Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 10.51% gross of fees and 10.36% net of fees in the second quarter compared to a 12.81% return for the Russell 1000 Growth Index and an 8.74% return for the S&P 500 Index. Year-to-date, the fund returned 26.29% and 25.88 %, gross and net of fees respectively, compared to 29.02% and 16.89%, respectively, for the benchmarks. Internet and technology-oriented stocks continued their outperformance in the quarter, while last year’s outperformers like energy and utilities detracted. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Focus Growth Strategy highlighted stocks like Thermo Fisher Scientific Inc. (NYSE:TMO) in the second quarter 2023 investor letter. Headquartered in Waltham, Massachusetts, Thermo Fisher Scientific Inc. (NYSE:TMO) provides life science solutions, analytical instruments, specialty diagnostics, and laboratory products and services. On August 7, 2023, Thermo Fisher Scientific Inc. (NYSE:TMO) stock closed at $551.79 per share. One-month return of Thermo Fisher Scientific Inc. (NYSE:TMO) was 6.26%, and its shares lost 5.01% of their value over the last 52 weeks. Thermo Fisher Scientific Inc. (NYSE:TMO) has a market capitalization of $212.837 billion.
Polen Focus Growth Strategy made the following comment about Thermo Fisher Scientific Inc. (NYSE:TMO) in its second quarter 2023 investor letter:
“The top absolute detractors were Illumina, Thermo Fisher Scientific Inc. (NYSE:TMO), and PayPal. Thermo Fisher Scientific’s share price came under pressure after its recent investor day. Management articulated that they continue to expect 7-9% annualized revenue growth and mid-teens earnings per share growth over the long term, in line with our expectations. But, management’s comments on the near-term potential for slower-than-normal growth across the industry led to immediate share price weakness. Our view on the company is unchanged, and our focus on the longer term allows us to look beyond any minor near-term headwinds.”
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Thermo Fisher Scientific Inc. (NYSE:TMO) is in 26th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 98 hedge fund portfolios held Thermo Fisher Scientific Inc. (NYSE:TMO) at the end of first quarter which was 92 in the previous quarter.
We discussed Thermo Fisher Scientific Inc. (NYSE:TMO) in another article and shared Aristotle Large Cap Growth Fund’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.
