Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. September saw another duration-driven sell-off in equities similar to what the market witnessed in 4Q 2021 and parts of 2022, but Performance for July-August was meaningfully different from September. In the quarter, the fund fell -3.28% and -3.47%, gross and net of fees, roughly in line with the -3.13% and -3.27% returns of the Russell 1000 Growth and S&P 500 indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Focus Growth Strategy highlighted stocks like Adobe Inc. (NASDAQ:ADBE) in the third quarter 2023 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a software company that operates through Digital Media, Digital Experience, and Publishing and Advertising segments. On November 3, 2023, Adobe Inc. (NASDAQ:ADBE) stock closed at $563.66 per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was 6.49%, and its shares gained 88.18% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $256.634 billion.
Polen Focus Growth Strategy made the following comment about Adobe Inc. (NASDAQ:ADBE) in its Q3 2023 investor letter:
“Adobe Inc. (NASDAQ:ADBE) also continues to see consistent double-digit growth. It has recently added a generative AI tool called Firefly to its digital media creation tools, which is seeing robust customer uptake. While there may be risks from new generative AI providers encroaching on Adobe’s market, we think the company’s fast innovation in this area helps to solidify its competitive advantages.”
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Adobe Inc. (NASDAQ:ADBE) is in 20th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 109 hedge fund portfolios held Adobe Inc. (NASDAQ:ADBE) at the end of second quarter which was 99 in the previous quarter.
We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared the list of stocks receiving a massive vote of approval from Wall Street analysts. In addition, please check out our hedge fund investor letters Q3 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.