Here’s Why Polen Global Growth Strategy Sold Apple (AAPL)

Polen Capital, an investment management company, released its “Polen Global Growth Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 11.37% net in the first quarter compared to a return of 7.31% for the MSCI ACW Index. Global equity markets were volatile in the first quarter. The market rewarded quality fundamentals in January, and fear of inflation and central bank policy reemerged in February. However, despite the banking crisis, quality fundamentals were rewarded again in March. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Polen Global Growth Strategy highlighted stocks like Apple Inc. (NASDAQ:AAPL) in the first quarter 2023 investor letter. Headquartered in Cupertino, California, Apple Inc. (NASDAQ:AAPL) is a multinational technology company that designs and manufactures smartphones, personal computers, tablets, wearables, and accessories. On April 24, 2023, Apple Inc. (NASDAQ:AAPL) stock closed at $165.33 per share. One-month return of Apple Inc. (NASDAQ:AAPL) was 4.87%, and its shares gained 5.44% of their value over the last 52 weeks. Apple Inc. (NASDAQ:AAPL) has a market capitalization of $2.616 trillion.

Polen Global Growth Strategy made the following comment about Apple Inc. (NASDAQ:AAPL) in its Q1 2023 investor letter:

“Not owning Apple Inc. (NASDAQ:AAPL) and NVIDIA detracted from our relative performance. With respect to Apple, we have not felt that the combination of growth available and the valuation made for one of our best ideas. Concerning NVIDIA, while there seems to be strong demand for data center chips, the valuation and lack of clarity around pace and magnitude of that growth has kept us at bay to date.”

Apple Inc. (NASDAQ:AAPL) is in 9th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 135 hedge fund portfolios held Apple Inc. (NASDAQ:AAPL) at the end of the fourth quarter which was 140 in the previous quarter.

We discussed Apple Inc. (NASDAQ:AAPL) in another article and shared L1 Long Short Fund’s views on the company. 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.