Polen Capital, an investment management company, released its “Polen Global Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund increased 8.10% gross and 7.81% net, respectively, trailing the MSCI ACW Index’s 8.20% return. The market dynamics that were in place at the end of last year persisted in many respects during the first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Polen Global Growth Strategy featured stocks like Workday, Inc. (NASDAQ:WDAY) in the first quarter 2024 investor letter. Headquartered in Pleasanton, California, Workday, Inc. (NASDAQ:WDAY) offers enterprise cloud applications. On April 19, 2024, Workday, Inc. (NASDAQ:WDAY) stock closed at $252.22 per share. One-month return of Workday, Inc. (NASDAQ:WDAY) was -8.51%, and its shares gained 33.39% of their value over the last 52 weeks. Workday, Inc. (NASDAQ:WDAY) has a market capitalization of $66.633 billion.
Polen Global Growth Strategy stated the following regarding Workday, Inc. (NASDAQ:WDAY) in its first quarter 2024 investor letter:
“Finally, weakness in Workday, Inc. (NASDAQ:WDAY) during the quarter is likely more a function of the stock taking a breather than any adverse fundamental development.
From the end of October through the end of February, the stock was up 40%, buoyed by the company’s better-than-anticipated earnings in 3Q 2023, and management raised revenue guidance for their fiscal 2024. In 1Q 2024, the stock sold off on results and guidance that did not exceed the elevated expectations some investors anticipated. We believe Workday has ample room to continue taking share in a nicely growing $100 Billion+ global human capital management (“HCM”) market and remain confident in the company’s ability to generate 20%+ annualized free cash flow per share growth over the next three to five years.”
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Workday, Inc. (NASDAQ:WDAY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Workday, Inc. (NASDAQ:WDAY) was held by 81 hedge fund portfolios, compared to 77 in the previous quarter, according to our database.
We previously discussed Workday, Inc. (NASDAQ:WDAY) in another article, where we shared ClearBridge Large Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q1 2024 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.
