ClearBridge Investments, an investment management firm, released its fourth-quarter 2022 “Mid Cap Growth Strategy” investor letter – a copy of which can be downloaded here. The strategy underperformed the Russell Midcap Growth Index in the fourth quarter. It gained across six of the 10 sectors in which it was invested in the quarter. The industrials, health care, and consumer discretionary sectors were the leading contributors while the IT sector was the primary detractor. In addition, please check the fund’s top five holdings to know its best picks in 2022.
ClearBridge Mid Cap Growth Strategy highlighted stocks like Globant S.A. (NYSE:GLOB) in its Q4 2022 investor letter. Based in Luxembourg, Globant S.A. (NYSE:GLOB) is a technology services company. On February 17, 2023, Globant S.A. (NYSE:GLOB) stock closed at $173.00 per share. One-month return of Globant S.A. (NYSE:GLOB) was 5.38% and its shares lost 33.32% of their value over the last 52 weeks. Globant S.A. (NYSE:GLOB) has a market capitalization of $7.227 billion.
ClearBridge Mid Cap Growth Strategy made the following comment about Globant S.A. (NYSE:GLOB) in its Q4 2022 investor letter:
“We also added Globant S.A. (NYSE:GLOB), an IT services firm specializing in outsourced digital transformation and custom software development. With companies increasingly digitizing their operations, the cost of developing such systems internally has grown. Globant has been able to capitalize on this trend by acting as an outsourcing partner who can accomplish these tasks at lower cost and greater efficiency than their clients. As such, we believe Globant will continue to grow as more and more companies undergo digital transformations.”
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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, 22 hedge fund portfolios held Globant S.A. (NYSE:GLOB) at the end of the third quarter, which was 18 in the previous quarter.
We discussed Globant S.A. (NYSE:GLOB) in another article and shared Polen International Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.