Polen Capital, an investment management company, released its “Polen Global Growth Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund increased 11.66% gross and 11.36% net, respectively, compared to an 11.03% increase for the MSCI ACW Index. For the full year, the fund returned 32.38% and 30.92%, gross and net of fees, respectively compared to 22.20% for the index. The Portfolio has, net of fees, outperformed by 33bps during the quarter and by 872bps for the full year. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Global Growth Strategy featured stocks like Nestlé S.A. (OTC:NSRGY) in its Q4 2023 investor letter. Headquartered in Vevey, Switzerland, Nestlé S.A. (OTC:NSRGY) is a a food and beverage company. On February 23, 2024, Nestlé S.A. (OTC:NSRGY) stock closed at $107.86 per share. One-month return of Nestlé S.A. (OTC:NSRGY) was -6.64%, and its shares lost 6.82% of their value over the last 52 weeks. Nestlé S.A. (OTC:NSRGY) has a market capitalization of $289.032 billion.
Polen Global Growth Strategy stated the following regarding Nestlé S.A. (OTC:NSRGY) in its fourth quarter 2023 investor letter:
“Finally, we trimmed our position in Nestlé S.A. (OTC:NSRGY). Nestlé has served as a strong safety holding for many years for the Global Growth Portfolio. Over the past several years, we think the company has done a terrific job pruning its product portfolio of low-growth, low-margin, and capital-intensive businesses and reinvesting the proceeds in more attractive businesses to drive margin expansion.
At this point, we feel there isn’t much of an opportunity to drive further margin expansion, and the competition is significant for potential acquisition candidates that would be accretive to growth and margins. As a result, we believe that Nestlé’s ability to achieve our hurdle of low double-digit returns going forward will be more challenging, and we used the proceeds as a source of funds to add to businesses with a higher probability of delivering on our demanded returns.”
A filled shopping cart with popular food and beverage items.
Nestlé S.A. (OTC:NSRGY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. In addition, please check out our hedge fund investor letters Q4 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.
