Here’s Why Polen Capital Reduced its Position in Endava plc (DAVA)
Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -25.81% net of fees compared to a -19.25% return for the Russell 2000 Growth Index. The fund underperformed in the second quarter due to widespread economic slowdown. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the second quarter 2022 investor letter, Polen Capital discussed stocks like Endava plc (NYSE:DAVA). Headquartered in London, the United Kingdom, Endava plc (NYSE:DAVA) is a technology services company. On September 29, 2022, Endava plc (NYSE:DAVA) stock closed at $80.26 per share. One-month return of Endava plc (NYSE:DAVA) was 18.68% and its shares lost 42.88% of their value over the last 52 weeks. Endava plc (NYSE:DAVA) has a market capitalization of $4.494 billion.
Here is what Polen Capital specifically said about Endava plc (NYSE:DAVA) in its Q2 2022 investor letter:
“Our reduced position in IT consulting company Endava plc (NYSE:DAVA) reflects the above-average risk related to the Russia-Ukraine conflict and the possibility that it extends to Moldova, which represents 9% of Endava’s revenues and where 12% of the company's employees are based.”
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Endava plc (NYSE:DAVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Endava plc (NYSE:DAVA) at the end of the second quarter which was 15 in the previous quarter.
We discussed Endava plc (NYSE:DAVA) in another article and shared Baron Funds' views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
