Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. September saw another duration-driven sell-off in equities similar to what the market witnessed in 4Q 2021 and parts of 2022, but Performance for July-August was meaningfully different from September. In the quarter, the fund fell -3.28% and -3.47%, gross and net of fees, roughly in line with the -3.13% and -3.27% returns of the Russell 1000 Growth and S&P 500 indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Focus Growth Strategy highlighted stocks like Eli Lilly and Company (NYSE:LLY) in the third quarter 2023 investor letter. Headquartered in Indianapolis, Indiana, Eli Lilly and Company (NYSE:LLY) is a pharmaceutical company. On November 3, 2023, Eli Lilly and Company (NYSE:LLY) stock closed at $567.81 per share. One-month return of Eli Lilly and Company (NYSE:LLY) was -0.69%, and its shares gained 55.53% of their value over the last 52 weeks. Eli Lilly and Company (NYSE:LLY) has a market capitalization of $539.026 billion.
Polen Focus Growth Strategy made the following comment about Eli Lilly and Company (NYSE:LLY) in its Q3 2023 investor letter:
“Eli Lilly and Company (NYSE:LLY) was a new purchase toward the end of the quarter. We explain this further in the Portfolio Activity section. The primary reason it was a leading detractor is because we didn’t own it earlier in the quarter when it had a large positive stock price move.
Eli Lilly is a 150-year-old pharmaceutical company that, today, has durable growth coming from drugs for oncology, immunology, and neurology.
Lilly had been a consistent but moderate growth company until the launch of its GLP-1 drug, Mounjaro, for diabetes (and now obesity), which has caused growth to accelerate strongly. We expect the GLP-1 drug class, particularly Mounjaro, to be very large and possibly the largest drug class ever created. These drugs are very effective for glycemic control for Type 2 diabetics and have also proven to be highly effective in weight loss for overweight and obese patients with and without Type 2 diabetes…” (Click here to read the full text)
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Eli Lilly and Company (NYSE:LLY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 87 hedge fund portfolios held Eli Lilly and Company (NYSE:LLY) at the end of second quarter which was 72 in the previous quarter.
We discussed Eli Lilly and Company (NYSE:LLY) in another article and shared the list of best-performing dividend stocks in 2023. In addition, please check out our hedge fund investor letters Q3 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.
