Polen Capital Management, LLC, an independently-owned global investment manager, recently published its first-quarter global growth commentary – a copy of which can be downloaded here. During the first quarter of 2020, the Polen Global Growth Model Portfolio returned -12.68% gross of fees, while the MSCI AllCountry World Index was down 21.36%.
In the said letter, Polen Capital highlighted a few stocks and Facebook Inc (NASDAQ:FB) is one of them. Facebook is a social media and technology company based in California. Year-to-date, FB stock lost 10.9% and on April 28th it had a closing price of $182.91. Its market cap is of $521.4 billion. Here is what Polen Capital said:
“While we could not be happier with each business, we trimmed the positions in order to raise our weighting in Facebook, which continues to compound revenue and earnings at healthy rates and is more attractively valued. While there are concerns about advertising revenue slowing, core Facebook engagement remains strong, and we believe the company has executed well to strengthen the platform. We believe multiple areas are either under-monetized or not monetized today that remain options for the future. These include WhatsApp, Messenger, Oculus, payments, and e-commerce.”
In Q4 2019, the number of bullish hedge fund positions on FB stock increased by about 3% from the previous quarter (see the chart here).
Disclosure: None. This article is originally published at Insider Monkey.