Investment management company Polen Capital has released its “Polen International Growth Strategy'' Q4 2023 investor letter. You can download a copy of the same here. The strategy gained 15.23% (net of fees) in the fourth quarter, compared to a return of 9.75% for the MSCI ACWI (ex-US) index. Investor sentiment hit its lowest point in October, paving the way for a strong rally in the final months of the year. Quarterly portfolio performance was driven by equity gains in the Information Technology, Healthcare, and Consumer Discretionary sectors. For the full year, the strategy gained 27.73% (net of fees) compared to the index's return of 15.62%. Plus, check out the fund's top 5 holdings to find out the best stocks for 2023.
Polen International Growth Strategy featured stocks like Shopify Inc. (NYSE:SHOP) in its Q4 2023 investor letter. Shopify Inc. (NYSE:SHOP), headquartered in Ottawa, Canada, provides a cloud-based commerce platform. On March 5, 2024, Shopify Inc. (NYSE: SHOP) stock closed at $73.47 per share. His 1-month return for Shopify Inc. (NYSE: SHOP) is -13.74%, and the company's stock has increased his 68.12% in value over the past 52 weeks. Shopify Inc. (NYSE:SHOP) has a market capitalization of $94.57 billion.
Polen International Growth Strategy says this about Shopify Inc. (NYSE:SHOP) in its Q4 2023 investor letter:
”Shopify Co., Ltd. (NYSE:SHOP) was the best performing holding in the portfolio in 2023 with a total return of 125%. The company continued its strong performance in the last quarter and delivered excellent performance from Q3 to Q3 2023, demonstrating continued growth in its share of North American e-commerce. Furthermore, the company's decision to sell its fulfillment business last year and more rational expense management have led to significant margin expansion, resulting in operating margin of 16% in the third quarter of 2023, compared to the same period last year. It rose by 1900bps. Even considering possible valuation compression in the future, we still think Shopify is at least a mid-teens conglomerate from an earnings perspective, and we remain excited about the future prospects of this business. Masu. ”
A modern computer with digital shopping mall membership fees displayed on the screen.
Shopify Inc. (NYSE:SHOP) isn't on this list of 30 most popular stocks among hedge funds. According to our database, Shopify Inc. (NYSE:SHOP) was held by 68 hedge fund portfolios at the end of the fourth quarter, down from 69 at the prior quarter.
We talked about Shopify Inc. (NYSE:SHOP) in a separate article and shared a list of the best stocks for the long-term future. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q4 2023 page.
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Disclosure: None. This article was originally published on Insider Monkey.
