Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -25.81% net of fees compared to a -19.25% return for the Russell 2000 Growth Index. The fund underperformed in the second quarter due to widespread economic slowdown. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the second quarter 2022 investor letter, Polen Capital discussed stocks like SiteOne Landscape Supply, Inc. (NYSE:SITE). Headquartered in Roswell, Georgia, SiteOne Landscape Supply, Inc. (NYSE:SITE) is a landscape supplies distribution company. On September 29, 2022, SiteOne Landscape Supply, Inc. (NYSE:SITE) stock closed at $101.37 per share. One-month return of SiteOne Landscape Supply, Inc. (NYSE:SITE) was -16.84% and its shares lost 50.22% of their value over the last 52 weeks. SiteOne Landscape Supply, Inc. (NYSE:SITE) has a market capitalization of $4.565 billion.
Here is what Polen Capital specifically said about SiteOne Landscape Supply, Inc. (NYSE:SITE) in its Q2 2022 investor letter:
“SiteOne Landscape Supply, Inc. (NYSE:SITE) is the largest and only nation-wide wholesale distributor of landscape products in the U.S. Given its scale, SiteOne offers an accessible network for suppliers with limited distribution resources. The company’s landscaping focus, which is more recurring in nature than other consumer markets, gives it a resilient earnings profile even in the event of an economic downturn. SiteOne has also demonstrated success through highly accretive acquisitions of small local players. Given its industry’s fragmentation, we believe the company has a long runway for growth. Going forward, we expect earnings per share to compound at a low double-digit rate for the next five years, driven again by +5% organic same store sales growth, +5% growth from acquisitions, flat to expanding margins, and potential returns of capital in the form of share repurchases or dividends. We recognize that some recent margin gains may revert in the near-term, but believe this is a rock-solid, high-quality company that can compound earnings for many years and that the current valuation sufficiently discounts near-term uncertainty.”
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SiteOne Landscape Supply, Inc. (NYSE:SITE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held SiteOne Landscape Supply, Inc. (NYSE:SITE) at the end of the second quarter which was 23 in the previous quarter.
We discussed SiteOne Landscape Supply, Inc. (NYSE:SITE) in another article and shared Choice Equities’ views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.
Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.
At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.
Do the math. According to Musk, this technology could be worth $250 trillion by 2040.
Put another way, that’s roughly equal to:
175 Teslas
107 Amazons
140 Metas
84 Googles
65 Microsofts
And 55 Nvidias
And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.
It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.
Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.
How could anything be worth that much?
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In fact, Verge argues this company’s supercheap AI technology should concern rivals.
Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.
Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.
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Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…
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