Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund delivered 1.42% gross and 1.11% net of fees compared to a 7.58% return for the Russell 2000 Growth Index and a 4.77% return for the S&P SmallCap 600 Growth Index. It was a historic quarter for the Russell 2000 Growth Index as more than half of its performance was driven by Super Micro Computer and MicroStrategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Polen U.S. Small Company Growth Strategy featured stocks like Super Micro Computer, Inc. (NASDAQ:SMCI) in the first quarter 2024 investor letter. Headquartered in San Jose, California, Super Micro Computer, Inc. (NASDAQ:SMCI) develops and manufactures high-performance server and storage solutions. On May 17, 2024, Super Micro Computer, Inc. (NASDAQ:SMCI) stock closed at $887.89 per share. One-month return of Super Micro Computer, Inc. (NASDAQ:SMCI) was 23.83%, and its shares gained 438.74% of their value over the last 52 weeks. Super Micro Computer, Inc. (NASDAQ:SMCI) has a market capitalization of $51.992 billion.
Polen U.S. Small Company Growth Strategy stated the following regarding Super Micro Computer, Inc. (NASDAQ:SMCI) in its first quarter 2024 investor letter:
“The most significant detractors from relative performance in the quarter were Super Micro Computer, Inc. (NASDAQ:SMCI) (not owned), Globant, and Bumble. Our top relative detractor this quarter was Super Micro Computer, a company we do not own. As noted previously, the stock is up a staggering +255% in the first quarter, putting the market cap at close to $60 billion, more than 10x the weighted average market cap of the entire Russell 2000 Growth Index. Super Micro will leave the Index in June.”
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Super Micro Computer, Inc. (NASDAQ:SMCI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Super Micro Computer, Inc. (NASDAQ:SMCI) was held by 40 hedge fund portfolios, compared to 41 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
In another article, we discussed Super Micro Computer, Inc. (NASDAQ:SMCI) and shared the list of unstoppable tech stocks to buy. ClearBridge Small Cap Growth Strategy discussed Super Micro Computer, Inc. (NASDAQ:SMCI) in its Q1 2024 letter. During the quarter, the strategy underperformed, and the biggest companies in the benchmark—Micro Computer, Inc. (NASDAQ:SMCI) and MicroStrategy Inc. (MSTR)—which together accounted for more than half of the index’s performance, were not owned by the strategy.
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Disclosure: None. This article is originally published at Insider Monkey.
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