Polen Capital, an investment management company, released its “Polen Global SMID Company Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned -6.59% gross and -6.64% net of fees compared to -3.55% return for the MSCI ACWI SMID Capitalization Index. Negative security selection drove the underperformance of the fund 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 Morningstar, Inc. (NASDAQ:MORN) in the third quarter 2023 investor letter. Headquartered in Chicago, Illinois, Morningstar, Inc. (NASDAQ:MORN) provides investment research services. On November 17, 2023, Morningstar, Inc. (NASDAQ:MORN) stock closed at $271.04 per share. One-month return of Morningstar, Inc. (NASDAQ:MORN) was 20.46%, and its shares gained 12.46% of their value over the last 52 weeks. Morningstar, Inc. (NASDAQ:MORN) has a market capitalization of $11.55 billion.
Polen Global SMID Company Growth Strategy made the following comment about Morningstar, Inc. (NASDAQ:MORN) in its Q3 2023 investor letter:
“We bought a new position in Morningstar, Inc. (NASDAQ:MORN), a leader in providing investment management and wealth management data, software, and solutions to the financial services industry. Management has spent the last four years investing heavily in several business lines, like private markets data and ESG, that have depressed margins in the near term but should provide durable growth opportunities for many years. As the company reaps the benefits from these investments over the coming years, we expect margins to track towards their prior levels of 20-25% from current low-to-mid teens. Combined with low-double-digit revenue growth and management’s long history of opportunistic share buybacks, we think this should translate into healthy EPS growth over our holding period.”
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Morningstar, Inc. (NASDAQ:MORN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Morningstar, Inc. (NASDAQ:MORN) at the end of second quarter which was 20 in the previous quarter.
We discussed Morningstar, Inc. (NASDAQ:MORN) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 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.
