Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. The portfolio returned -0.28% gross and -0.57 % net of fees in the first quarter compared to an 8.51% return for the Russell 2500 Growth Index. Although the market conditions were relatively stable from the previous quarter, pricing momentum sharply increased in the first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Polen U.S. SMID Company Growth Strategy highlighted stocks like Revolve Group, Inc. (NYSE:RVLV), in the first quarter 2024 investor letter. Revolve Group, Inc. (NYSE:RVLV) is an online fashion retailer for millennial and Generation Z consumers. The one-month return of Revolve Group, Inc. (NYSE:RVLV) was -3.60%, and its shares gained 24.84% of their value over the last 52 weeks. On May 28, 2024, Revolve Group, Inc. (NYSE:RVLV) stock closed at $19.00 per share with a market capitalization of $1.346 billion.
Polen U.S. SMID Company Growth Strategy stated the following regarding Revolve Group, Inc. (NYSE:RVLV) in its first quarter 2024 investor letter:
“Revolve Group, Inc. (NYSE:RVLV) is a next-generation online retailer that established itself as a leading premium fashion destination for Millennial and Generation Z female customers. Revolve has challenged us over the past couple of years, as it has not been immune to macro pressures as a consumer-facing business. During the quarter, however, the stock was up more than 20% on earnings, having delivered better-than-expected top and bottom-line results despite a challenging backdrop for apparel retailers. Revolve has made progress on several fronts, including rebalancing inventory. international growth returning to positive, and solid growth in adjacent categories such as beauty and men’s. Encouragingly. they see less discounting as a percentage of overall sales, and gross margins continue to trend up.”
A modern fashion boutique lit up with neon display signs.
Revolve Group, Inc. (NYSE:RVLV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Revolve Group, Inc. (NYSE:RVLV) at the end of the first quarter which was 18 in the previous quarter. In the first quarter, the net sales of Revolve Group, Inc. (NYSE:RVLV) were $271 million, a decrease of 3% year-over-year.
In another article, we discussed Revolve Group, Inc. (NYSE:RVLV) and shared tThe London Company Small Cap Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 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.
