Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the fund delivered 4.10% gross and 3.87% net of fees compared to a 7.05% return for the Russell 2000 Growth Index. The firm believes that a time-tested and disciplined investment process and a portfolio built for resilience help to face the challenges of rapidly changing market sentiment. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. Small Company Growth Strategy highlighted stocks like BlackLine, Inc. (NASDAQ:BL) in the second quarter 2023 investor letter. Headquartered in Woodland Hills, California, BlackLine, Inc. (NASDAQ:BL) provides accounting and financial software to automate and streamline operations. On August 15, 2023, BlackLine, Inc. (NASDAQ:BL) stock closed at $50.56 per share. One-month return of BlackLine, Inc. (NASDAQ:BL) was -12.66%, and its shares lost 32.00% of their value over the last 52 weeks. BlackLine, Inc. (NASDAQ:BL) has a market capitalization of $3.058 billion.
Polen U.S. Small Company Growth Strategy made the following comment about BlackLine, Inc. (NASDAQ:BL) in its second quarter 2023 investor letter:
“BlackLine, Inc. (NASDAQ:BL), a cloud-based provider of financial close software, traded down despite reporting solid results in the quarter. It’s worth noting that from early November 2022 through early February 2023, the stock was up nearly 60% because of rumors that Blackline may be the target of an acquisition from a private equity buyer. As that outcome did not materialize, we believe much of the recent underperformance is a giveback of this earlier acquisition premium. Blackline remains a high-quality company in the early stages of penetrating the large nascent cloud financial close software industry they pioneered.”
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BlackLine, Inc. (NASDAQ:BL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held BlackLine, Inc. (NASDAQ:BL) at the end of first quarter which was 23 in the previous quarter.
We discussed BlackLine, Inc. (NASDAQ:BL) in another article and shared Conestoga Small Cap Strategy’s views on the company. 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.
