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 Amazon.com, Inc. (NASDAQ:AMZN) in its Q1 2024 investor letter. Headquartered in Seattle, Washington, Amazon.com, Inc. (NASDAQ:AMZN) provides consumer products and subscriptions. On April 18, 2024, Amazon.com, Inc. (NASDAQ:AMZN) stock closed at $179.22 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 0.20%, and its shares gained 67.56% of their value over the last 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $1.864 trillion.
Polen Focus Growth Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its first quarter 2024 investor letter:
“Amazon.com, Inc. (NASDAQ:AMZN) is our largest position. Much of our investment thesis is based on solid and durable earnings growth from its three biggest businesses (e-commerce, AWS, and advertising) and disciplined expense management that has supported robust margin expansion and earnings growth. It was only about a year ago that Amazon’s margins bottomed at 1.9%. They are now back to roughly 8%, and we think they can expand significantly.”
A customer entering an internet retail store, illustrating the convenience of online shopping.
Amazon.com, Inc. (NASDAQ:AMZN) is in second position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Amazon.com, Inc. (NASDAQ:AMZN) was held by 293 hedge fund portfolios, up from 286 in the previous quarter, according to our database.
We previously discussed Amazon.com, Inc. (NASDAQ:AMZN) in another article, where we shared the list of best machine learning stocks to invest in. 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.