Here’s What Makes Workday (WDAY) a Great Investment Choice

Polen Capital, an investment management firm, released its “Polen Global Growth” third quarter 2023 investor letter, a copy of which can be downloaded here. Polen Capital’s Global Growth Composite Portfolio, referred to as the “Portfolio,” experienced a decrease of -3.19% and -3.46% gross and net of fees, which closely tracked the performance of the MSCI ACWI, known as the “Index,” which declined by -3.40% over the quarter. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.

In its Q3 2023 investor letter, Polen Global Growth mentioned Workday, Inc. (NASDAQ:WDAY) and explained its insights for the company. Workday, Inc. (NASDAQ:WDAY) is a Pleasanton, California-based system software company with a $57.2 billion market capitalization. Workday, Inc. (NASDAQ:WDAY) delivered a 30.53% return since the beginning of the year, while its 12-month returns are up by 64.68%. The stock closed at $218.41 per share on November 3, 2023.

Here is what Polen Global Growth has to say about Workday, Inc. (NASDAQ:WDAY) in its Q3 2023 investor letter:

“Workday continues to compound by replicating its go-to-market strategy with high-value and known products into its addressable market. The company’s initiatives into financials and expanding into other geographies required some patience, and the progress we have seen shows addressable market expansion that can allow for many years of outsized and compounding growth. The price, competitive advantages, and likelihood of outsized growth led us to size Workday as a larger position within the Portfolio.”

A software engineer in a coding session, demonstrating the company’s commitment to software excellence.

Our calculations show that Workday, Inc. (NASDAQ:WDAY) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. Workday, Inc. (NASDAQ:WDAY) was in 71 hedge fund portfolios at the end of the second quarter of 2023, compared to 86 funds in the previous quarter. Workday, Inc. (NASDAQ:WDAY) delivered a -5.09% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.

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Disclosure: None. This article is originally published at Insider Monkey.