Here’s Why Progyny (PGNY) Outperformed in Q2
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 Progyny, Inc. (NASDAQ:PGNY) in the Q2 2023 investor letter. Headquartered in New York, New York, Progyny, Inc. (NASDAQ:PGNY) provides fertility and family-building benefits. On August 15, 2023, Progyny, Inc. (NASDAQ:PGNY) stock closed at $38.82 per share. One-month return of Progyny, Inc. (NASDAQ:PGNY) was -3.48%, and its shares lost 11.04% of their value over the last 52 weeks. Progyny, Inc. (NASDAQ:PGNY) has a market capitalization of $3.665 billion.
Polen U.S. Small Company Growth Strategy made the following comment about Progyny, Inc. (NASDAQ:PGNY) in its second quarter 2023 investor letter:
"The top contributors to the Portfolio’s relative performance in the second quarter included AppFolio, Goosehead Insurance, and Progyny, Inc. (NASDAQ:PGNY). Finally, Progyny, a provider of fertility benefits to self-insured companies, continues to deliver powerful results headlined by 50% YoY revenue growth and 87% YoY adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA ) growth. Concerns about the impact of significant tech layoffs on their business have been put to rest, as the secular tailwind around the demand for high-quality fertility and family-building care remains very much intact. The combination of these powerful secular tailwinds and the company's industry diversification efforts over the last few years has translated into sustained and resilient growth in the face of macro uncertainty."
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Progyny, Inc. (NASDAQ:PGNY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Progyny, Inc. (NASDAQ:PGNY) at the end of first quarter which was 27 in the previous quarter.
We discussed Progyny, Inc. (NASDAQ:PGNY) in another article and shared the list of high growth healthcare stocks to buy. 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.
