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 Microsoft Corporation (NASDAQ:MSFT) in its Q1 2024 investor letter. Headquartered in Redmond, Washington, Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops and supports software, services, devices, and solutions. On April 18, 2024, Microsoft Corporation (NASDAQ:MSFT) stock closed at $404.27 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was -5.71%, and its shares gained 41.47% of their value over the last 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $3.004 trillion.
Polen Focus Growth Strategy stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its first quarter 2024 investor letter:
“The top absolute contributors were Amazon, Netflix, and Microsoft Corporation (NASDAQ:MSFT). Microsoft continues to grow impressively despite its immense size, driven primarily by Azure and related cloud offerings. While we expect generative AI to be a tailwind to growth for Azure and Microsoft’s Office and Power Apps businesses, it is still early days on that journey.”
A development team working together to create the next version of Windows.
Microsoft Corporation (NASDAQ:MSFT) is in first position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Microsoft Corporation (NASDAQ:MSFT) was held by 302 hedge fund portfolios, down from 306 in the previous quarter, according to our database.
We previously discussed Microsoft Corporation (NASDAQ:MSFT) in another article, where we shared the list of best low volatility stocks to buy according to hedge funds. 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.