Polen Capital, an investment management company, released its “Polen Global Growth Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. During the second quarter, AI remained the dominant narrative in markets. The Strategy returned -1.63% gross (-1.91% net) compared to the MSCI ACW Index’s 2.87% return. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Polen Global Growth Strategy highlighted stocks like Workday, Inc. (NASDAQ:WDAY), in the second quarter 2024 investor letter. Workday, Inc. (NASDAQ:WDAY) offers enterprise cloud applications. The one-month return of Workday, Inc. (NASDAQ:WDAY) was 2.27%, and its shares lost 2.71% of their value over the last 52 weeks. On July 26, 2024, Workday, Inc. (NASDAQ:WDAY) stock closed at $228.64 per share with a market capitalization of $60.68 billion.
Polen Global Growth Strategy stated the following regarding Workday, Inc. (NASDAQ:WDAY) in its Q2 2024 investor letter:
“The largest absolute detractors were Workday, Inc. (NASDAQ:WDAY), Paycom Software, and Aon. In line with broader weakness across the enterprise software complex, Workday sold off more than 15% as management guided to organic subscription sales growth in the range of 16.6-17%, 50bps lower than previously guided. Zooming out longer term, we believe nothing has fundamentally changed for Workday. According to our research, it remains a solid, market-leading, long-term compounder with a substantial runway for future growth in the market for both its human capital management and financial software.”
A group of finance professionals analyzing market trends on their computer screens.
Workday, Inc. (NASDAQ:WDAY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 83 hedge fund portfolios held Workday, Inc. (NASDAQ:WDAY) at the end of the first quarter which was 81 in the previous quarter. While we acknowledge the potential of Workday, Inc. (NASDAQ:WDAY) 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 Workday, Inc. (NASDAQ:WDAY) and shared the list of best information technology services stocks to buy. In the Q1 2024 investor letter, Polen Global Growth Strategy mentioned that Workday, Inc. (NASDAQ:WDAY) saw a sell-off during the quarter due to results and guidance that fell short of the heightened expectations. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.
