Polen Capital, an investment management company, released its “Polen Global Growth Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 11.37% net in the first quarter compared to a return of 7.31% for the MSCI ACW Index. Global equity markets were volatile in the first quarter. The market rewarded quality fundamentals in January, and fear of inflation and central bank policy reemerged in February. However, despite the banking crisis, quality fundamentals were rewarded again in March. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Global Growth Strategy highlighted stocks like Align Technology, Inc. (NASDAQ:ALGN) in the first quarter 2023 investor letter. Headquartered in Tempe, Arizona, Align Technology, Inc. (NASDAQ:ALGN) is a medical device company. On April 24, 2023, Align Technology, Inc. (NASDAQ:ALGN) stock closed at $363.06 per share. One-month return of Align Technology, Inc. (NASDAQ:ALGN) was 18.92%, and its shares gained 0.49% of their value over the last 52 weeks. Align Technology, Inc. (NASDAQ:ALGN) has a market capitalization of $28.482 billion.
Polen Global Growth Strategy made the following comment about Align Technology, Inc. (NASDAQ:ALGN) in its Q1 2023 investor letter:
“Align Technology, Inc. (NASDAQ:ALGN)y had a difficult 2022 as it lapped extremely high prior year comparables. The company delivered a steady quarter recently, and the business continues to deliver as expected. On a three-year basis, Align has grown case shipments over 15% and net revenues at 16%. The pandemic has given the company a chance to highlight its benefits relative to wires and brackets, and doctors are responding. Recently, Align disclosed that the Invisalign treatment allows patients to go through the orthodontia process five months faster than braces, with roughly 35% fewer visits to a doctor. While Align continues to stay ahead of clear aligner competition through sales, marketing, and R&D, research indicates that the real fight is against braces, and we believe it is better positioned than ever to win market share.”
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Align Technology, Inc. (NASDAQ:ALGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Align Technology, Inc. (NASDAQ:ALGN) at the end of the fourth quarter which was 38 in the previous quarter.
We discussed Align Technology, Inc. (NASDAQ:ALGN) in another article and shared the list of best medical stocks to invest in. In addition, please check out our hedge fund investor letters Q1 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.
