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 Markel Group Inc. (NYSE:MKL) in the second quarter 2023 investor letter. Based in Glen Allen, Virginia, Markel Group Inc. (NYSE:MKL) is a financial holding company that underwrites insurance products. On August 11, 2023, Markel Group Inc. (NYSE:MKL) stock closed at $1,506.20 per share. One-month return of Markel Group Inc. (NYSE:MKL) was 8.03%, and its shares gained 22.41% of their value over the last 52 weeks. Markel Group Inc. (NYSE:MKL) has a market capitalization of $20.103 billion.
Polen Global SMID Company Growth Strategy made the following comment about Markel Group Inc. (NYSE:MKL) in its second quarter 2023 investor letter:
“Markel Group Inc. (NYSE:MKL) is a U.S. headquartered insurance company with three drivers; specialty insurance; public investments; and private companies. The company is often described as a “mini-Berkshire Hathaway” and has done a terrific job for decades underwriting policies and investing the float to produce significant returns, in our belief. The company seeks market leadership in each pursuit, understanding the customer needs and providing quality products and services. We think its valuation is very attractive and expect a mid-teens rate of return over the next five years.”
Markel Group Inc. (NYSE:MKL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Markel Group Inc. (NYSE:MKL) at the end of first quarter which was 29 in the previous quarter.
We discussed Markel Group Inc. (NYSE:MKL) in another article and shared the list of best property & casualty insurance stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
