Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 10.51% gross of fees and 10.36% net of fees in the second quarter compared to a 12.81% return for the Russell 1000 Growth Index and an 8.74% return for the S&P 500 Index. Year-to-date, the fund returned 26.29% and 25.88 %, gross and net of fees respectively, compared to 29.02% and 16.89%, respectively, for the benchmarks. Internet and technology-oriented stocks continued their outperformance in the quarter, while last year’s outperformers like energy and utilities detracted. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Focus Growth Strategy highlighted stocks like Adobe Inc. (NASDAQ:ADBE) in the second quarter 2023 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a software company that operates through Digital Media, Digital Experience, and Publishing and Advertising segments. On August 4, 2023, Adobe Inc. (NASDAQ:ADBE) stock closed at $526.88 per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was 8.57%, and its shares gained 21.56% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $240.152 billion.
Polen Focus Growth Strategy made the following comment about Adobe Inc. (NASDAQ:ADBE) in its second quarter 2023 investor letter:
“On a relative basis, based on total attribution, the top performers in the quarter were Amazon, Netflix, and Adobe Inc. (NASDAQ:ADBE). Adobe has had several cross-currents this year with slightly slower revenue growth, the announcement of a sizeable potential acquisition of Figma, and the introduction of generative AI functionality into many of its products. These issues seem to be a net positive, although we are cautious about the company’s ability to achieve regulatory approval for the Figma acquisition. Generative AI also poses some potential competitive challenges for Adobe, which we will describe in more detail later.”
Adobe Inc. (NASDAQ:ADBE) is in 20th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 99 hedge fund portfolios held Adobe Inc. (NASDAQ:ADBE) at the end of first quarter which was 99 in the previous quarter.
We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared the list of most valuable companies in the world by market cap. In addition, please check out our hedge fund investor letters Q2 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.
