| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.07% | -3.58% | -3.58% |
Polen Capital's 5Perspectives Small-Mid Growth portfolio returned -3.4% gross in Q1 2026, slightly outperforming the Russell 2500 Growth Index's -3.5% return during a volatile quarter marked by shifting market narratives. The period began strongly for SMID caps but deteriorated as multiple concerns emerged: AI disruption fears in software, private credit redemption pressures, and geopolitical risks from the Iran war. Top contributors included SanDisk (benefiting from memory cycle recovery and AI storage demand), Bloom Energy (addressing data center power needs), and TechnipFMC (strong offshore energy fundamentals). Key detractors were fintech names SoFi, Figure Technology, and Affirm, which suffered from interest rate volatility and consumer lending concerns. The manager reduced exposure to Financials and Consumer Discretionary while adding to Technology and Industrials, maintaining conviction in Electrification and Aerospace themes. Looking forward, the team emphasizes their dynamic process for navigating accelerating change and disruption, particularly as AI transforms business models across industries. They expect continued volatility but remain focused on innovative companies positioned for long-term growth.
Polen Capital's 5Perspectives Small-Mid Growth strategy focuses on innovative SMID cap companies positioned to benefit from accelerating technological and industrial change, with particular conviction in Electrification, Aerospace, and emerging AI-related opportunities while actively managing disruption risks.
The manager believes the SMID cap universe contains some of the most innovative companies and that performance is fueled by accelerating pace of change. They emphasize the need for investment processes that can handle disruption risk, particularly as AI has accelerated disruption effects. The manager expects heightened volatility to remain a market feature and views their dynamic process as increasingly important for navigating constant change.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 23 2026 | 2026 Q1 | AFRM, BE, FTI, SNDK, SOFI | AI, energy, Fintech, growth, industrials, SMID Cap, technology, volatility |
SNDK BE FTI SOFI FIGR AFRM |
Polen's SMID growth strategy slightly outperformed in a volatile Q1 marked by AI disruption fears and geopolitical risks. Memory and energy infrastructure names drove outperformance while fintech holdings lagged on rate concerns. The manager reduced financial exposure, added technology positions, and maintains conviction in electrification and aerospace themes while emphasizing their dynamic approach to managing accelerating technological disruption. |
| Mar 6 2026 | 2025 Q4 | BE, CORT, FSLR, NTNX, NVDA, RKLB, WDC | aerospace, AI, Biotechnology, Electrification, growth, innovation, SMID Cap | - | Polen 5Perspectives Small-Mid Growth delivered modest Q4 underperformance but strong 28.86% annual returns, significantly outpacing benchmarks. Portfolio benefits from AI infrastructure demand through Bloom Energy and Sandisk, while maintaining conviction in Electrification and Aerospace themes. Management focuses on innovation-driven structural opportunities rather than macro timing, positioning for continued SMID cap disruption and growth. |
| Oct 29 2025 | 2025 Q3 | ALAB, BE, GGAL, MNDY, ORCL, SOFI, TLN | aerospace, AI, Electrification, energy, growth, industrials, SMID Cap, technology | - | Polen's SMID cap strategy outperformed significantly in Q3 2025, driven by AI infrastructure investments like Bloom Energy and power generation plays. The manager focuses on innovation-driven companies benefiting from structural electrification and aerospace trends rather than cyclical rate-driven SMID cap rotations, believing this approach provides sustainable opportunities across market environments. |
| Apr 22 2025 | 2025 Q1 | ALGN, BAH, CRL, ELF, ENTG, ETSY, FIX, GLOB, GSHD, MANH, NSIT, PAYC, PGNY, RMBS, ROAD, RVLV, SAIA, TREX, WING, YETI | Construction, consumer discretionary, growth, Quality, SMID Cap, software, tariffs, volatility |
SAIA ROAD FIX WING MANH |
Polen Capital's SMID Growth strategy declined 12.38% in Q1 2025 amid tariff-driven volatility, prompting strategic exits from Consumer Discretionary names while adding quality positions in logistics, construction, and software. The team maintains disciplined focus on Flywheel criteria companies with competitive advantages, stress-testing portfolios across policy scenarios while capitalizing on market dislocations for long-term opportunities. |
| Jan 23 2025 | 2024 Q4 | ALRM, AZPN, BAH, BLD, BROS, BSY, CWAN, EEFT, ENTG, FND, FOXF, GSHD, HLI, HLNE, NSIT, PAYC, PSTG, RMBS, RVLV, TREX, TYL, WRBY, WSC | AI, growth, Quality, semiconductors, SMID Cap, software, technology, value |
RVLV WRBY GSHD RMBS ENTG BSY NSIT PSTG WSC BROS |
Polen's SMID growth portfolio slightly outperformed in Q4 but lagged for the year due to narrow market performance favoring AI trades over quality companies. The team actively repositioned with seven new investments in semiconductors, software, and storage while maintaining focus on their Flywheel criteria. Management expects improving fundamentals and sees 2024 as an earnings bottom for SMID caps. |
| Oct 18 2024 | 2024 Q3 | AIT, ALIT, BAH, BLD, CWAN, DOCS, ELF, FIVE, GSHD, HLNE, MKTX, MPWR, PGNY, POOL, REVL, RGEN, RH, SITM, TTEK, TYL | Concentration, earnings, growth, Quality, SMID Cap, value, volatility |
GSHD RVLV HLNE PGNY ELF BLD AIT BAH |
