Polen Capital, an investment management company, released its “Polen Global Growth Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 11.37% net in the first quarter compared to a return of 7.31% for the MSCI ACW Index. Global equity markets were volatile in the first quarter. The market rewarded quality fundamentals in January, and fear of inflation and central bank policy reemerged in February. However, despite the banking crisis, quality fundamentals were rewarded again in March. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Global Growth Strategy highlighted stocks like Thermo Fisher Scientific Inc. (NYSE:TMO) in the first quarter 2023 investor letter. Headquartered in Waltham, Massachusetts, Thermo Fisher Scientific Inc. (NYSE:TMO) provides analytical instruments, specialty diagnostics, and laboratory products and services to life science solutions. On April 24, 2023, Thermo Fisher Scientific Inc. (NYSE:TMO) stock closed at $574.30 per share. One-month return of Thermo Fisher Scientific Inc. (NYSE:TMO) was 3.62%, and its shares gained 11.20% of their value over the last 52 weeks. Thermo Fisher Scientific Inc. (NYSE:TMO) has a market capitalization of $221.506 billion.
Polen Global Growth Strategy made the following comment about Thermo Fisher Scientific Inc. (NYSE:TMO) in its Q1 2023 investor letter:
“During the quarter, we also raised our position in Thermo Fisher Scientific Inc. (NYSE:TMO). The company effectively sells pickaxes and shovels to the life sciences industry, is well balanced, is durable, and has a strong management team at the helm. We took an initial position recently and are now raising it to an average weight within the Portfolio. During the most recent quarter, the company grew revenue 11% in constant currency. Core organic growth, excluding COVID-19 testing revenue which fell 16%, grew a very strong 13%. This company plays an important role within the Portfolio as a “safety” within our growth spectrum approach and over the next five years we expect EBITDA and EPS to grow at roughly low double digits and low teens, respectively.”
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Thermo Fisher Scientific Inc. (NYSE:TMO) is in 20th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 92 hedge fund portfolios held Thermo Fisher Scientific Inc. (NYSE:TMO) at the end of the fourth quarter which was 92 in the previous quarter.
We discussed Thermo Fisher Scientific Inc. (NYSE:TMO) in another article and shared the list of best environmental dividend stocks to buy according to Al Gore. In addition, please check out our hedge fund investor letters Q1 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.
