Polen Capital, an investment management company, recently released its first-quarter 2023 investor letter for its &https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPUd4ejJVSzNuMk53QXBic0NhZGZFZUZsZ2lIbmlrZGxoc2NrbHNaVnAyVlZoUVNtMWlZM0l6WTBGU2R6MDk-8220;Polen Global SMID Company Growth Strategy.&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPUd4ejJVSzNuMk53QXBic0NhZGZFZUZsZ2lIbmlrZGxoc2NrbHNaVnAyVlZoUVNtMWlZM0l6WTBGU2R6MDk-8221; The letter highlighted the portfolio&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPUd4ejJVSzNuMk53QXBic0NhZGZFZUZsZ2lIbmlrZGxoc2NrbHNaVnAyVlZoUVNtMWlZM0l6WTBGU2R6MDk-8217;s impressive performance, returning 9.05% gross and 8.89% net of fees in the first quarter, compared to a 4.28% return on the MSCI ACWI SMID Capitalization Index. The strategy&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPUd4ejJVSzNuMk53QXBic0NhZGZFZUZsZ2lIbmlrZGxoc2NrbHNaVnAyVlZoUVNtMWlZM0l6WTBGU2R6MDk-8217;s outperformance was attributed to stock selection and sector allocation.
One of the stocks highlighted in the investor letter was Align Technology, Inc. (NASDAQ:ALGN). Align Technology is a medical device company headquartered in Tempe, Arizona. The stock closed at $330.71 per share on June 21, 2023, with a one-month return of 18.08% and a 31.69% gain over the last 52 weeks. The company has a market capitalization of $25.305 billion.
In the investor letter, Polen Global SMID Company Growth Strategy commented on Align Technology, Inc. as a business with a durable competitive advantage. The company is best known for its &https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPUd4ejJVSzNuMk53QXBic0NhZGZFZUZsZ2lIbmlrZGxoc2NrbHNaVnAyVlZoUVNtMWlZM0l6WTBGU2R6MDk-8220;Invisalign&https://adarima.org/?aHR0cHM6Ly9tY3J5cHRvLmNsdWIvY2F0ZWdvcnJ5Lz93cHNhZmVsaW5rPUd4ejJVSzNuMk53QXBic0NhZGZFZUZsZ2lIbmlrZGxoc2NrbHNaVnAyVlZoUVNtMWlZM0l6WTBGU2R6MDk-8221; clear aligners, which disrupted the traditional use of wire and bracket braces for teeth straightening. While it currently has a dominant market share in the clear aligner category, it only holds a small portion of the overall teeth straightening market. However, the company has been successful in treating over 90% of all cases through innovation and vertical integration. It has also built strong relationships with orthodontists and general practitioner dentists. With a proven and long-term oriented management team, Align Technology is positioned for significant growth and compound at attractive rates.
It is interesting to note that Align Technology, Inc. is not among the 30 Most Popular Stocks Among Hedge Funds, according to the database. However, 39 hedge fund portfolios held the stock at the end of the first quarter of 2023, compared to 34 in the previous quarter.
For investors looking for more insights into the market and hedge fund activities, it is recommended to check out hedge fund investor letters from leading investors on websites such as Insider Monkey. These letters provide valuable information and perspectives on investment strategies and stock picks.
In conclusion, the Polen Global SMID Company Growth Strategy had an impressive performance in the first quarter of 2023, with Align Technology, Inc. being one of the highlighted stocks. With its disruptive technology and strong market position, the company is expected to see significant growth in the coming years. Investors should keep an eye on the stock and consider the insights provided by hedge fund investor letters for informed investment decisions.
