Polen Capital, an investment management firm, published its “Polen International Growth Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. Over the first quarter of 2022, the Portfolio returned -13.94% gross and -14.17% net of fees, respectively, versus the -5.45% return for the MSCI All Country World ex-USA Index (the “Index”). Try to spend some time looking at the fund’s top 5 holdings to be informed about their best picks for 2022.
In its Q1 2022 investor letter, Polen International Growth Fund mentioned Shopify Inc. (NYSE:SHOP) and explained its insights for the company. Founded in 2006, Shopify Inc. (NYSE:SHOP) is an Ottawa, Canada-based multinational e-commerce company with a $44.6 billion market capitalization. Shopify Inc. (NYSE:SHOP) delivered a -73.82% return since the beginning of the year, while its 12-month returns are down by -70.69%. The stock closed at $360.62 per share on June 03, 2022.
Here is what Polen International Growth Fund has to say about Shopify Inc. (NYSE:SHOP) in its Q1 2022 investor letter:
“We added to the Portfolio’s position in e-commerce company Shopify in the first quarter after a sharp share-price decline. This brought the Portfolio’s weighting in the company to 2%. We believe Shopify provides a uniquely positioned platform, and we like the company’s strategy of continuing to invest in its business in an effort to strengthen its competitive advantages. The market’s affinity for businesses like Shopify may have changed, which created an opportunity for us to build our position in the company at what we believed to be compelling valuations.”
Our calculations show that Shopify Inc. (NYSE:SHOP) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Shopify Inc. (NYSE:SHOP) was in 72 hedge fund portfolios at the end of the first quarter of 2022, compared to 86 funds in the previous quarter. Shopify Inc. (NYSE:SHOP) delivered a -29.97% return in the past 3 months.
In May 2022, we also shared another hedge fund’s views on Shopify Inc. (NYSE:SHOP) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.
Disclosure: None. This article is originally published at Insider Monkey.