Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” first-quarter investor letter. A copy of the same can be downloaded here. In the first quarter, the fund delivered 10.81% net of fees compared to a 6.07% return for the Russell 2000 Growth Index. At the beginning of the quarter, the market witnessed growing possibilities but later, the collapse of banks and ensuing concerns affected the market. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. Small Company Growth Strategy highlighted stocks like Altair Engineering Inc. (NASDAQ:ALTR) in the first quarter 2023 investor letter. Headquartered in Troy, Michigan, Altair Engineering Inc. (NASDAQ:ALTR) is a software and cloud solutions provider. On April 27, 2023, Altair Engineering Inc. (NASDAQ:ALTR) stock closed at $69.37 per share. One-month return of Altair Engineering Inc. (NASDAQ:ALTR) was -2.02%, and its shares gained 25.88% of their value over the last 52 weeks. Altair Engineering Inc. (NASDAQ:ALTR) has a market capitalization of $5.604 billion.
Polen U.S. Small Company Growth Strategy made the following comment about Altair Engineering Inc. (NASDAQ:ALTR) in its Q1 2023 investor letter:
“The top contributors to the Portfolio’s relative performance in the first quarter included Goosehead Insurance, Duck Creek Technologies and Altair Engineering Inc. (NASDAQ:ALTR). These were also the top contributors on an absolute basis. Finally, Altair Engineering, a leading provider of simulation software across several different end markets, reported very strong results and a favorable 2023 outlook that speaks to the long runway for growth and the mission-critical role they play for their customer base. We trimmed our position due to valuation but continue to view Altair as a durable business with a high degree of visibility despite the uncertain macro environment.”
Altair Engineering Inc. (NASDAQ:ALTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Altair Engineering Inc. (NASDAQ:ALTR) at the end of the fourth quarter which was 19 in the previous quarter.
We discussed Altair Engineering Inc. (NASDAQ:ALTR) in another article and shared the list of tech stocks recently upgraded by analysts. In addition, please check out our hedge fund investor letters Q1 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.
