Amazon.com (AMZN) Bounced Back in 2023

Polen Capital, an investment management company, released its “Polen Global Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund increased by 9.65% and 9.43 % gross and net of fees, respectively, compared to a 6.18% increase for the MSCI ACW Index. Year-to-date, the fund was up 22.46% and 21.87% gross and net of fees, respectively, compared to a 13.93% return for the index. Markets continued to be strong in the second quarter after a strong recovery in the first quarter of 2023 and are up robustly year to date. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Polen Global 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 16, 2023, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $135.07 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 3.93%, and its shares lost 5.08% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.386 trillion.

Polen Global Growth Strategy made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its second quarter 2023 investor letter:

“We raised our position in Amazon.com, Inc. (NASDAQ:AMZN) last quarter as we expected revenue growth to continue to accelerate while expense growth started to moderate. As detailed in our explanation last quarter, we felt that the revenue growth deceleration in 2022 (on the pandemic bolus) was temporary and that the rapid expense growth/over-investment that management made to address pandemic-related growth could be adjusted down and/or better absorbed by future growth. In short, that seems to be playing out so far this year. While this business has a few moving parts, we expect earnings growth to be robust in 2023 and continue at mid-teens or better rates well into the future.”

Amazon.com, Inc. (NASDAQ:AMZN) is in second position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 278 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of second quarter which was 243 in the previous quarter.

We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared VGI Partners’ views on the company. 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.