Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” first-quarter investor letter. A copy of the same can be downloaded here. In the first quarter, the fund delivered 10.81% net of fees compared to a 6.07% return for the Russell 2000 Growth Index. At the beginning of the quarter, the market witnessed growing possibilities but later, the collapse of banks and ensuing concerns affected the market. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. Small Company Growth Strategy highlighted stocks like Alight, Inc. (NYSE:ALIT) in the first quarter 2023 investor letter. Headquartered in Lincolnshire, Illinois, Alight, Inc. (NYSE:ALIT) is a cloud-based integrated digital human capital and business solutions provider. On April 27, 2023, Alight, Inc. (NYSE:ALIT) stock closed at $9.21 per share. One-month return of Alight, Inc. (NYSE:ALIT) was 0.00%, and its shares gained 7.22% of their value over the last 52 weeks. Alight, Inc. (NYSE:ALIT) has a market capitalization of $5.13 billion.
Polen U.S. Small Company Growth Strategy made the following comment about Alight, Inc. (NYSE:ALIT) in its Q1 2023 investor letter:
“New additions to the portfolio included Alight, Inc. (NYSE:ALIT) and DocGo. Alight is a leading cloud-based provider of employee engagement tools and solutions for workplace benefits, payroll, administration, and wealth services. Alight was founded 25 years ago, and, in keeping with the flywheel, has a long history of consistently growing recurring revenue. Over the past several years, Alight has deployed capital towards several value-add acquisitions and towards developing a technology platform for what they call “business process as a service” or “BPaaS”. This has only furthered Alight’s unique positioning and opened up significant growth opportunities.To give a sense for their scale, they serve 15% of the US workforce and their solutions can be found in 50% of Fortune 500 companies. Alight’s human capital BPaaS solutions combine Software as a Service (“SaaS”) capabilities, artificial intelligence, automation, and data analytics to deliver superior outcomes for employees and employers across a comprehensive portfolio of services. We expect Alight to drive consistent growth on the back of upsell/cross-sell opportunities with existing clients, as well as from new customer wins, international expansion and M&A.”
Alight, Inc. (NYSE:ALIT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Alight, Inc. (NYSE:ALIT) at the end of the fourth quarter which was 29 in the previous quarter.
We discussed Alight, Inc. (NYSE:ALIT) in another article and shared the list of most promising low-cost stocks according to analysts. 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.
