Harding Loevner, an asset management company, released its “Emerging Markets Equity Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy returned 3.3% net of fees compared to a 4.02% return for the MSCI Emerging Markets Index. The fund rose as investors weighed the global economic risks related to higher interest rates and prospects for China’s economic recovery. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Harding Loevner Emerging Markets Equity Strategy highlighted stocks like Globant S.A. (NYSE:GLOB) in the first quarter 2023 investor letter. Based in Luxembourg, Globant S.A. (NYSE:GLOB) is a technology services company. On June 6, 2023, Globant S.A. (NYSE:GLOB) stock closed at $174.29 per share. One-month return of Globant S.A. (NYSE:GLOB) was 26.22%, and its shares lost 14.32% of their value over the last 52 weeks. Globant S.A. (NYSE:GLOB) has a market capitalization of $7.396 billion.
Harding Loevner Emerging Markets Equity Strategy made the following comment about Globant S.A. (NYSE:GLOB) in its Q1 2023 investor letter:
“In IT services, uncertain macroeconomic conditions in the US and Europe are causing corporate customers to delay new projects. We expect this slowdown to be short-lived, so when shares of Argentina-based Globant S.A. (NYSE:GLOB) fell to attractive levels, we took the opportunity to initiate a new position.
Over the past few years, with extra incentive provided by the pandemic, businesses have embarked on major digital-transformation initiatives to facilitate better interactions with their customers, trade partners, and employees. Globant, through its highly skilled yet competitively priced global talent pool based primarily in Latin America and Asia, is helping customers improve their digital interactions. One such customer is Disney. whose popular Disney+ streaming-TV service Globant played a key role in developing and launching…” (Click here to read the full text)
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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, 25 hedge fund portfolios held Globant S.A. (NYSE:GLOB) at the end of first quarter 2023 which was 23 in the previous quarter.
We discussed Globant S.A. (NYSE:GLOB) in another article and shared Baron FinTech Fund’s views on the company. 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.
