Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned 14.98% gross and 14.65 % net of fees in the fourth quarter compared to a 12.59% return for the Russell 2500 Growth Index. The portfolio returned 29.39% gross and 28.05% net for the full year, compared to 18.93% return for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. SMID Company Growth Strategy featured stocks such as Bio-Techne Corporation (NASDAQ:TECH) in the fourth quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, Bio-Techne Corporation (NASDAQ:TECH) is a developer and manufacturer of regent solutions, instruments, and services for research and clinical diagnostic markets. On February 22, 2024, Bio-Techne Corporation (NASDAQ:TECH) stock closed at $71.76 per share. The one-month return of Bio-Techne Corporation (NASDAQ:TECH) was -1.20%, and its shares lost 0.99% of their value over the last 52 weeks. Bio-Techne Corporation (NASDAQ:TECH) has a market capitalization of $11.28 billion.
Polen U.S. SMID Company Growth Strategy stated the following regarding Bio-Techne Corporation (NASDAQ:TECH) in its fourth quarter 2023 investor letter:
“Bio-Techne Corporation (NASDAQ:TECH) is a protein sciences/proteomics company that sells instruments and manufactures hundreds of thousands of proteins. Proteins and antibodies are used in research and increasingly in clinical settings for a wide range of therapies. Bio-Techne’s customers are small and large biopharma companies, academic research institutes, clinical labs, and in vitro diagnostics manufacturers. The business stands out for its positive track record over the past decade with increased product differentiation, accelerating organic revenue growth, and 20%+ cash flow return on invested capital (CFROIC). More recently, the business was negatively impacted by the post-COVID destocking trend and weakness in China—both of which have affected the broader life sciences industry—but we believe this presented a unique opportunity to invest in an high-quality flywheel company that we expect to potentially deliver mid-to-high teens earnings growth over the long term. As with Medpace, we believe the company is well-positioned to benefit from some of the most significant growth markets in emerging biopharma without the risk of a biotech business model with binary outcomes or zero cash flow.”
A laboratory technician researching a sample of cells in a biotechnology laboratory.
Bio-Techne Corporation (NASDAQ:TECH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Bio-Techne Corporation (NASDAQ:TECH) was held by 23 hedge fund portfolios, down from 25 in the previous quarter, according to our database.
We discussed Bio-Techne Corporation (NASDAQ:TECH) in another article and shared Alger Small Cap Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
