Polen Capital, an investment management company, released its “Polen Global Growth Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund increased 11.66% gross and 11.36% net, respectively, compared to an 11.03% increase for the MSCI ACW Index. For the full year, the fund returned 32.38% and 30.92%, gross and net of fees, respectively compared to 22.20% for the index. The Portfolio has, net of fees, outperformed by 33bps during the quarter and by 872bps for the full year. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Global Growth Strategy featured stocks like SAP SE (NYSE:SAP) in the fourth quarter 2023 investor letter. Headquartered in Walldorf, Germany, SAP SE (NYSE:SAP) is an enterprise application software products provider. On February 23, 2024, SAP SE (NYSE:SAP) stock closed at $184.22 per share. One-month return of SAP SE (NYSE:SAP) was 4.47%, and its shares gained 60.01% of their value over the last 52 weeks. SAP SE (NYSE:SAP) has a market capitalization of $ 215.482 billion.
Polen Global Growth Strategy stated the following regarding SAP SE (NYSE:SAP) in its fourth quarter 2023 investor letter:
“Like Workday and Amazon, SAP SE’s (NYSE:SAP) stock price rose significantly in Q4 after the company reported its Q3 2023 earnings. Importantly, SAP’s transition to the cloud (a core part of our thesis on the business) continues at pace, and the company is seeing both robust cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range, which we view as reasonable and attractive.
We also view SAP as one of the more resilient software business models as it is an essential part of its customers’ day-to-day operations and cannot easily be turned off or scaled back.”
A data center filled with the latest servers and networking equipment representing the company’s cutting edge security infrastructure.
SAP SE (NYSE:SAP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, SAP SE (NYSE:SAP) was held by 22 hedge fund portfolios, up from 17 in the previous quarter, according to our database.
We discussed SAP SE (NYSE:SAP) in another article and shared the list of biggest cloud providers by market share in 2024. 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.
