Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund delivered 10.46% gross and 10.22% net of fees compared to a 12.75% return for the Russell 2000 Growth Index. The firm views the performance in many respects as evidence of the stability of its investment approach in the face of frequent and significant market swings. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. Small Company Growth Strategy featured stocks such as Five Below, Inc. (NASDAQ:FIVE) in the fourth quarter 2023 investor letter. Headquartered in Philadelphia, Pennsylvania, Five Below, Inc. (NASDAQ:FIVE) is a specialty value retailer. On February 20, 2024, Five Below, Inc. (NASDAQ:FIVE) stock closed at $191.85 per share. One-month return of Five Below, Inc. (NASDAQ:FIVE) was 2.96%, and its shares lost 7.32% of their value over the last 52 weeks. Five Below, Inc. (NASDAQ:FIVE) has a market capitalization of $10.589 billion.
Polen U.S. Small Company Growth Strategy stated the following regarding Five Below, Inc. (NASDAQ:FIVE) in its fourth quarter 2023 investor letter:
“During the quarter, we trimmed our exposure in several existing holdings, and we exited one position, Five Below, Inc. (NASDAQ:FIVE). Five Below is a discount retailer selling toys, games and merchandise targeting teens, tweens, kids and their parents. It has been a remarkably consistent company over many years, with the potential to double its store count over time. Five Below has been a successful investment, earning an attractive IRR over our holding period. Given the larger market capitalization, we have decided to re-deploy the proceeds towards new ideas and to add to existing holdings.”
A family happily shopping for everyday items in a specialty retail store.
Five Below, Inc. (NASDAQ:FIVE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Five Below, Inc. (NASDAQ:FIVE) was held by 33 hedge fund portfolios, down from 30 in the previous quarter, according to our database.
We discussed Five Below, Inc. (NASDAQ:FIVE) in another article and shared the list of best discount retailer stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.
