Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned -5.00% gross and -5.26% net of fees in the third quarter compared to a -6.84% return for the Russell 2500 Growth Index. The portfolio returned 11.68% (net) YTD, compared to 5.63% for the index. The negative absolute return of the portfolio in the quarter is due to ongoing macroeconomic uncertainty related to interest rates, credit tightening, and an uneven economy from a growth perspective. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. SMID Company Growth Strategy highlighted stocks like Doximity, Inc. (NYSE:DOCS) in its Q3 2023 investor letter. Headquartered in San Francisco, California, Doximity, Inc. (NYSE:DOCS) provides a cloud platform for medical professionals. On October 30, 2023, Doximity, Inc. (NYSE:DOCS) stock closed at $20.94 per share. One-month return of Doximity, Inc. (NYSE:DOCS) was -1.87%, and its shares lost 20.17% of their value over the last 52 weeks. Doximity, Inc. (NYSE:DOCS) has a market capitalization of $4.077 billion.
Polen U.S. SMID Company Growth Strategy made the following comment about Doximity, Inc. (NYSE:DOCS) in its Q3 2023 investor letter:
“The most significant detractors from the Portfolio’s relative performance in the quarter included Farfetch, Doximity, Inc. (NYSE:DOCS), and Paycom.
Doximity is a productivity and professional network app for doctors that generates revenue primarily from biopharmaceutical advertising. The stock was negatively impacted by a weaker growth outlook and the acknowledgment that the company needs to invest to shift towards a self-service model to meet customers’ needs better. We believe the advertising return on investment remains best-in-class, and physician engagement remains convincing, but we are closely monitoring the position.”
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Doximity, Inc. (NYSE:DOCS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Doximity, Inc. (NYSE:DOCS) at the end of second quarter which was 21 in the previous quarter.
We previously discussed Doximity, Inc. (NYSE:DOCS) in another article and billionaire Ray Dalio’s best stock picks. In addition, please check out our hedge fund investor letters Q3 2023 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.
