Investment management company Polen Capital has released its “Polen Global Growth Strategy” Q1 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund grew 8.10% gross and 7.81% net, underperforming the MSCI ACW index’s return of 8.20%. In many respects, the market trends that formed at the end of last year persisted in the first quarter. Plus, check out the fund’s top 5 holdings to find out the best stocks for 2024.
Polen Global Growth Strategy’s Q1 2024 Investor Letter featured stocks such as Airbnb, Inc. (NASDAQ:ABNB). Airbnb, Inc. (NASDAQ:ABNB), headquartered in San Francisco, California, operates a platform that connects hosts and guests. On April 18, 2024, Airbnb, Inc. (NASDAQ: ABNB) stock price closed at $160.10 per share. His 1-month return for Airbnb, Inc. (NASDAQ: ABNB) is -6.67%, and the company’s stock has increased his 35.65% in value over the past 52 weeks. Airbnb, Inc. (NASDAQ:ABNB) has a market capitalization of $99.797 billion.
Polen Global Growth Strategy says this about Airbnb, Inc. (NASDAQ:ABNB) in its Q1 2024 investor letter:
“During the quarter, we started new positions at Sage Group; Airbnb Co., Ltd. (NASDAQ:ABNB) and added to its existing position in Globant.
Our research shows that Airbnb is a great business model due to its two-sided global network effects. For several reasons, Airbnb is a good mousetrap because of its supply expansion engine, and its hosts have a much lower cost of capital and greater flexibility than hotels. We believe that vacation rentals will continue to expand their share of overall overnight stays, potentially up to 30% or more of lodging properties in the long term, and that vacation rentals will continue to grow their share of total overnight stays, with total bookings for vacation rentals rising to a low double-digit percentage. I think it will increase. We also believe Airbnb should continue to gain share in the private rental market as global network effects strengthen and enable mid-teens revenue growth. With flat-to-increasing margins over time, significant free cash flow generation, and a management team that has demonstrated ownership orientation, long-term EPS should grow in his high teens. Although the path to get there will not be linear and the business is tied to more discretionary spending, we believe the long-term long-term growth opportunities are very attractive. ”
The villa’s luxurious bedroom set-up with exquisite décor indicates a desirable vacation experience.
Airbnb, Inc. (NASDAQ:ABNB) isn’t on the list of 30 most popular stocks among hedge funds. At the end of the fourth quarter, Airbnb, Inc. (NASDAQ:ABNB) had a hedge fund portfolio of 50 companies, compared to 44 companies last quarter, according to our database.
We previously covered Airbnb, Inc. (NASDAQ:ABNB) in another article and shared a list of the world’s largest gig economy companies. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q1 2024 page.
Recommended articles:
Disclosure: None. This article was originally published on Insider Monkey.
