Polen Capital, an investment management company, released its “Polen International Growth Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy rose 15.23% (net of fees) in the fourth quarter compared to a 9.75% return for the MSCI ACWI (ex-USA) index. Investor sentiment hit its lowest point in October, paving the way for a strong rally in the final months of the year. Quarterly portfolio performance was driven by share price appreciation in the information technology, healthcare, and consumer discretionary sectors. For the full year, the strategy appreciated 27.73% (net of fees) compared to a 15.62% return for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen International Growth Strategy featured stocks like Medtronic plc (NYSE:MDT) in the fourth quarter 2023 investor letter. Based in Dublin, Ireland, Medtronic plc (NYSE:MDT) is a medical technology company. On March 5, 2024, Medtronic plc (NYSE:MDT) stock closed at $84.60 per share. One-month return of Medtronic plc (NYSE:MDT) was -2.94%, and its shares gained 7.91% of their value over the last 52 weeks. Medtronic plc (NYSE:MDT) has a market capitalization of $112.334 billion.
Polen International Growth Strategy stated the following regarding Medtronic plc (NYSE:MDT) in its fourth quarter 2023 investor letter:
“Medtronic plc (NYSE:MDT) is the largest medical technology company in the world. Despite a few tough years characterized by post-COVID supply chain issues, Chinese market payment changes, and diabetes business challenges, the company has continued to invest aggressively in its R&D pipeline. Because of this long-term mindset and commitment to product innovation, the company is in a position today where it has numerous significant new product launches across the business, helping to accelerate growth and improve profitability. More recently, the market’s infatuation with the promise of GLP-1 drugs has resulted in valuation de-ratings across the medtech industry broadly, to which Medtronic was not immune. The combination of all of these factors has resulted in Medtronic shares trading at their lowest valuation in a decade. Given the emerging business momentum, we felt the valuation offers a compelling chance to increase our weight in the world’s largest medtech company.”
A surgeon in a modern operating room holding advanced medical devices with a sense of purpose and accuracy.
Medtronic plc (NYSE:MDT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Medtronic plc (NYSE:MDT) was held by 56 hedge fund portfolios, up from 59 in the previous quarter, according to our database.
We discussed Medtronic plc (NYSE:MDT) in another article and shared the list of best least shorted stocks to buy. 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.
