Polen Capital: “ADP Continues to Deliver Steady Business Performance”

Polen Capital, an investment management firm, published its “Polen Global Growth Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. During the second quarter of 2022, the Global Growth Composite Portfolio (the “Portfolio”) was down -18.08% and -18.34% gross and net of fees, respectively, versus a decline of -15.65% for the MSCI ACWI (the “Index”). Since inception, the Portfolio has compounded at an annualized rate of 11.04% and 10.12%, gross and net of fees, versus 6.88% for the Index. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, Polen Global Growth mentioned Automatic Data Processing, Inc. (NASDAQ:ADP) and explained its insights for the company. Founded in 1949, Automatic Data Processing, Inc. (NASDAQ:ADP) is a Roseland, New Jersey-based management services company with a $97.5 billion market capitalization. Automatic Data Processing, Inc. (NASDAQ:ADP) delivered a -4.74% return since the beginning of the year, while its 12-month returns are up by 13.16%. The stock closed at $234.89 per share on October 06, 2022.

Here is what Polen Global Growth has to say about Automatic Data Processing, Inc. (NASDAQ:ADP) in its Q2 2022 investor letter:

“At the individual company level, the three smallest absolute detractors includes ADP. ADP continues to deliver steady business performance, as evidenced by its management team continuing to raise guidance for 2022. We added to our position during the quarter, which we detail in the Portfolio Activity section.”

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Our calculations show that Automatic Data Processing, Inc. (NASDAQ:ADP) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Automatic Data Processing, Inc. (NASDAQ:ADP) was in 39 hedge fund portfolios at the end of the second quarter of 2022, compared to 47 funds in the previous quarter. Automatic Data Processing, Inc. (NASDAQ:ADP) delivered a 8.48% return in the past 3 months.

In February 2021, we also shared another hedge fund’s views on Automatic Data Processing, Inc. (NASDAQ:ADP) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

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Disclosure: None. This article is originally published at Insider Monkey.