Polen Capital, an investment management company, released its “Polen Global Growth Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned 6.37% net in the fourth quarter compared to a return of 9.76% for the MSCI ACW Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Polen Global Growth Strategy highlighted stocks like SAP SE (NYSE:SAP) in the Q4 2022 investor letter. Headquartered in Walldorf, Germany, SAP SE (NYSE:SAP) is an enterprise application software company. On February 8, 2023, SAP SE (NYSE:SAP) stock closed at $118.61 per share. One-month return of SAP SE (NYSE:SAP) was 1.65%, and its shares lost 4.23% of their value over the last 52 weeks. SAP SE (NYSE:SAP) has a market capitalization of $139.695 billion.
Polen Global Growth Strategy made the following comment about SAP SE (NYSE:SAP) in its Q4 2022 investor letter:
“SAP SE (NYSE:SAP) continues to make solid progress with its transition to the cloud. Total cloud sales grew 25% in the most recently reported quarter. Moreover, the current cloud backlog and the S/4 HANA current cloud backlog both accelerated, which points to ongoing strong cloud growth despite the tough environment. While the faster transition to the cloud has weighed on SAP’s margins for the past couple years, management reaffirmed its expectation for accelerated sales growth and 10%+ earnings growth in 2023. They also reaffirmed their 2025 mid-term financial targets, which means double-digit revenue growth in 2024 and beyond, with midteens earnings growth at the mid-point of their guidance.”
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SAP SE (NYSE:SAP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held SAP SE (NYSE:SAP) at the end of the third quarter, which was 16 in the previous quarter.
We discussed SAP SE (NYSE:SAP) in another article and shared the list of biggest supply chain management companies in the world. In addition, please check out our hedge fund investor letters Q4 2022 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.