Is it Still Worthy to Invest in ICON Public Limited (ICLR)?

Polen Capital, an investment management firm, released its “Polen Global Growth” third quarter 2023 investor letter, a copy of which can be downloaded here. Polen Capital’s Global Growth Composite Portfolio, referred to as the “Portfolio,” experienced a decrease of -3.19% and -3.46% gross and net of fees, which closely tracked the performance of the MSCI ACWI, known as the “Index,” which declined by -3.40% over the quarter. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.

In its Q3 2023 investor letter, Polen Global Growth mentioned ICON Public Limited Company (NASDAQ:ICLR) and explained its insights for the company. ICON Public Limited Company (NASDAQ:ICLR) is a Dublin, Ireland-based clinical research organization company with a $21.2 billion market capitalization. ICON Public Limited Company (NASDAQ:ICLR) delivered a 32.88% return since the beginning of the year, while its 12-month returns are up by 29.26%. The stock closed at $258.11 per share on November 3, 2023.

Here is what Polen Global Growth has to say about ICON Public Limited Company (NASDAQ:ICLR) in its Q3 2023 investor letter:

“ICON is one of a handful of large, globally scaled players in the Clinical Research Organization (CRO) market. Following a nice rebound in the stock this year, the position was among our largest holdings. While it remains a larger-than-average weighting given our view of its ability to drive solid earnings growth, we’ve used the proceeds to add to our positions in Amazon and Workday.”

A biopharmaceutical researcher observing a test tube full of interleukins in a lab.

Our calculations show that ICON Public Limited Company (NASDAQ:ICLR) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. ICON Public Limited Company (NASDAQ:ICLR) was in 40 hedge fund portfolios at the end of the second quarter of 2023, compared to 40 funds in the previous quarter. ICON Public Limited Company (NASDAQ:ICLR) delivered a 1.88% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.

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Disclosure: None. This article is originally published at Insider Monkey.