Here’s Why Polen International Growth Strategy Added HDFC Bank Limited (HDB)

Polen Capital, an investment management company, released its “Polen International Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy returned 5.92% gross and 5.70% net of fees, respectively, in the second quarter compared to a 2.44% return for the MSCI ACWI (ex-USA). International stocks continued moving higher in the second quarter and they have risen by more than 20% since hitting lows in October 2022. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Polen International Growth Strategy highlighted stocks like HDFC Bank Limited (NYSE:HDB) in the second quarter 2023 investor letter. Headquartered in Mumbai, India, HDFC Bank Limited (NYSE:HDB) offers banking and financial services. On August 16, 2023, HDFC Bank Limited (NYSE:HDB) stock closed at $63.57 per share. One-month return of HDFC Bank Limited (NYSE:HDB) was -10.48%, and its shares lost 1.62% of their value over the last 52 weeks. HDFC Bank Limited (NYSE:HDB) has a market capitalization of $159.721 billion.

Polen International Growth Strategy made the following comment about HDFC Bank Limited (NYSE:HDB) in its second quarter 2023 investor letter:

“Regarding the additions to existing positions in Bunzl and HDFC Bank Limited (NYSE:HDB), the thesis remains unchanged. With HDFC Bank, the company will close its merger with its former parent (HDFC Limited) in the second half of 2023, and this should continue to drive scale and breadth. Further, India’s economy is in better shape than many around the world, supported by lower debt levels, younger demographics, and higher average growth rates. These factors combined could make India a market of relative strength in the coming five years.”

bank, money

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HDFC Bank Limited (NYSE:HDB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held HDFC Bank Limited (NYSE:HDB) at the end of second quarter which was 40 in the previous quarter.

We discussed HDFC Bank Limited (NYSE:HDB) in another article and shared HL International Equity Strategy’s views on the company. 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.