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Here’s Why ServiceNow (NOW) Outperformed in May
Soumya Eswaran
2 min read

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Lakehouse Capital, a Sydney-based investment manager, released its “Lakehouse Global Growth Fund” May 2023 investor letter. A copy of the same can be downloaded here. During the month, there were concerns about the deadline to raise the US debt ceiling. The fund returned 4.3% net of fees and expenses in May compared to a 1.0% return for the MSCI All Country World Index benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Lakehouse Global Growth Fund highlighted stocks ServiceNow, Inc. (NYSE:NOW) in the May 2023 investor letter. Headquartered in Santa Clara, California, ServiceNow, Inc. (NYSE:NOW) is a global cloud computing solutions provider. On June 8, 2023, ServiceNow, Inc. (NYSE:NOW) stock closed at $535.34 per share. One-month return of ServiceNow, Inc. (NYSE:NOW) was 17.61%, and its shares gained 13.14% of their value over the last 52 weeks. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $113.239 billion.

Lakehouse Global Growth Fund made the following comment about ServiceNow, Inc. (NYSE:NOW) in its May 2023 investor letter:

"At the portfolio level, the biggest contributor to performance during the month was ServiceNow, Inc. (NYSE:NOW) (+21.1%), which benefited from investor enthusiasm generated at its annual investor day.

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Copyright: melpomen / 123RF Stock Photo

ServiceNow, Inc. (NYSE:NOW) is 24th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 96 hedge fund portfolios held ServiceNow, Inc. (NYSE:NOW) at the end of first quarter 2023 which was 97 in the previous quarter.

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