Here’s Why Tencent Music Entertainment Group (TME) Outperformed in Q4
Polen Capital, an investment management company, released its “Polen Global Emerging Markets Growth” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 12.96% gross compared to a 9.70% return for the MSCI Emerging Markets Index. Stock selection in the communication services and financial sectors contributed to the fund’s performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Polen Global Emerging Markets Growth highlighted stocks like Tencent Music Entertainment Group (NYSE:TME) in the fourth quarter 2022 investor letter. Headquartered in Shenzhen, China, Tencent Music Entertainment Group (NYSE:TME) is an online music entertainment platform. On April 3, 2023, Tencent Music Entertainment Group (NYSE:TME) stock closed at $8.05 per share. One-month return of Tencent Music Entertainment Group (NYSE:TME) was 4.41%, and its shares gained 55.11% of their value over the last 52 weeks. Tencent Music Entertainment Group (NYSE:TME) has a market capitalization of $14.338 billion.
Polen Global Emerging Markets Growth made the following comment about Tencent Music Entertainment Group (NYSE:TME) in its Q4 2022 investor letter:
"Tencent Music Entertainment Group (NYSE:TME), China's equivalent to Spotify, almost doubled over the quarter after reporting third-quarter earnings with revenues and margins coming in better than expected. The company trades on very attractive valuations, and some of the mispricings we have discussed for a while have started to be realized by the broader market."
Dolby, Music
Tencent Music Entertainment Group (NYSE:TME) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Tencent Music Entertainment Group (NYSE:TME) at the end of the fourth quarter which was 17 in the previous quarter.
We discussed Tencent Music Entertainment Group (NYSE:TME) in another article and shared the list of best Asian stocks to buy heading into 2023. In addition, please check out our hedge fund investor letters Q4 2022 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.
