The London Company, an investment management company, released “The London Company Small Cap Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter, the fund gained 8.3% (8.2%, net) compared to a 5.2% increase in the Russell 2000 Index. Stock selection led the portfolio to outperform in the quarter, partially offset by sector exposure. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
The London Company Small Cap Strategy featured stocks like Qualys, Inc. (NASDAQ:QLYS) in the first quarter 2024 investor letter. Headquartered in Foster City, California, Qualys, Inc. (NASDAQ:QLYS) is a cloud-based information technology (IT), security, and compliance solutions provider. On May 3, 2024, Qualys, Inc. (NASDAQ:QLYS) stock closed at $165.37 per share. One-month return of Qualys, Inc. (NASDAQ:QLYS) was -0.77%, and its shares gained 43.41% of their value over the last 52 weeks. Qualys, Inc. (NASDAQ:QLYS) has a market capitalization of $6.115 billion.
The London Company Small Cap Strategy stated the following regarding Qualys, Inc. (NASDAQ:QLYS) in its first quarter 2024 investor letter:
“Qualys, Inc. (NASDAQ:QLYS) – The underperformance by QLYS this quarter was largely the result of timing – it was trading near an all- time high at year-end 2023. However, due to a challenging macro environment for cybersecurity spend, the stock traded down in 1Q. Our conviction on QLYS is based on their strong product strategy, competitive moat, and potential to improve their go-to-market execution, all of which are intact despite the macro issues.
Reduced: Qualys (QLYS) – Reduction reflects market cap constraints (now over $7B). We trimmed the position on strength (up 75% in 2023), and believe QLYS remains well positioned for future growth.”
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Qualys, Inc. (NASDAQ:QLYS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Qualys, Inc. (NASDAQ:QLYS) was held by 31 hedge fund portfolios, up from 25 in the previous quarter, according to our database.
We previously discussed Qualys, Inc. (NASDAQ:QLYS) in another article, where we shared Headwaters Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.