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 Starbucks Corporation (NASDAQ:SBUX) in the Q4 2022 investor letter. Headquartered in Seattle, Washington, Starbucks Corporation (NASDAQ:SBUX) is a specialty coffee retailer. On February 8, 2023, Starbucks Corporation (NASDAQ:SBUX) stock closed at $106.30 per share. One-month return of Starbucks Corporation (NASDAQ:SBUX) was -0.08%, and its shares gained 10.97% of their value over the last 52 weeks. Starbucks Corporation (NASDAQ:SBUX) has a market capitalization of $122.171 billion.
Polen Global Growth Strategy made the following comment about Starbucks Corporation (NASDAQ:SBUX) in its Q4 2022 investor letter:
“We also liquidated our remaining position in Starbucks Corporation (NASDAQ:SBUX). While the company remains a unique and resilient franchise, China is a very important growth market for the company, and zero-COVID policies have made it challenging for the company to operate in this important market. While we expect China to return to more “normal” operation at some point, any COVID flare-ups, in China or other markets, present a very real headwind to Starbucks’ profitability. L’Oreal, Estée Lauder, and other holdings continue to have meaningful exposure to China, but in each of these cases, our research indicates they’re able to better adapt to these operating challenges and realize the growth opportunity in China through their online businesses. In short, we think there are better risk-reward opportunities.”
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Starbucks Corporation (NASDAQ:SBUX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Starbucks Corporation (NASDAQ:SBUX) at the end of the third quarter, which was 55 in the previous quarter.
We discussed Starbucks Corporation (NASDAQ:SBUX) in another article and shared the list of biggest non-alcoholic beverage companies in the U.S. 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.