Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 14.06% net in the first quarter compared to a 14.37% return for the Russell 1000 Growth Index and a 7.50% return for the S&P 500 Index. The first quarter was different from 2022. Technology, communications services, and consumer discretionary sectors were strong, while financials, energy, healthcare, and utilities sectors all had negative returns, which was opposite to the sectors’ performance last year. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Focus Growth Strategy highlighted stocks like Tesla, Inc. (NASDAQ:TSLA) in the first quarter 2023 investor letter. Headquartered in Austin, Texas, Tesla, Inc. (NASDAQ:TSLA) is an electric vehicle and energy generation and storage systems manufacturer. On April 25, 2023, Tesla, Inc. (NASDAQ:TSLA) stock closed at $160.67 per share. One-month return of Tesla, Inc. (NASDAQ:TSLA) was -17.13%, and its shares lost 45.32% of their value over the last 52 weeks. Tesla, Inc. (NASDAQ:TSLA) has a market capitalization of $509.244 billion.
Polen Focus Growth Strategy made the following comment about Tesla, Inc. (NASDAQ:TSLA) in its Q1 2023 investor letter:
“The leading detractors to our relative performance were three companies we don’t own: NVIDIA, Apple, and Tesla, Inc. (NASDAQ:TSLA). In fact, not owning these three companies was a roughly 400-basis point headwind to our relative results versus the Russell 1000 Growth in the first quarter. We believe Tesla also has strong competitive advantages, at least on the auto side of the business, but we currently have some questions around the company’s leadership and the magnitude of its growth prospects.”
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Tesla, Inc. (NASDAQ:TSLA) is in 28th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 91 hedge fund portfolios held Tesla, Inc. (NASDAQ:TSLA) at the end of the fourth quarter which was 88 in the previous quarter.
We discussed Tesla, Inc. (NASDAQ:TSLA) in another article and shared the list of best car stocks to buy. 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.