Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund delivered 1.42% gross and 1.11% net of fees compared to a 7.58% return for the Russell 2000 Growth Index and a 4.77% return for the S&P SmallCap 600 Growth Index. It was a historic quarter for the Russell 2000 Growth Index as more than half of its performance was driven by Super Micro Computer and MicroStrategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Polen U.S. Small Company Growth Strategy featured stocks like AppFolio, Inc. (NASDAQ:APPF) in the first quarter 2024 investor letter. Incorporated in 2006, AppFolio, Inc. (NASDAQ:APPF) offers cloud business management solutions for the real estate industry. On May 17, 2024, AppFolio, Inc. (NASDAQ:APPF) stock closed at $240.59 per share. One-month return of AppFolio, Inc. (NASDAQ:APPF) was 12.01%, and its shares gained 65.55% of their value over the last 52 weeks. AppFolio, Inc. (NASDAQ:APPF) has a market capitalization of $8.713 billion.
Polen U.S. Small Company Growth Strategy stated the following regarding AppFolio, Inc. (NASDAQ:APPF) in its first quarter 2024 investor letter:
“The top contributors to the Portfolio’s quarterly performance, both relative and absolute, were Wingstop, Core & Main, and AppFolio, Inc. (NASDAQ:APPF). AppFolio, a provider of cloud-based software for the property management industry, continued to exceed expectations significantly in the first quarter. Appfolio has done an exceptional job accelerating revenue and ramping up profitability. Even with higher margins, AppFolio has accelerated R&D investments to drive successful product development and push increasingly into competing upmarket, a segment they have not historically served. In our view, this activity could create a greater runway for revenue and profit growth.”
![](https://imonkey-blog.imgix.net/blog/wp-content/uploads/2023/10/08203024/APPF-insidermonkey-1696811421776-768x430.jpg?auto=fortmat&fit=clip&expires=1755993600&width=480&height=269)
A close-up shot of a user-friendly and customizable interface of the company’s software, designed to suit different workflows.
AppFolio, Inc. (NASDAQ:APPF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held AppFolio, Inc. (NASDAQ:APPF) at the end of the fourth quarter which was 28 in the previous quarter.
In another article, we discussed AppFolio, Inc. (NASDAQ:APPF) and shared the list of technology stocks with insider buying. In addition, please check out our hedge fund investor letters Q1 2024 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.