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 Align Technology, Inc. (NASDAQ:ALGN) in the fourth quarter 2023 investor letter. Headquartered in Tempe, Arizona, Align Technology, Inc. (NASDAQ:ALGN) designs and manufactures orthodontics, restorative, and aesthetic dentistry products. On February 23, 2024, Align Technology, Inc. (NASDAQ:ALGN) stock closed at $316.88 per share. One-month return of Align Technology, Inc. (NASDAQ:ALGN) was 17.19%, and its shares gained 4.02% of their value over the last 52 weeks. Align Technology, Inc. (NASDAQ:ALGN) has a market capitalization of $ 24.27 billion.
Polen Global Growth Strategy stated the following regarding Align Technology, Inc. (NASDAQ:ALGN) in its fourth quarter 2023 investor letter:
“Align Technology, Inc. (NASDAQ:ALGN) was the largest relative detractor during the past quarter, primarily because of disappointing third-quarter earnings results where the company’s revenue growth fell short of expectations despite easy comparisons from a year ago. Ultimately, we decided to exit our position in Align during the quarter, as detailed in the Portfolio Activity section.
Align Technology represented another sale in the quarter. Align is the global leader in clear aligner teeth straighteners, having pioneered the category a couple of decades ago. Our decision to move on from the position is not a reflection of the quality of the business or the runway for growth ahead. Rather, given a still uncertain macro environment and the nature of their product as a big-ticket consumer discretionary purchase, we felt it more prudent to use the position as a source of funds to allocate to the aforementioned existing positions, which should prove more resilient with a narrower range of outcomes.”
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Align Technology, Inc. (NASDAQ:ALGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Align Technology, Inc. (NASDAQ:ALGN) was held by 50 hedge fund portfolios, up from 43 in the previous quarter, according to our database.
We discussed Align Technology, Inc. (NASDAQ:ALGN) in another article and shared Conestoga Capital Advisors’ views on the company. 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.
