Polen Capital, an investment management company, released its “Polen International Growth Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The portfolio returned -9.26% net of fees in the third quarter compared to -9.91% return for the MSCI ACWI (ex-US) Index. The portfolio’s outperformance in the quarter was driven by underweight exposure to the financials and industrials sectors and zero-weight exposure to materials sector. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Polen Capital discussed stocks like SAP SE (NYSE:SAP) in the Q3 2022 investor letter. Headquartered in Walldorf, Germany, SAP SE (NYSE:SAP) is an enterprise resource planning software provider. On October 27, 2022, SAP SE (NYSE:SAP) stock closed at $97.44 per share. One-month return of SAP SE (NYSE:SAP) was 21.07% and its shares lost 33.93% of their value over the last 52 weeks. SAP SE (NYSE:SAP) has a market capitalization of $113.966 billion.
Polen Capital made the following comment about SAP SE (NYSE:SAP) in its Q3 2022 investor letter:
“SAP SE (NYSE:SAP) is Europe’s largest software company and the global leader in enterprise resource planning (ERP) software. ERP is a software category that is particularly critical to business functions, and, therefore, has high retention rates even in times of economic stress. For the past several years, SAP has been going through several transitions, including moving to cloud-based SaaS (Software as a service) solutions and an initiative to better integrate its various software solutions. In recent quarters, we have seen increasing evidence that both transitions are being successfully executed, and the result should be a faster-growing, more consistent, higher margin, and more advantaged business. As investment costs from these transition programs wane, and as the benefits of higher growth continue, we expect that earnings will grow at a double-digit rate from next year (2023) onwards. In light of this, we believe the valuation is very attractive for longterm investors.”
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SAP SE (NYSE:SAP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held SAP SE (NYSE:SAP) at the end of the second quarter which was 19 in the previous quarter.
We discussed SAP SE (NYSE:SAP) in another article and shared the best value dividend stocks to buy. In addition, please check out our hedge fund investor letters Q3 2022 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.
