Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter the fund returned 14.43% (net) compared to 14.16% for the Russell 1000 Growth Index and 11.69% for the S&P 500 Index. For the full year, the fund returned 38.99% (net) compared to 42.68% and 26.29% returns for the indexes. The firm had the second-highest return in the Portfolio’s 35-year history in 2023. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Focus Growth Strategy featured stocks such as ServiceNow, Inc. (NYSE:NOW) in the fourth quarter 2023 investor letter. Headquartered in Santa Clara, California, ServiceNow, Inc. (NYSE:NOW) is an enterprise cloud computing solutions provider. On January 18, 2024, ServiceNow, Inc. (NYSE:NOW) stock closed at $745.96 per share. One-month return of ServiceNow, Inc. (NYSE:NOW) was 6.94%, and its shares gained 68.83% of their value over the last 52 weeks. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $152.963 billion.
Polen Focus Growth Strategy stated the following regarding ServiceNow, Inc. (NYSE:NOW) in its fourth quarter 2023 investor letter:
“ServiceNow, Inc. (NYSE:NOW) continues to grow revenue and earnings at above a 20% rate, as they have for many years. The company has a software automation platform that efficiently builds applications on top of and across many enterprise functions. The NOW platform can automate almost any workflow previously done through email, spreadsheets, or some other less-than-efficient method. Its addressable market is very large because of the sheer breadth and depth of the tasks that can be automated by using its software. ServiceNow’s offerings tend to save customers money and make their workflows less prone to error. The company’s growth has been among the most consistent in our Portfolio prior to, during, and after the pandemic.”
A team of software engineers at desks working on code for a cutting-edge cloud computing solution.
ServiceNow, Inc. (NYSE:NOW) is in 24th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 99 hedge fund portfolios held ServiceNow, Inc. (NYSE:NOW) at the end of third quarter which was 93 in the previous quarter.
We discussed ServiceNow, Inc. (NYSE:NOW) in another article and shared the list of analysts say these AI stocks will skyrocket in 2024. 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.
