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 Amazon.com, Inc. (NASDAQ:AMZN) in the third quarter 2023 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On November 3, 2023, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $138.60 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 8.06%, and its shares gained 53.10% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.432 trillion.
Polen Focus Growth Strategy made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q3 2023 investor letter:
“We modestly trimmed our large Amazon.com, Inc. (NASDAQ:AMZN) weighting in the quarter purely for risk management purposes after the shares appreciated nearly 40% from when we last added to the position earlier in the year. We still expect excellent revenue and free cash flow growth over the coming years, and as such, Amazon remains, by far, our largest holding.”
Amazon.com, Inc. (NASDAQ:AMZN) is in second position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 278 hedge fund portfolios held Amazon.com, Inc. (NASDAQ:AMZN) at the end of second quarter which was 243 in the previous quarter.
We discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article and shared Davis Funds’ views on the company. 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.