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  "documentTitle": "Enfusion, Inc. (ENFN)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-14 00:00:00",
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  "notes": "The slide uses a red highlight box to draw attention to the specific metric that is no longer being reported.",
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      "kind": "callout",
      "text": "Key metric for evaluating growth strategy no longer disclosed",
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      "text": "Unfortunately, Enfusion ceased disclosure of the proportion of new client signings from established managers replacing competitor or internal systems.",
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      "text": "new client signings: 64%",
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      "kind": "paragraph",
      "text": "Continue Broadening Our Client Base: There are significant opportunities to expand our client base across the various client segments we serve today. We believe we are the leading cloud-native, SaaS provider to the global hedge fund sector and expect that as the alternative investment sector grows, we will continue to extend our position. In addition, we continue to extend this growth through increasing adoption by larger institutional asset management clients due to increasing acceptance of cloud technology and the robust capabilities of our solution that better meet their evolving needs and address their existing pain points. The proportion of new client signings from established investment managers replacing competitor or internal systems was 64% for the year ended December 31, 2022, as compared to 58% and 41% for the years ended December 31, 2021 and December 31, 2020, respectively, demonstrating increased new client activity from established firms versus newly launched funds.",
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      "text": "Winning business at established investment managers has been a driver of Enfusion's historical performance as indicated by it being listed as the first bullet point under the description of its growth strategy. Unfortunately, Enfusion ceased disclosure of the proportion of new client signings from established managers replacing competitor or internal systems.",
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      "text": "Source: ENFN SEC filings",
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