CEO Transition Helped AppFolio (APPF) to Become More Profitable
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 AppFolio, Inc. (NASDAQ:APPF) in the Q2 2023 investor letter. Headquartered in Santa Barbara, California, AppFolio, Inc. (NASDAQ:APPF) is a cloud business management solutions provider for the real estate industry. On August 15, 2023, AppFolio, Inc. (NASDAQ:APPF) stock closed at $166.91 per share. One-month return of AppFolio, Inc. (NASDAQ:APPF) was -13.49 %, and its shares gained 53.35% of their value over the last 52 weeks. AppFolio, Inc. (NASDAQ:APPF) has a market capitalization of $5.923 billion.
Polen U.S. Small Company Growth Strategy made the following comment about AppFolio, Inc. (NASDAQ:APPF) in its second quarter 2023 investor letter:
"The top contributors to the Portfolio’s relative performance in the second quarter included AppFolio, Inc. (NASDAQ:APPF), Goosehead Insurance, and Progyny. These were also the top contributors on an absolute basis. AppFolio is a provider of cloud-based software for the property management industry. The company recently underwent a CEO transition, and in the short tenure of the new CEO, it has become clear that he is steering the company to become more profitable in the near term. Additionally, the company’s nascent efforts to move up the market to serve larger property managers—an essential long-term growth driver that materially expands the addressable market—have been encouraging."
AppFolio, Inc. (NASDAQ:APPF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held AppFolio, Inc. (NASDAQ:APPF) at the end of first quarter which was 24 in the previous quarter.
We discussed AppFolio, Inc. (NASDAQ:APPF) in another article and shared Polen Capital’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.
