Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 10.51% gross of fees and 10.36% net of fees in the second quarter compared to a 12.81% return for the Russell 1000 Growth Index and an 8.74% return for the S&P 500 Index. Year-to-date, the fund returned 26.29% and 25.88 %, gross and net of fees respectively, compared to 29.02% and 16.89%, respectively, for the benchmarks. Internet and technology-oriented stocks continued their outperformance in the quarter, while last year’s outperformers like energy and utilities detracted. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Focus Growth Strategy highlighted stocks like Amazon.com, Inc. (NASDAQ:AMZN) in the second quarter 2023 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On August 7, 2023, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $142.22 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 10.44%, and its shares gained 3.19% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.459 trillion.
Polen Focus Growth Strategy made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its second quarter 2023 investor letter:
“In 2022, some of our holdings had difficulty achieving revenue growth in line with their long-term trends because of difficult comparisons and changing COVID dynamics. Now, most of these companies have experienced a rebound in revenue growth and have also shown a newfound willingness to control their operating expenditures, yielding substantial margin expansion and earnings growth. For example, Amazon.com, Inc. (NASDAQ:AMZN) and Netflix (two of our top three absolute contributors to our return in 2Q) are exercising more stringent spending discipline while revenue growth accelerates, a powerful combination for earnings growth in our view.
The top absolute contributors to the Portfolio’s performance in the second quarter were Amazon, Netflix, and Microsoft. As mentioned, Amazon and Netflix are seeing their revenue growth accelerate after a difficult 2022 while keeping expense growth in check. We expect robust earnings growth for both companies in 2023 and growth rates in the mid-teens or higher well into the future.”
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Amazon.com, Inc. (NASDAQ:AMZN) is in second position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 243 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of first quarter which was 240 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared the list of most advanced AI companies. In addition, please check out our hedge fund investor letters Q2 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.
