in the 30% range with 70%+ gross margins.”
A web developer hunched over their laptop coding a customer engagement platform.
Braze, Inc. (NASDAQ:BRZE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Braze, Inc. (NASDAQ:BRZE) was held by 27 hedge fund portfolios, compared to 23 in the previous quarter, according to our database. 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.
