Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 10.51% gross of fees and 10.36% net of fees in the second quarter compared to a 12.81% return for the Russell 1000 Growth Index and an 8.74% return for the S&P 500 Index. Year-to-date, the fund returned 26.29% and 25.88 %, gross and net of fees respectively, compared to 29.02% and 16.89%, respectively, for the benchmarks. Internet and technology-oriented stocks continued their outperformance in the quarter, while last year’s outperformers like energy and utilities detracted. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Focus Growth Strategy highlighted stocks like Microsoft Corporation (NASDAQ:MSFT) in the second quarter 2023 investor letter. Headquartered in Redmond, Washington, Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops, and licenses software, services, devices, and solutions. On August 7, 2023, Microsoft Corporation (NASDAQ:MSFT) stock closed at $330.11 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was -0.71%, and its shares gained 16.94% of their value over the last 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $2.455 trillion.
Polen Focus Growth Strategy made the following comment about Microsoft Corporation (NASDAQ:MSFT) in its second quarter 2023 investor letter:
“The top absolute contributors to the Portfolio’s performance in the second quarter were Amazon, Netflix, and Microsoft Corporation (NASDAQ:MSFT). Many investors believe Microsoft will see a significant net benefit from AI because of its partnership with OpenAI (the developer of ChatGPT) and its position as a leading public cloud computing platform that can provide AI-related tools and capabilities to its enterprise and commercial customers. We tend to agree that AI can benefit Microsoft across its product portfolio. However, we expect AI to be more additive to the company’s Azure cloud business and, potentially, its existing productivity products rather than provide a massive boost to the company’s Bing search engine despite CEO Satya Nadella’s recent displays of exuberance in this area.”
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Microsoft Corporation (NASDAQ:MSFT) holds the first position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 289 hedge fund portfolios held Microsoft Corporation (NASDAQ:MSFT) at the end of first quarter which was 259 in the previous quarter.
We discussed Microsoft Corporation (NASDAQ:MSFT) in another article and shared the list of most advanced AI companies. 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.
