Polen Capital on Doximity (DOCS): “We are Closely Monitoring the Position”

Polen Capital, an investment management firm, released its “U.S. Small Company Growth Fund” third quarter 2023 investor letter, a copy of which can be downloaded here. In the third quarter, the U.S. Small Company Growth Composite Portfolio, referred to as the “Portfolio,” posted returns of -3.66% gross and -3.97% net of fees. This performance is in contrast to the -7.32% return of the Russell 2000 Growth Index, known as the “Index.” 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 U.S. Small Company Growth mentioned Doximity, Inc. (NYSE:DOCS) and explained its insights for the company. Doximity, Inc. (NYSE:DOCS) is a San Francisco, California-based online networking service provider for medical professionals with a $4.2 billion market capitalization. Doximity, Inc. (NYSE:DOCS) delivered a -34.68% return since the beginning of the year, while its 12-month returns are down by -10.93%. The stock closed at $21.92 per share on November 3, 2023.

Here is what Polen U.S. Small Company Growth has to say about Doximity, Inc. (NYSE:DOCS) in its Q3 2023 investor letter:

“Doximity is a productivity and professional network app for doctors that generates revenue primarily from biopharmaceutical advertising. The stock was negatively impacted by a weaker growth outlook and the acknowledgment that the company needs to invest to shift towards a self-service model to meet customers’ needs better. We believe the advertising return on investment remains bestin-class and physician engagement remains convincing, but we are closely monitoring the position.”

A doctor wearing a face mask utilizing modern telemedicine equipment as part of a telehealth software.

Our calculations show that Doximity, Inc. (NYSE:DOCS) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. Doximity, Inc. (NYSE:DOCS) was in 25 hedge fund portfolios at the end of the second quarter of 2023, compared to 21 funds in the previous quarter. Doximity, Inc. (NYSE:DOCS) delivered a -35.03% 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.