Polen Capital, an investment management company, released its “Polen Global SMID Company Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. Interest rates and uncertainty about the direction of global economic growth continued to be negative factors while enthusiasm over generative AI enhanced companies exposed to the technology. The portfolio returned -0.15% gross and -0.26% net of fees in the second quarter compared to a 3.34% return on the MSCI ACWI SMID Capitalization Index. Negative stock selection led the portfolio to underperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Global SMID Company Growth Strategy highlighted stocks like Alight, Inc. (NYSE:ALIT) in the second quarter 2023 investor letter. Headquartered in Lincolnshire, Illinois, Alight, Inc. (NYSE:ALIT) is a cloud-based integrated digital human capital and business solutions provider. On August 11, 2023, Alight, Inc. (NYSE:ALIT) stock closed at $8.50 per share. One-month return of Alight, Inc. (NYSE:ALIT) was -12.73%, and its shares lost 2.30% of their value over the last 52 weeks. Alight, Inc. (NYSE:ALIT) has a market capitalization of $4.734 billion.
Polen Global SMID Company Growth Strategy made the following comment about Alight, Inc. (NYSE:ALIT) in its second quarter 2023 investor letter:
“We started a new position in Alight, Inc. (NYSE:ALIT), a leading cloud-based provider of employee engagement tools and solutions for workplace benefits, payroll, administration, and wealth services. Their ubiquitous, mission-critical, one-stop platform serves 36 million employees and their family members (more than 15% of the U.S. workforce). It is a market leader already present in over 70% of the Fortune 100 and 50% of the Fortune 500. Its legacy benefits administration business has 97% revenue retention and multi-decade customer relationships, which we believe can support the expansion of its scalable, cloud-based holistic business process as a service (“BPaaS”) offering to its broad footprint of existing clients and into new customer segments.”
Alight, Inc. (NYSE:ALIT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Alight, Inc. (NYSE:ALIT) at the end of first quarter which was 40 in the previous quarter.
We discussed Alight, Inc. (NYSE:ALIT) in another article and shared the list of best tech stocks to buy under $10. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 25 Most Sexually Liberal Cities in The World In 2023
- 13 Best Wide Moat Stocks To Buy According To Hedge Funds
- 11 Best Gold Penny Stocks to Buy Now
Disclosure: None. This article is originally published at Insider Monkey.
