Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter the fund returned 14.43% (net) compared to 14.16% for the Russell 1000 Growth Index and 11.69% for the S&P 500 Index. For the full year, the fund returned 38.99% (net) compared to 42.68% and 26.29% returns for the indexes. The firm had the second-highest return in the Portfolio’s 35-year history in 2023. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Focus Growth Strategy featured stocks such as Airbnb, Inc. (NASDAQ:ABNB) in the fourth quarter 2023 investor letter. Headquartered in San Francisco, California, Airbnb, Inc. (NASDAQ:ABNB) operates a platform that connects hosts and guests. On January 18, 2024, Airbnb, Inc. (NASDAQ:ABNB) stock closed at $137.04 per share. One-month return of Airbnb, Inc. (NASDAQ:ABNB) was -1.75%, and its shares gained 36.58% of their value over the last 52 weeks. Airbnb, Inc. (NASDAQ:ABNB) has a market capitalization of $88.419 billion.
Polen Focus Growth Strategy stated the following regarding Airbnb, Inc. (NASDAQ:ABNB) in its fourth quarter 2023 investor letter:
“The largest relative detractors in the quarter were Illumina, Airbnb, Inc. (NASDAQ:ABNB), and Microsoft. Airbnb continues to deliver double-digit growth in revenue and nights booked, which is especially impressive given the year-ago growth rates it delivered on these same metrics (+29% and +31, respectively). Despite these attractive results, the stock sold off as investors reacted to fourth quarter guidance that came in slightly below expectations. Coming into the fourth quarter, the stock was up +60% on the back of strong fundamentals. Stepping back, nothing has changed. Private rentals continue to take market share from hotels globally, and Airbnb continues to take market share within private rentals given its relentless focus on improving the guest and host experience. Looking ahead, we expect many years of robust earnings and cash flow growth from here.”
A vacation home luxury bedroom setup with stunning decor showing a desired getaway experience.
Airbnb, Inc. (NASDAQ:ABNB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Airbnb, Inc. (NASDAQ:ABNB) at the end of third quarter which was 47 in the previous quarter.
We discussed Airbnb, Inc. (NASDAQ:ABNB) in another article and shared the list of money-making stocks to invest in. In addition, please check out our hedge fund investor letters Q4 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.
