Here’s Why Aspen Technology (AZPN) Declined in Q2
Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The portfolio returned 5.94% gross and 5.82% net of fees in the second quarter compared to a 6.42% return for the Russell 2500 Growth Index. The quarter showed an illustration of how rapidly market sentiment can shift. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen U.S. SMID Company Growth Strategy highlighted stocks like Aspen Technology, Inc. (NASDAQ:AZPN) in the second quarter 2023 investor letter. Headquartered in Bedford, Massachusetts, Aspen Technology, Inc. (NASDAQ:AZPN) offers enterprise asset performance, monitoring management, and optimization solutions. On August 11, 2023, Aspen Technology, Inc. (NASDAQ:AZPN) stock closed at $189.76 per share. One-month return of Aspen Technology, Inc. (NASDAQ:AZPN) was 7.14%, and its shares lost 13.24% of their value over the last 52 weeks. Aspen Technology, Inc. (NASDAQ:AZPN) has a market capitalization of $12.31 billion.
Polen U.S. SMID Company Growth Strategy made the following comment about Aspen Technology, Inc. (NASDAQ:AZPN) in its second quarter 2023 investor letter:
"Finally, Aspen Technology, Inc. (NASDAQ:AZPN), a provider of asset optimization software, was a top detractor in the period. Of note, Aspen Technology was the approach’s top relative contributor in 2022 and one of only a few names that delivered positive absolute performance amidst the challenges related to inflation and rising interest rates. The stock continued its strong run of performance into 2023 ahead of reporting 4Q22 earnings, where estimates came in lower than expectations, and management cautioned around a weaker software spending outlook for the remainder of the year and spoke of integration pains related to the Emerson transaction. We believe these issues are temporary."
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Aspen Technology, Inc. (NASDAQ:AZPN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Aspen Technology, Inc. (NASDAQ:AZPN) at the end of first quarter which was 21 in the previous quarter.
We discussed Aspen Technology, Inc. (NASDAQ:AZPN) in another article and shared Baron Asset Fund’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.
