Here’s Why ICON Public Limited Company (ICLR) Outperformed in Q2
Polen Capital, an investment management company, released its “Polen International Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy returned 5.92% gross and 5.70% net of fees, respectively, in the second quarter compared to a 2.44% return for the MSCI ACWI (ex-USA). International stocks continued moving higher in the second quarter and they have risen by more than 20% since hitting lows in October 2022. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Polen International Growth Strategy highlighted stocks like ICON Public Limited Company (NASDAQ:ICLR) in the second quarter 2023 investor letter. Headquartered in Dublin, Ireland, ICON Public Limited Company (NASDAQ:ICLR) is a clinical research organization. On August 16, 2023, ICON Public Limited Company (NASDAQ:ICLR) stock closed at $256.24 per share. One-month return of ICON Public Limited Company (NASDAQ:ICLR) was 3.57%, and its shares gained 7.85% of their value over the last 52 weeks. ICON Public Limited Company (NASDAQ:ICLR) has a market capitalization of $20.993 billion.
Polen International Growth Strategy made the following comment about ICON Public Limited Company (NASDAQ:ICLR) in its second quarter 2023 investor letter:
"The top three contributors to relative performance during the second quarter were Sage Group, ICON Public Limited Company (NASDAQ:ICLR), and Shopify. ICON’s stock price rebounded during the second quarter after a weak start to the year. Despite a challenging backdrop for biotech funding, the company continues to generate mid-single-digit organic revenue growth. Further, its acquisition of PRA Health has now been completed, positioning ICON as the number two global player in the contract research organization (“CRO”) industry."
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ICON Public Limited Company (NASDAQ:ICLR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held ICON Public Limited Company (NASDAQ:ICLR) at the end of second quarter which was 40 in the previous quarter.
We discussed ICON Public Limited Company (NASDAQ:ICLR) in another article and shared Billionaire Michael Platt’s top stock picks. 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.
