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 Automatic Data Processing, Inc. (NASDAQ:ADP) in its Q4 2023 investor letter. Headquartered in Roseland, New Jersey, Automatic Data Processing, Inc. (NASDAQ:ADP) provides cloud-based human capital management solutions. On February 23, 2024, Automatic Data Processing, Inc. (NASDAQ:ADP) stock closed at $255.87 per share. One-month return of Automatic Data Processing, Inc. (NASDAQ:ADP) was 7.64%, and its shares gained 15.46% of their value over the last 52 weeks. Automatic Data Processing, Inc. (NASDAQ:ADP) has a market capitalization of $ 105.109 billion.
Polen Global Growth Strategy stated the following regarding Automatic Data Processing, Inc. (NASDAQ:ADP) in its fourth quarter 2023 investor letter:
“Automatic Data Processing, Inc. (NASDAQ:ADP) modestly underperformed during the quarter. The company’s revenue and earnings growth has been in line with our expectations. Still, market participants appear to be concerned about the prospect of higher unemployment and lower interest rates in 2024, factors that could present modest headwinds to ADP’s growth. Our view of the business and its long-term growth trajectory haven’t changed, and we believe the company continues to execute at a high level.”
A close-up of two software engineers typing away at laptops in a modern, well-lit office.
Automatic Data Processing, Inc. (NASDAQ:ADP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Automatic Data Processing, Inc. (NASDAQ:ADP) was held by 54 hedge fund portfolios, up from 50 in the previous quarter, according to our database.
We discussed Automatic Data Processing, Inc. (NASDAQ:ADP) in another article and shared the list of best stocks for dividends. 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.
