Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned -5.00% gross and -5.26% net of fees in the third quarter compared to a -6.84% return for the Russell 2500 Growth Index. The portfolio returned 11.68% (net) YTD, compared to 5.63% for the index. The negative absolute return of the portfolio in the quarter is due to ongoing macroeconomic uncertainty related to interest rates, credit tightening, and an uneven economy from a growth perspective. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. SMID Company Growth Strategy highlighted stocks like YETI Holdings, Inc. (NYSE:YETI) in the Q3 2023 investor letter. Headquartered in Austin, Texas, YETI Holdings, Inc. (NYSE:YETI) engages in the business of outdoor and recreation products. On October 30, 2023, YETI Holdings, Inc. (NYSE:YETI) stock closed at $41.13 per share. One-month return of YETI Holdings, Inc. (NYSE:YETI) was -10.99%, and its shares gained 28.21% of their value over the last 52 weeks. YETI Holdings, Inc. (NYSE:YETI) has a market capitalization of $3.567 billion.
Polen U.S. SMID Company Growth Strategy made the following comment about YETI Holdings, Inc. (NYSE:YETI) in its Q3 2023 investor letter:
“The top contributors to the Portfolio’s relative performance in the third quarter included Goosehead Insurance, Globant, and YETI Holdings, Inc. (NYSE:YETI).
Yeti, an outdoor and lifestyle brand known for its coolers and drinkware, was also a significant contributor. Yeti delivered better-than-expected quarterly results after navigating a voluntary product recall that negatively impacted earnings. The company continues to navigate a challenging period, but we believe this is temporary. Our long-term outlook for the business is unchanged.”
A family of four exploring a scenic mountain range in a recreational vehicle.
YETI Holdings, Inc. (NYSE:YETI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held YETI Holdings, Inc. (NYSE:YETI) at the end of second quarter which was 17 in the previous quarter.
We previously discussed YETI Holdings, Inc. (NYSE:YETI) in another article and also shared the list of biggest outdoor brands and companies. 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.
