Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned -5.00% gross and -5.26% net of fees in the third quarter compared to a -6.84% return for the Russell 2500 Growth Index. The portfolio returned 11.68% (net) YTD, compared to 5.63% for the index. The negative absolute return of the portfolio in the quarter is due to ongoing macroeconomic uncertainty related to interest rates, credit tightening, and an uneven economy from a growth perspective. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. SMID Company Growth Strategy highlighted stocks like Clearwater Analytics Holdings, Inc. (NYSE:CWAN) in the third quarter 2023 investor letter. Headquartered in Boise, Idaho, Clearwater Analytics Holdings, Inc. (NYSE:CWAN) provides web-based solutions for investment data aggregation, reconciliation, accounting, and reporting services. On October 30, 2023, Clearwater Analytics Holdings, Inc. (NYSE:CWAN) stock closed at $18.00 per share. One-month return of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) was -5.76%, and its shares gained 14.21% of their value over the last 52 weeks. Clearwater Analytics Holdings, Inc. (NYSE:CWAN) has a market capitalization of $4.355 billion.
Polen U.S. SMID Company Growth Strategy made the following comment about Clearwater Analytics Holdings, Inc. (NYSE:CWAN) in its Q3 2023 investor letter:
“Portfolio activity this quarter included one new investment— Clearwater Analytics Holdings, Inc. (NYSE:CWAN)—along with additions and trims to existing holdings. Clearwater Analytics is a leading provider of investment portfolio reporting and analytics solutions. It uses advanced data and analytics to serve as the book of record across many asset classes for investment managers, corporations, insurers, and pension funds. The company analyzes and reports on over $6.4 trillion in daily assets across numerous accounts. Their software simplifies operations and ensures accuracy, speed, and scalability, adding significant customer value while reducing complexity. We believe the company is poised to sustain its robust growth trajectory, achieving annual top-line growth of 20% with meaningful margin expansion over our 5- year investment horizon. Clearwater is a great example of a Flywheel company with a unique and sticky product, high net recurring revenue, a significant runway for growth, and a business model and competitive advantage that strengthens with scale.”
everything possible/Shutterstock.com
Clearwater Analytics Holdings, Inc. (NYSE:CWAN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Clearwater Analytics Holdings, Inc. (NYSE:CWAN) at the end of second quarter which was 19 in the previous quarter.
We discussed Clearwater Analytics Holdings, Inc. (NYSE:CWAN) in another article and shared Baron Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 20 Cheapest Beach Towns to Live in the World
- 18 Best Vacations for Retired Couples
- 20 Foods That Lower Cholesterol Fast
Disclosure: None. This article is originally published at Insider Monkey.
