Next Century Growth Investors, LLC, an investment Management Company, released its “Micro-Cap Strategy” fourth-quarter investor letter. A copy of the letter can be downloaded here. The recent surge in the stock market highlights the significance of current macroeconomic indicators and the Fed’s outlook on future interest rates. The strategy returned 9.54% (net of fees) compared to 15.63% for the Russell Microcap® Growth Index. Over the trailing year, the strategy returned 10.15% compared to 9.10% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
NCG Micro-Cap Strategy featured stocks like Enfusion, Inc. (NYSE:ENFN) in the Q4 2023 investor letter. Headquartered in Chicago, Illinois, Enfusion, Inc. (NYSE:ENFN) offers software-as-a-service solutions for the investment management industry. On April 1, 2024, Enfusion, Inc. (NYSE:ENFN) stock closed at $9.24 per share. One-month return of Enfusion, Inc. (NYSE:ENFN) was 10.66%, and its shares lost 10.12% of their value over the last 52 weeks. Enfusion, Inc. (NYSE:ENFN) has a market capitalization of $830.409 million.
NCG Micro-Cap Strategy stated the following regarding Enfusion, Inc. (NYSE:ENFN) in its fourth quarter 2023 investor letter:
“Enfusion, Inc. (NYSE:ENFN) is a software company with a modern order execution management and portfolio accounting solution for asset managers. The addressable market is large and ripe for disruption as it is dominated by legacy competition with outdated technology. The company went public in 2021 and experienced headwinds as its historical core client base of hedge funds experienced issues themselves. A new management team was hired to turn the business around and make it more resilient in the future. Key initiatives have been on customer success, product innovation, and target market expansion. ENFN demonstrated early progress in these areas during 2023, and we believe it sets up the company for healthy revenue growth and margin expansion in the years ahead with continued execution.”
A senior financial executive in a power suit in front of a modern high rise building.
Enfusion, Inc. (NYSE:ENFN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Enfusion, Inc. (NYSE:ENFN) was held by 11 hedge fund portfolios, compared to 13 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.
