Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. The US stock market started 2024 optimistically. In the first quarter, the fund returned 8.29% (gross) and 8.09% (net) compared to 11.41% for the Russell 1000 Growth Index and 10.56% for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Polen Focus Growth Strategy featured stocks like NVIDIA Corporation (NASDAQ:NVDA) in its Q1 2024 investor letter. Headquartered in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) provides computer graphics and computing and networking solutions. On April 18, 2024, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $846.71 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was -10.20%, and its shares gained 212.22% of their value over the last 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $2.117 trillion.
Polen Focus Growth Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its first quarter 2024 investor letter:
“The 9% growth we estimate for the Index includes the hefty weightings in high-growth names like NVIDIA Corporation (NASDAQ:NVDA)and Tesla. With NVIDIA in particular, we believe it alone accounted for over four points of the Index’s 11.41% return in the first quarter of 2024.
Said another way, excluding NVIDIA, the Index would have underperformed our Portfolio by about 100 basis points based on Bloomberg attribution analysis. We have spoken at length about the cyclicality of NVIDIA’s business and the potential for significant changes in its revenue and earnings growth from year to year. Still, as long as growth rates remain high and generative AI remains in focus, market participants seem more than willing to continue to rush in to invest…” (Click here to read the full text)
Photo by Christian Wiediger on Unsplash
NVIDIA Corporation (NASDAQ:NVDA) is in fifth position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, NVIDIA Corporation (NASDAQ:NVDA) was held by 173 hedge fund portfolios, down from 180 in the previous quarter, according to our database.
We previously discussed NVIDIA Corporation (NASDAQ:NVDA) in another article, where we shared the list of best 52-week high stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 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.