Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned -5.00% gross and -5.26% net of fees in the third quarter compared to a -6.84% return for the Russell 2500 Growth Index. The portfolio returned 11.68% (net) YTD, compared to 5.63% for the index. The negative absolute return of the portfolio in the quarter is due to ongoing macroeconomic uncertainty related to interest rates, credit tightening, and an uneven economy from a growth perspective. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. SMID Company Growth Strategy highlighted stocks like Goosehead Insurance, Inc (NASDAQ:GSHD) in the third quarter 2023 investor letter. Headquartered in Westlake, Texas, Goosehead Insurance, Inc (NASDAQ:GSHD) is a holding company for Goosehead Financial, LLC that offers personal lines insurance agency services. On October 30, 2023, Goosehead Insurance, Inc (NASDAQ:GSHD) stock closed at $65.01 per share. One-month return of Goosehead Insurance, Inc (NASDAQ:GSHD) was -11.64%, and its shares gained 56.61% of their value over the last 52 weeks. Goosehead Insurance, Inc (NASDAQ:GSHD) has a market capitalization of $2.461 billion.
Polen U.S. SMID Company Growth Strategy made the following comment about Goosehead Insurance, Inc (NASDAQ:GSHD) in its Q3 2023 investor letter:
“The top contributors to the Portfolio’s relative performance in the third quarter included Goosehead Insurance, Inc (NASDAQ:GSHD), Globant, and Yeti.
Goosehead Insurance operates as a personal line insurance brokerage, pioneering a disruptive business model and swiftly seizing market share from conventional independent and captive broker models. The company continues to deliver results ahead of expectations, underpinned by compelling pricing, enhanced agent productivity, and improved margins.We are particularly impressed by the company’s adept execution and its capacity to achieve substantial cost efficiencies, which we believe are sustainable in the long term.”
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Goosehead Insurance, Inc (NASDAQ:GSHD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Goosehead Insurance, Inc (NASDAQ:GSHD) at the end of second quarter which was 20 in the previous quarter.
We discussed Goosehead Insurance, Inc (NASDAQ:GSHD) in another article and shared Polen Global SMID Company Growth Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
