Polen Capital, an investment management company, released its “Polen Global SMID Company Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned -6.59% gross and -6.64% net of fees compared to -3.55% return for the MSCI ACWI SMID Capitalization Index. Negative security selection drove the underperformance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Global SMID Company Growth Strategy highlighted stocks like Progyny, Inc. (NASDAQ:PGNY) in the third quarter 2023 investor letter. Headquartered in New York, New York, Progyny, Inc. (NASDAQ:PGNY) is a fertility benefits management company. On November 17, 2023, Progyny, Inc. (NASDAQ:PGNY) stock closed at $32.20 per share. One-month return of Progyny, Inc. (NASDAQ:PGNY) was 3.58%, and its shares lost 3.39% of their value over the last 52 weeks. Progyny, Inc. (NASDAQ:PGNY) has a market capitalization of $3.147 billion.
Polen Global SMID Company Growth Strategy made the following comment about Progyny, Inc. (NASDAQ:PGNY) in its Q3 2023 investor letter:
“We bought a new position in Progyny, Inc. (NASDAQ:PGNY), a company owned in our U.S. strategies for some time. They are a leading provider of fertility benefit solutions, and through their differentiated approach, their clients can pursue the most effective treatment and achieve optimal outcomes. We believe the company has only a mid-single digit share of its potential total addressable market and is the most dominant player within the fast-growing managed care category. They are already profitable, earn high returns on incremental capital, and have plenty of runway to grow top-line growth as they continue to win new clients and add new services.”
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Progyny, Inc. (NASDAQ:PGNY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Progyny, Inc. (NASDAQ:PGNY) at the end of second quarter which was 25 in the previous quarter.
We discussed Progyny, Inc. (NASDAQ:PGNY) in another article and shared Polen U.S. Small Company Growth Strategy’s views on the company in the previous quarter. 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.
