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Polen Capital, an funding administration agency, revealed its “Polen World Progress Fund” second quarter 2022 investor letter – a duplicate of which could be downloaded here. Through the second quarter of 2022, the World Progress Composite Portfolio (the “Portfolio”) was down -18.08% and -18.34% gross and internet of charges, respectively, versus a decline of -15.65% for the MSCI ACWI (the “Index”). Since inception, the Portfolio has compounded at an annualized charge of 11.04% and 10.12%, gross and internet of charges, versus 6.88% for the Index. Go over the fund’s high 5 positions to have a glimpse of its most interesting picks for 2022.
In its Q2 2022 investor letter, Polen World Progress talked about Align Expertise, Inc. (NASDAQ:ALGN) and defined its insights for the corporate. Based in 1997, Align Expertise, Inc. (NASDAQ:ALGN) is a San Jose, California-based orthodontics firm with a $17.3 billion market capitalization. Align Expertise, Inc. (NASDAQ:ALGN) delivered a -66.16% return for the reason that starting of the 12 months, whereas its 12-month returns are down by -66.38%. The inventory closed at $222.36 per share on October 06, 2022.
Here’s what Polen World Progress has to say about Align Expertise, Inc. (NASDAQ:ALGN) in its Q2 2022 investor letter:
“Align Expertise shares declined considerably through the second quarter when administration reported a significant deceleration in progress. Administration cited a number of challenges, together with COVID19 impacts, particularly in China with restrictions and lockdowns underneath their zero-COVID coverage, a weaker financial atmosphere, inflationary pressures, provide chain disruptions, and the struggle in Ukraine, to call a couple of. Robust comparisons had been additionally a actuality— Invisalign case begins in 1Q22 had been roughly flat, having lapped the 66% progress from the prior 12 months. It’s not fully stunning that progress is slowing on such powerful comparisons, however the firm’s shares declined on the information.
By taking a look at Align’s three-year compound common progress charge (CAGR) to easy out the ups and downs by COVID, key metrics like Invisalign case cargo, clear aligner income, and earnings per share have all grown ~20% through the trailing three years. We expect that is fairly respectable given the challenges throughout this era, however the lack of near-term momentum or visibility has not been effectively obtained within the present atmosphere. In line with our analysis, Align is the clear market chief, has world scale, a superior product, and nonetheless very modest market penetration. Whereas progress could also be challenged close to time period, we stay assured within the long-term progress alternative.”
Photograph by Karlo Tottoc on Unsplash
Our calculations present that Align Expertise, Inc. (NASDAQ:ALGN) fell quick and didn’t make it on our record of the 30 Most Popular Stocks Among Hedge Funds. Align Expertise, Inc. (NASDAQ:ALGN) was in 33 hedge fund portfolios on the finish of the second quarter of 2022, in comparison with 45 funds within the earlier quarter. Align Expertise, Inc. (NASDAQ:ALGN) delivered a -14.36% return prior to now 3 months.
In September 2022, we additionally shared one other hedge fund’s views on Align Expertise, Inc. (NASDAQ:ALGN) in another article. You’ll find different investor letters from hedge funds and distinguished traders on our hedge fund investor letters 2022 Q2 web page.
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Disclosure: None. This text is initially revealed at Insider Monkey.
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