Polen Capital, an investment management firm, published its “Polen US SMID Company Growth Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. Over the first quarter, the Polen U.S. SMID Company Growth Composite Portfolio (the “Portfolio”) returned -23.81% gross and -24.02% net of fees, respectively, underperforming the Russell 2500 Growth Index’s -12.30% return. Try to spend some time looking at the fund’s top 5 holdings to be informed about their best picks for 2022.
In its Q1 2022 investor letter, Polen US SMID Company Growth Fund mentioned CDW Corporation (NASDAQ:CDW) and explained its insights for the company. Founded in 1984, CDW Corporation (NASDAQ:CDW) is a Vernon Hills, Illinois-based business-to-business company with a $23.7 billion market capitalization. CDW Corporation (NASDAQ:CDW) delivered a -14.25% return since the beginning of the year, while its 12-month returns are down by 4.84%. The stock closed at $175.59 per share on June 03, 2022.
Here is what Polen US SMID Company Growth Fund has to say about CDW Corporation (NASDAQ:CDW) in its Q1 2022 investor letter:
“We sold CDW from the Portfolio to make room for companies we believed offer more attractive risk/reward profiles. CDW is a high-quality company that continues to execute well. It has exceeded the pace of U.S. information technology spending, gained market share globally, and further penetrated the higher-end services that its customers need. That said, the company is at the upper end of our market-cap range, and we believe it no longer offers the compelling return potential we look for, given its lower-growth profile, vulnerability to supply chain issues, tight margins, and premium multiple to peers.”
Our calculations show that CDW Corporation (NASDAQ:CDW) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. CDW Corporation (NASDAQ:CDW) was in 41 hedge fund portfolios at the end of the first quarter of 2022, compared to 37 funds in the previous quarter. CDW Corporation (NASDAQ:CDW) delivered a 2.34% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.
Disclosure: None. This article is originally published at Insider Monkey.