Airbnb (ABNB) Rose on the Announcement of Addition to the S&P 500 Index

Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. September saw another duration-driven sell-off in equities similar to what the market witnessed in 4Q 2021 and parts of 2022, but Performance for July-August was meaningfully different from September. In the quarter, the fund fell -3.28% and -3.47%, gross and net of fees, roughly in line with the -3.13% and -3.27% returns of the Russell 1000 Growth and S&P 500 indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Polen Focus Growth Strategy highlighted stocks like Airbnb, Inc. (NASDAQ:ABNB) in the third quarter 2023 investor letter. Headquartered in San Francisco, California, Airbnb, Inc. (NASDAQ:ABNB) provides a platform to enable hosts to offer stays and experiences to guests. On November 3, 2023, Airbnb, Inc. (NASDAQ:ABNB) stock closed at $122.64 per share. One-month return of Airbnb, Inc. (NASDAQ:ABNB) was -4.02%, and its shares gained 28.47% of their value over the last 52 weeks. Airbnb, Inc. (NASDAQ:ABNB) has a market capitalization of $78.396 billion.

Polen Focus Growth Strategy made the following comment about Airbnb, Inc. (NASDAQ:ABNB) in its Q3 2023 investor letter:

“Airbnb, Inc. (NASDAQ:ABNB) continues to see double-digit growth in nights booked and revenue. Private rentals continue to take market share from hotels globally, and Airbnb continues to take market share within private rentals. We expect many years of robust earnings and cash flow growth, but this quarter’s share price appreciation was more likely tied to Standard & Poor’s decision to add Airbnb to the S&P 500 index.”

Photo by Karsten Winegeart on Unsplash

Airbnb, Inc. (NASDAQ:ABNB) is not on our list of 30 Most Popular Stocks Among Hedge Funds As per our database, 47 hedge fund portfolios held Airbnb, Inc. (NASDAQ:ABNB) at the end of the second quarter, which was 63 in the previous quarter.

We discussed Airbnb, Inc. (NASDAQ:ABNB) in another article and shared the list of best cyclical stocks to invest in. 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.