We previously owned EXL but sold the position when the company navigated a difficult transition. Encouragingly, the company managed very well through that difficult period and upgraded the management team, which has brought more discipline to their capital allocation, as evidenced by increasing returns on invested capital. Looking ahead, we anticipate mid-teens free cash flow growth and capital to be deployed towards share buybacks and small acquisitions." Our calculations show that ExlService Holdings, Inc. (NASDAQ:EXLS) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. ExlService Holdings, Inc. (NASDAQ:EXLS) was in 25 hedge fund portfolios at the end of the second quarter of 2023, compared to 24 funds in the previous quarter. ExlService Holdings, Inc. (NASDAQ:EXLS) delivered a -3.62% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.