Should You Hold Shopify (SHOP) for the Long-Term?

Polen Capital, an investment management company, released its “Polen International Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy returned 5.92% gross and 5.70% net of fees, respectively, in the second quarter compared to a 2.44% return for the MSCI ACWI (ex-USA). International stocks continued moving higher in the second quarter and they have risen by more than 20% since hitting lows in October 2022. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Polen International Growth Strategy highlighted stocks like Shopify Inc. (NYSE:SHOP) in the second quarter 2023 investor letter. Headquartered in Ottawa, Canada, Shopify Inc. (NYSE:SHOP) is a commerce company. On August 16, 2023, Shopify Inc. (NYSE:SHOP) stock closed at $55.34 per share. One-month return of Shopify Inc. (NYSE:SHOP) was -15.43%, and its shares gained 50.14% of their value over the last 52 weeks. Shopify Inc. (NYSE:SHOP) has a market capitalization of $70.778 billion.

Polen International Growth Strategy made the following comment about Shopify Inc. (NYSE:SHOP) in its second quarter 2023 investor letter:

“The top three contributors to relative performance during the second quarter were Sage Group, ICON, and Shopify Inc. (NYSE:SHOP). Finally, Shopify’s stock price has seen strong performance during both the second quarter and on a year-to-date basis. The company’s profitability should continue to improve from here, and the ecommerce market has been reaccelerating, as expected. Additionally, the recent announcement that the company would divest its dilutive fulfillment operations should further augment long-term margins and was well-received by shareholders.”

Shopify Inc. (NYSE:SHOP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 74 hedge fund portfolios held Shopify Inc. (NYSE:SHOP) at the end of second quarter which was 66 in the previous quarter.

We discussed Shopify Inc. (NYSE:SHOP) in another article and shared stock picks of ARK Invest. In addition, please check out our hedge fund investor letters Q2 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.