Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. The US stock market started 2024 optimistically. In the first quarter, the fund returned 8.29% (gross) and 8.09% (net) compared to 11.41% for the Russell 1000 Growth Index and 10.56% for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Polen Focus Growth Strategy featured stocks like ServiceNow, Inc. (NYSE:NOW) in the first quarter 2024 investor letter. Headquartered in Santa Clara, California, ServiceNow, Inc. (NYSE:NOW) is an enterprise cloud computing solutions provider. On April 18, 2024, ServiceNow, Inc. (NYSE:NOW) stock closed at $731.36 per share. One-month return of ServiceNow, Inc. (NYSE:NOW) was -7.21%, and its shares gained 51.78% of their value over the last 52 weeks. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $148.571 billion.
Polen Focus Growth Strategy stated the following regarding ServiceNow, Inc. (NYSE:NOW) in its first quarter 2024 investor letter:
“We trimmed our positions in Adobe and ServiceNow, Inc. (NYSE:NOW) earlier in the quarter as we believe positive AI narratives had driven the valuations of both companies higher than we felt was comfortable relative to their weighting in the Portfolio. We believe both companies will likely have incremental revenue and profits from generative AI products they incorporate into their offerings, such as Firefly for Adobe and Now Assist for ServiceNow. However, we do not expect them to be substantial revenue contributors in the near term. As such, we felt it was prudent to reduce the weightings and reallocate to other positions at better valuations.”
A team of software engineers at desks working on code for a cutting-edge cloud computing solution.
ServiceNow, Inc. (NYSE:NOW) is in 24th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, ServiceNow, Inc. (NYSE:NOW) was held by 91 hedge fund portfolios, compared to 99 in the previous quarter, according to our database.
We previously discussed ServiceNow, Inc. (NYSE:NOW) in another article, where we shared the list of best low volatility stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 2024 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.
