Polen Capital, an investment management company, released its “Polen Global Growth Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund increased 11.66% gross and 11.36% net, respectively, compared to an 11.03% increase for the MSCI ACW Index. For the full year, the fund returned 32.38% and 30.92%, gross and net of fees, respectively compared to 22.20% for the index. The Portfolio has, net of fees, outperformed by 33bps during the quarter and by 872bps for the full year. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Global Growth Strategy featured stocks like Workday, Inc. (NASDAQ:WDAY) in its Q4 2023 investor letter. Headquartered in Pleasanton, California, Workday, Inc. (NASDAQ:WDAY) offers enterprise cloud applications. On February 23, 2024, Workday, Inc. (NASDAQ:WDAY) stock closed at $305.88 per share. One-month return of Workday, Inc. (NASDAQ:WDAY) was 5.98%, and its shares gained 67.03% of their value over the last 52 weeks. Workday, Inc. (NASDAQ:WDAY) has a market capitalization of $ 80.446 billion.
Polen Global Growth Strategy stated the following regarding Workday, Inc. (NASDAQ:WDAY) in its fourth quarter 2023 investor letter:
“Workday, Inc.’s (NASDAQ:WDAY) stock price was weak coming into the quarter. At the company’s investor day in late September, management provided medium-term annual revenue guidance of 17-19%. Many investors were likely expecting annual revenue guidance of 20%+, so the 17- 19% guidance may have been viewed as a tad disappointing. Following the investor day, Workday’s stock price rose significantly during Q4, buoyed by the company’s fiscal Q3 2024 earnings report, which was better than anticipated and included management raising revenue guidance for their fiscal 2024. We view the long-term guidance provided at the investor day as likely to be conservative, with ample room for Workday to continue taking share in the $100bn+ global HCM (human capital management) market. We remain confident in Workday’s ability to generate 20%+ annualized earnings growth over the next three to five years.”
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Workday, Inc. (NASDAQ:WDAY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Workday, Inc. (NASDAQ:WDAY) was held by 81 hedge fund portfolios, up from 77 in the previous quarter, according to our database.
We discussed Workday, Inc. (NASDAQ:WDAY) in another article and shared the list of best stocks for long-term growth. 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.
