Polen Capital, an investment management company, released its “Polen Global SMID Company Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. Interest rates and uncertainty about the direction of global economic growth continued to be negative factors while enthusiasm over generative AI enhanced companies exposed to the technology. The portfolio returned -0.15% gross and -0.26% net of fees in the second quarter compared to a 3.34% return on the MSCI ACWI SMID Capitalization Index. Negative stock selection led the portfolio to underperform in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen Global SMID Company Growth Strategy highlighted stocks like Goosehead Insurance, Inc (NASDAQ:GSHD) in the second quarter 2023 investor letter. Headquartered in Westlake, Texas, Goosehead Insurance, Inc (NASDAQ:GSHD) is a holding company for Goosehead Financial, LLC that offers personal lines insurance agency services. On August 11, 2023, Goosehead Insurance, Inc (NASDAQ:GSHD) stock closed at $63.84 per share. One-month return of Goosehead Insurance, Inc (NASDAQ:GSHD) was -0.59%, and its shares lost 8.66% of their value over the last 52 weeks. Goosehead Insurance, Inc (NASDAQ:GSHD) has a market capitalization of $2.419 billion.
Polen Global SMID Company Growth Strategy made the following comment about Goosehead Insurance, Inc (NASDAQ:GSHD) in its second quarter 2023 investor letter:
“Goosehead Insurance, Inc (NASDAQ:GSHD), a personal line property and casualty insurance brokerage primarily focused on home and auto markets, rose over 20% over the quarter, bringing its YTD return to over 80%. Goosehead has continued executing its plan to clean up the corporate organization and return the company to its pre-COVID productivity metrics. Total revenue increased 40% year over year, but more importantly, core revenue grew 42%, and premiums, the best leading indicator of future revenue growth, increased 41%. Margins also showed healthy expansion.”
Goosehead Insurance, Inc (NASDAQ:GSHD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Goosehead Insurance, Inc (NASDAQ:GSHD) at the end of first quarter which was 16 in the previous quarter.
We discussed Goosehead Insurance, Inc (NASDAQ:GSHD) in another article and shared Polen U.S. Small Company Growth Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 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.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.