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 LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) and explained its insights for the company. LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) is a Paris, France-based luxury goods company with a $373.7 billion market capitalization. LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) delivered a 3.33% return since the beginning of the year, while its 12-month returns are up by 13.99%. The stock closed at $150.75 per share on November 3, 2023.
Here is what Polen Global Growth has to say about LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) in its Q3 2023 investor letter:
“LVMH has enjoyed a terrific recent environment for luxury, with industry sales growing the fastest in over a decade. Growth drivers have been demand from China, rising emerging markets income, strong pricing power, and increased penetration in younger generations. Over the past five years, the company has compounded underlying earnings per share growth at 22%. LVMH owns some of the world’s strongest luxury brands, but the tailwinds over the past decade are fading, and we do not believe that earnings will compound at the same rates over the next five years. Our more sober view on future growth rates appears to have been adopted by the market as well, with the company’s share price declining about 20% this quarter. This does not change our views on the long-term prospects for this business, though. We think LVMH is very reasonably value.”
Photo by Christian Wiediger on Unsplash
Our calculations show that LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) was in 3 hedge fund portfolios at the end of the second quarter of 2023, compared to 3 funds in the previous quarter. MSCI Inc. (NYSE:MSCI) delivered a -16.98% 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.
