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 MSCI Inc. (NYSE:MSCI) and explained its insights for the company. MSCI Inc. (NYSE:MSCI) is a New York, New York-based finance company with a $39.2 billion market capitalization. MSCI Inc. (NYSE:MSCI) delivered a 6.76% return since the beginning of the year, while its 12-month returns are up by 7.45%. The stock closed at $497.76 per share on November 3, 2023.
Here is what Polen Global Growth has to say about MSCI Inc. (NYSE:MSCI) in its Q3 2023 investor letter:
“MSCI helps clients by offering investment decision support tools, including indices, portfolio risk, performance analytics, and corporate governance products and services. We believe that MSCI is one of the most competitively advantaged businesses today. These competitive advantages consist of being an industry “standard” business, serving as a required reference point for asset managers and asset allocators alike and creating powerful network effects. MSCI serves as a 3rd party, independent and objective reference point within an industry that requires one. It also executes a contributory data model whereby the company takes in raw data from the industry, refines and packages it, and sells it back to industry participants. As we see it, CEO Henry Fernandez is an excellent allocator who has expanded the company’s moat. Historically, the company’s share price has kept us on the sidelines. At roughly 32x free cash flow, though, we believe that the company is priced fairly. We expect solid double-digit earnings growth for many years while seeing a path for potentially higher growth through significant optionality from ESG, climate, and private market offerings.”
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Our calculations show that MSCI Inc. (NYSE:MSCI) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. MSCI Inc. (NYSE:MSCI) was in 51 hedge fund portfolios at the end of the second quarter of 2023, compared to 50 funds in the previous quarter. MSCI Inc. (NYSE:MSCI) delivered a -9.95% 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.
