Lakehouse Capital, a Sydney-based investment manager, released its “Lakehouse Global Growth Fund” April 2023 investor letter. A copy of the same can be downloaded here. It was a quiet month for global equity markets and the fund returned 2.8% net of fees and expenses compared to a 2.8% return for the MSCI All Country World Index benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Lakehouse Global Growth Fund highlighted stocks ServiceNow, Inc. (NYSE:NOW) in April 2023 investor letter. Headquartered in Santa Clara, California, ServiceNow, Inc. (NYSE:NOW) is a global cloud computing solutions provider. On June 8, 2023, ServiceNow, Inc. (NYSE:NOW) stock closed at $535.34 per share. One-month return of ServiceNow, Inc. (NYSE:NOW) was 17.61%, and its shares gained 13.14% of their value over the last 52 weeks. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $113.239 billion.
Lakehouse Global Growth Fund made the following comment about ServiceNow, Inc. (NYSE:NOW) in its April 2023 investor letter:
“Despite a difficult macro environment, US-based software company ServiceNow, Inc. (NYSE:NOW) proved resilient with a healthy combination of organic growth and profitability. Subscription revenues grew 24% year-on-year (27% constant currency) to $2.0 billion and operating income grew 26% year-on-year to $552 million. The company’s core operating metrics were equally strong with remaining performance obligations growing 24% year-on-year and renewal rates holding firm at 98%. ServiceNow’s renewal rates are noteworthy as not only are they best-in-class but they are also remarkably consistent, typically in the range of 97% to 99%. They speak to the mission critical nature of the platform and are a key driver of long term annuity value. Overall, we continue to believe that ServiceNow is one of the highest quality software businesses around as the combination of consistent growth at scale, robust free cash flow generation and a large addressable market make it an attractive opportunity.”
ServiceNow, Inc. (NYSE:NOW) is 24th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 96 hedge fund portfolios held ServiceNow, Inc. (NYSE:NOW) at the end of first quarter 2023 which was 97 in the previous quarter.
We discussed ServiceNow, Inc. (NYSE:NOW) in another article and shared the list of hot stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 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.
