Polen Capital, an investment management firm, published its “Polen U.S. Small Company Growth” third quarter 2021 investor letter – a copy of which can be downloaded here. A quarterly return of 1.94% was delivered by the fund for the third quarter of 2021, outperforming its Russell 2000 Growth benchmark that delivered a -5.64% return for the same period. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.
Polen U.S. Small Company Growth, in its Q3 2021 investor letter, mentioned Envestnet, Inc. (NYSE: ENV) and discussed its stance on the firm. Envestnet, Inc. is a Chicago, Illinois-based financial services company with a $4.3 billion market capitalization. ENV delivered a -2.38% return since the beginning of the year, while its 12-month returns are up by 5.09%. The stock closed at $80.33 per share on November 22, 2021.
Here is what Polen U.S. Small Company Growth has to say about Envestnet, Inc. in its Q3 2021 investor letter:
“We sold Envestnet after two years of ownership, because the company’s growth prospects are less clear to us. The company has made acquisitions to expand its product and service offerings, but results have been mixed overall. Future growth is also less certain. The decision to trim Etsy was a function of market capitalization while the decision to trim Revolve was driven by position size management due to strong performance.”
Based on our calculations, Envestnet, Inc. (NYSE: ENV) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. ENV was in 12 hedge fund portfolios at the end of the third quarter of 2021, compared to 17 funds in the previous quarter. Envestnet, Inc. (NYSE: ENV) delivered a 2.06% return in the past 3 months.
Disclosure: None. This article is originally published at Insider Monkey.