Polen Capital, an investment management company, released its “Polen Global Growth Strategy” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. Volatility returned in the third quarter, in contrast to the first half of the year characterized by an increasingly crowded AI trade. The Strategy returned 3.85% gross (3.54% net) compared to the MSCI ACW Index’s 6.61% return. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Polen Global Growth Strategy highlighted stocks like Globant S.A. (NYSE:GLOB), in the third quarter 2024 investor letter. Globant S.A. (NYSE:GLOB) is a Luxembourg-based technology services company. The one-month return of GLOBANT S.A. (NYSE:GLOB) was 2.29%, and its shares gained 11.72% of their value over the last 52 weeks. On November 14, 2024, GLOBANT S.A. (NYSE:GLOB) stock closed at $228.79 per share with a market capitalization of $9.871 billion.

Polen Global Growth Strategy stated the following regarding GLOBANT S.A. (NYSE:GLOB) in its Q3 2024 investor letter:

"We added to several existing positions during the quarter, including Shopify, GLOBANT S.A. (NYSE:GLOB), and Paycom Software. While we're cognizant of Globant's challenging IT Consulting industry backdrop, we think the valuation is attractive relative to its long-term growth potential as the company continues to deliver best-in-class revenue and profit growth, bucking broader industry trends. Finally, we modestly added to our small position in Paycom Software following our recent meeting with the founder/CEO and CFO."

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GLOBANT S.A. (NYSE:GLOB) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held GLOBANT S.A. (NYSE:GLOB) at the end of the second quarter which was 32 in the previous quarter. While we acknowledge the potential of GLOBANT S.A. (NYSE:GLOB) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed GLOBANT S.A. (NYSE:GLOB) and shared Baron FinTech Fund's views on the company in the previous quarter. In its Q1 2024 investor letter, Polen Capital expressed its confidence in GLOBANT S.A.'s (NYSE:GLOB) ability to maintain high growth. In addition, please check out our hedge fund investor letters Q3 2024 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.