Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned -0.28% net in the fourth quarter compared to a 2.20% return for the Russell 1000 Growth Index and a 7.41% return for the S&P 500 Index. In 2022, the fund returned -38.02% net compared to -29.14% and -18.22% returns for the Russell and the S&P 500 Indexes, respectively. Inflation, the Fed’s interest rate hikes, and revenue and earnings slowdowns of the fund’s holding companies led the fund to underperform in the quarter and the year. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Polen Capital highlighted stocks like Adobe Inc. (NASDAQ:ADBE) in its Q4 2022 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a global software company. On January 18, 2023, Adobe Inc. (NASDAQ:ADBE) stock closed at $341.31 per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was 1.42%, and its shares lost 33.19% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $156.252 billion.
Polen Capital made the following comment about Adobe Inc. (NASDAQ:ADBE) in its Q4 2022 investor letter:
“Adobe Inc. (NASDAQ:ADBE) and Nike were solid performers in the quarter as some of the doom and gloom narratives around these companies have waned as they both saw strong recent business results. In the case of Adobe, when the company announced its intention to acquire Figma for approximately $20 billion earlier this year, the shares came under pressure on concern the company “needed” the deal to maintain its competitive position, growth, or both. Since then, the core business has continued to grow strongly, even in a tough environment. This likely calmed the skeptics, at least for now. Our view is that Figma would be a very nice (albeit very expensive) addition to Adobe, bringing world-class collaboration tools together with Adobe’s best-in-class content creation software. We believe Adobe’s moat remains strong, but in the long term, having Figma’s collaboration tools, or something like it, will be important to ensure that moat remains as strong since the design process is becoming more collaborative, at least in the case of web-based design.”
Adobe, software
Adobe Inc. (NASDAQ:ADBE) is in 22nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 93 hedge fund portfolios held Adobe Inc. (NASDAQ:ADBE) at the end of the third quarter, which was 92 in the previous quarter.
We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared Madison Funds’ views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.
