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 Adobe Inc. (NASDAQ:ADBE) in the second quarter 2023 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a software company that operates through Digital Media, Digital Experience, and Publishing and Advertising segments. On August 16, 2023, Adobe Inc. (NASDAQ:ADBE) stock closed at $514.49 per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was – 0.46%, and its shares gained 17.19% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $234.505 billion.
Polen Global Growth Strategy made the following comment about Adobe Inc. (NASDAQ:ADBE) in its second quarter 2023 investor letter:
“While Adobe Inc. (NASDAQ:ADBE)’s growth has moderated from high teens to low teens during the past couple of years, Adobe continues to deliver solid growth, and management raised its full-year guidance during the most recent quarter. The company also introduced some AI product enhancements, which seem to have helped shift the narrative from “AI is going to be bad for Adobe” to “AI is going to be good.” Finally, the company continues to work towards the Figma acquisition.
It’s still uncertain whether antitrust regulators will allow this acquisition to close. That said, the stock seems to have been recovering from the initial reaction that the pricey acquisition indicated something more troubling about Adobe’s growth and competitive position. Solid ongoing fundaments have helped dispel that notion. We think it would be a big positive if the acquisition closes, but we remain confident in Adobe’s business even if it doesn’t.”
Copyright: photogearch / 123RF Stock Photo
Adobe Inc. (NASDAQ:ADBE) is in 20th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 109 hedge fund portfolios held Adobe Inc. (NASDAQ:ADBE) at the end of second quarter which was 99 in the previous quarter.
We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared the list of best wide moat stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Most Popular Social Networks In The World
- Top 20 Oldest Breweries in America
- 12 Best Places to Retire in Panama
Disclosure: None. This article is originally published at Insider Monkey.
