Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund delivered -8.55% gross and -8.67% net of fees compared to a -2.92% return for the Russell 2000 Growth Index and a -1.41% return for the S&P SmallCap 600 Growth Index. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.
Polen U.S. Small Company Growth Strategy highlighted stocks like Micro Computer, Inc. (NASDAQ:SMCI), in the second quarter 2024 investor letter. Super Micro Computer, Inc. (NASDAQ:SMCI) develops and manufactures high-performance server and storage solutions. The one-month return of Super Micro Computer, Inc. (NASDAQ:SMCI) was -17.16%, and its shares gained 118.44% of their value over the last 52 weeks. On July 31, 2024, Super Micro Computer, Inc. (NASDAQ:SMCI) stock closed at $701.65 per share with a market capitalization of $41.086 billion.
Polen U.S. Small Company Growth Strategy stated the following regarding Super Micro Computer, Inc. (NASDAQ:SMCI) in its Q2 2024 investor letter:
“The second largest contributor to the Portfolio’s relative performance was Super Micro Computer, Inc. (NASDAQ:SMCI), a provider of high- performance, energy-efficient servers, which the Portfolio does not own. The stock declined notably in the quarter, providing a tailwind to relative performance. On a YTD basis, however, Super Micro is still our largest relative detractor, given its robust 1Q return.”
A team of technicians in a server room, testing and managing the newest server solutions.
Super Micro Computer, Inc. (NASDAQ:SMCI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Super Micro Computer, Inc. (NASDAQ:SMCI) at the end of the first quarter which was 40 in the previous quarter. Super Micro Computer, Inc. (NASDAQ:SMCI) had a strong quarter, generating $3.85 billion in revenue, marking a 200% increase from the previous year’s quarter. While we acknowledge the potential of Super Micro Computer, Inc. (NASDAQ:SMCI) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Super Micro Computer, Inc. (NASDAQ:SMCI) and shared Artisan Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
