What Makes Endava plc (DAVA) an Investment Bet?

Argosy Investors, an investment management company, released its second-quarter investor letter. A copy of the same can be downloaded here. The S&P 500 returned 8.7% during the second quarter. The fund ended the quarter with 52% of the portfolio in cash and equivalents. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Argosy Investors highlighted stocks like Endava plc (NYSE:DAVA) in the second quarter 2023 investor letter. Headquartered in London, the United Kingdom, Endava plc (NYSE:DAVA) is a technology services provider. On August 15, 2023, Endava plc (NYSE:DAVA) stock closed at $47.05 per share. One-month return of Endava plc (NYSE:DAVA) was -21.82%, and its shares lost 56.64% of their value over the last 52 weeks. Endava plc (NYSE:DAVA) has a market capitalization of $2.678 billion.

Argosy Investors made the following comment about Endava plc (NYSE:DAVA) in its second quarter 2023 investor letter:

“In other news, I essentially swapped the positions in Thoughtworks and Grid Dynamics for a position in Endava plc (NYSE:DAVA). Finally, Endava is one of the better-managed IT outsourcers among its peers, with perhaps only EPAM being better managed among at least the US-listed stocks. The very tangible (for some) chill that has befallen the tech sector’s once-rapid employment growth seems to be also impacting projects that Endava and other outsourcing companies were working on. As a result, the entire sector has fallen rather significantly. Given the indiscriminate selling of quality companies in the space, I decided to sell Thoughtworks, a slower-growing outsourcer with some suspicious foreign ties I wasn’t previously aware of, and Grid Dynamics (GDYN), a much smaller company that I bought during the COVID pandemic after it went public via SPAC.”

Endava plc (NYSE:DAVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Endava plc (NYSE:DAVA) at the end of first quarter which was 14 in the previous quarter.

We discussed Endava plc (NYSE:DAVA) in another article and shared White Falcon Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.