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 Thermo Fisher Scientific Inc. (NYSE:TMO) in the first quarter 2023 investor letter. Headquartered in Waltham, Massachusetts, Thermo Fisher Scientific Inc. (NYSE:TMO) provides life science solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services. On April 18, 2024, Thermo Fisher Scientific Inc. (NYSE:TMO) stock closed at $541.52 per share. One-month return of Thermo Fisher Scientific Inc. (NYSE:TMO) was -7.13%, and its shares lost 5.28% of their value over the last 52 weeks. Thermo Fisher Scientific Inc. (NYSE:TMO) has a market capitalization of $206.706 billion.
Polen Focus Growth Strategy stated the following regarding Thermo Fisher Scientific Inc. (NYSE:TMO) in its first quarter 2024 investor letter:
“We increased our positions in Thermo Fisher Scientific Inc. (NYSE:TMO), Visa, Zoetis, Nike, and Abbott Labs. Each of these companies is durable and available at attractive valuations, in our view, for the growth we see ahead. In fact, in the case of ThermoFisher, Nike, and Abbott Labs, we expect accelerating earnings growth in the back half of 2024 after more difficult earnings growth periods pass for each of these companies. ThermoFisher and Abbott will finally wind down most of their COVID-19 testing and vaccine-related efforts due to a lack of demand, so these should no longer be revenue growth headwinds.”
A workstation in a research lab stocked with laboratory products and services.
Thermo Fisher Scientific Inc. (NYSE:TMO) is in 17th position our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Thermo Fisher Scientific Inc. (NYSE:TMO) was held by 111 hedge fund portfolios, compared to 109 in the previous quarter, according to our database.
We previously discussed Thermo Fisher Scientific Inc. (NYSE:TMO) 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.