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 Azenta, Inc. (NASDAQ:AZTA) in the first quarter 2023 investor letter. Headquartered in Burlington, Massachusetts, Azenta, Inc. (NASDAQ:AZTA) provides life science products and services. On April 27, 2023, Azenta, Inc. (NASDAQ:AZTA) stock closed at $41.60 per share. One-month return of Azenta, Inc. (NASDAQ:AZTA) was -6.77%, and its shares lost 44.50% of their value over the last 52 weeks. Azenta, Inc. (NASDAQ:AZTA) has a market capitalization of $2.875 billion.
Polen U.S. Small Company Growth Strategy made the following comment about Azenta, Inc. (NASDAQ:AZTA) in its Q1 2023 investor letter:
“The most significant detractors from the Portfolio’s relative performance in the quarter included Azenta, Inc. (NASDAQ:AZTA), Warby Parker, and Bumble. Azenta is a life sciences company with a diverse portfolio of products and services catering to the biotech industry. As a reminder, the company was carved out of Brooks Automation, a semiconductor equipment company, in late 2021. When we bought the business, we believed we had a clear view on the long-term growth and profitability and believed the company could return a significant amount of cash to shareholders after selling its semiconductor business. Since our investment, earnings have been significantly lower than expected, management’s explanations have been convoluted, and we have less confidence in the company’s ability to grow sustainably at an above-market rate. We exited the position in the first quarter and used the proceeds to add to existing holdings and build new positions.”
Azenta, Inc. (NASDAQ:AZTA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Azenta, Inc. (NASDAQ:AZTA) at the end of the fourth quarter which was 22 in the previous quarter.
We discussed Azenta, Inc. (NASDAQ:AZTA) in another article and shared the list of most profitable mid-cap stocks. 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.
