Yahoo Finance Here’s Why Apple (AAPL) is in Contributor’s List of Polen Capital
Polen Capital, an investment management company, released its “Polen Global Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund increased 8.10% gross and 7.81% net, respectively, trailing the MSCI ACW Index’s 8.20% return. The market dynamics that were in place at the end of last year persisted in many respects during the first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Polen Global Growth Strategy featured stocks like Apple Inc. (NASDAQ:AAPL) in its Q1 2024 investor letter. Headquartered in Cupertino, California, Apple Inc. (NASDAQ:AAPL) is a multinational technology company that designs and manufactures smartphones, personal computers, tablets, wearables, and accessories. On April 18, 2024, Apple Inc. (NASDAQ:AAPL) stock closed at $167.04 per share. One-month return of Apple Inc. (NASDAQ:AAPL) was -4.17%, and its shares gained 0.04% of their value over the last 52 weeks. Apple Inc. (NASDAQ:AAPL) has a market capitalization of $2.551 trillion.
Polen Global Growth Strategy stated the following regarding Apple Inc. (NASDAQ:AAPL) in its first quarter 2024 investor letter:
"The largest relative contributors to the Portfolio’s performance during the first quarter were SAP, Apple Inc. (NASDAQ:AAPL) (not owned), and Amazon.
The zero weight to Apple was another notable relative contributor in the quarter. More recently, Apple has come under pressure from a confluence of issues ranging from a weak iPhone cycle, market share erosion in China, mounting regulatory pressure around App Store fees in Europe, and a lawsuit from the U.S. Justice Department accusing the company of anticompetitive practices in its iPhone business. All this has resulted in the stock down -11% year to date, underperforming the overall Index by -19%—Apple’s worst relative performance quarter since 2013. It remains a great business and one we follow, but we’re content not owning it right now, given its growth prospects relative to its valuation."
A busy sidewalk filled with people using Apple devices like iPhones, iPads and Apple Watches.
Apple Inc. (NASDAQ:AAPL) is in 10th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Apple Inc. (NASDAQ:AAPL) was held by 131 hedge fund portfolios, down from 134 in the previous quarter, according to our database.
We previously discussed Apple Inc. (NASDAQ:AAPL) in another article, where we shared the list of most popular stocks on Robinhood in 2024. 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.