Polen Capital's SMID growth strategy struggled in Q3's volatile environment as markets favored momentum over quality. Despite disappointing year-to-date performance, managers maintain conviction in their concentrated portfolio of high-quality compounders trading at attractive valuations. Significant portfolio turnover included adding construction and industrial distribution names while exiting overvalued semiconductors. Optimistic about opportunities as rates become accommodative. |
| Jul 23 2024 | 2024 Q2 | AAON, CCCS, DOXI, DT, EXL, FIVE, FND, KINS, MPWR, PAYC, PGNY, POOL, REVG, RGEN, RH, SITM, TREX, TTEK, TYL | AI, growth, healthcare, Quality, SMID Cap, technology, volatility |
AAON KGIC CCCS RGEN TTEK FIVE PAYC PGNY |
Polen Capital's SMID Growth strategy underperformed in Q2 2024 amid market volatility and SMID cap weakness. The team added five new quality positions while trimming overvalued holdings, maintaining their disciplined long-term approach. Despite near-term headwinds from inflation concerns and rate uncertainty, they see compelling opportunities in high-quality SMID companies trading at attractive valuations with significant growth potential. |
| May 9 2024 | 2024 Q1 | BMBL, CNM, CWA, DAVA, ETSY, EXLS, GLOB, GNRC, HLI, MKTX, PGNY, RVLV, SITM, TECH, TREX, WING, YETI | consumer, growth, Quality, Restaurants, SMID Cap, technology, Water Infrastructure | - | Polen's SMID growth strategy underperformed in Q1 as momentum-driven rallies favored lower-quality names like Super Micro and MicroStrategy. The team maintained discipline, redeploying capital from outperformers to undervalued quality companies. Despite near-term headwinds from momentum investing, they see significant opportunity in high-quality SMID businesses with strong fundamentals positioned for long-term compounding. |
| Jan 18 2024 | 2023 Q4 | CNM, FIVE, FOXF, GNRC, GSHD, MEDP, MKTX, PAYC, POOL, TECH, TREX, TTD, WING | growth, healthcare, Quality, Resilience, SMID Cap, technology | - | Polen Capital's SMID growth strategy outperformed in Q4 2023 by focusing on high-quality businesses with strong cash flows and balance sheets. Six new positions were added while maintaining discipline around financial resilience. With SMID caps historically cheap and rate hike cycle potentially ending, the portfolio is well-positioned for recovery through competitively advantaged, financially flexible businesses. |
| Oct 19 2023 | 2023 Q3 | CPRT, CWA, DOCS, FTCH, GLOB, GSHD, OLO, PAYC, YETI | growth, insurance, Quality, small caps, software, technology |
GSHD ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM YETI FTCH AMDOCS PAYC ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN |
Polen's SMID growth strategy outperformed in Q3 despite negative absolute returns, driven by quality holdings like Goosehead Insurance and Globant. The team maintains conviction in their concentrated, high-quality approach while finding attractive opportunities at current valuations. Portfolio activity focused on upgrading quality through the Clearwater Analytics addition and exits from underperforming positions. |
| Jul 19 2023 | 2023 Q2 | ALAB, BE, GGAL, MNDY, ORCL, SOFI, TLN | AI, energy, growth, industrials, innovation, SMID Cap, technology |
6BE GR SOFI ATLN.L |
Polen's SMID cap strategy outperformed on AI infrastructure plays like Bloom Energy and power generation companies. The manager sees the real opportunity in innovation-driven smaller companies rather than rate-cut timing, maintaining exposure to Electrification and Aerospace themes while positioning around accelerating technological change in the dynamic US SMID cap universe. |
| Apr 19 2023 | 2023 Q1 | ALAB, BE, GGAL, MNDY, ORCL, SOFI, TLN | aerospace, AI, Electrification, energy, growth, industrials, SMID Cap, technology |
6BE GR SOFI ATLN.L |
Polen's SMID cap strategy outperformed on AI infrastructure exposure, particularly Bloom Energy's data center power solutions and Talen Energy's electricity generation assets. The portfolio targets structural growth themes like electrification and aerospace rather than macro timing, believing innovation-driven performance from dynamic SMID cap companies provides more reliable opportunities than rate-dependent strategies. |
| Oct 26 2022 | 2022 Q3 | BMBL, DT, EEFT, GSHD, PAYC, TTD, WING, YETI | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI-related disruption fears in software emerged as a defining narrative in Q1, with the business model threat from Agentic AI causing the software industry to derate. The manager notes AI requires immense volumes of fast, high-capacity data storage and enormous amounts of power for data centers. AI has accelerated the pace by which disruption takes effect across industries. |
Agentic AI Software Data Centers Disruption Storage |
Energy TransitionThe portfolio maintains conviction in the Electrification theme with largest exposure to Industrials sector. Bloom Energy's solid oxide fuel cells address critical power needs for AI data centers by generating reliable, always-on power onsite. The manager sees potential benefits from capacity expansions and new project wins tied to hyperscale customers. |
Electrification Fuel Cells Power Data Centers Clean Energy | |
AerospaceThe portfolio retains conviction in the Aerospace theme as part of their largest sector exposure to Industrials. This represents one of the core investment themes alongside Electrification and emerging themes in Military 2.0 and Space. |
Aerospace Industrials Defense Space | |
Private CreditPrivate credit redemptions prompted bigger questions over potential broader systemic risks during the quarter. Growing concerns in private credit and private equity emerged given more software acquisitions in recent years, with publicly traded investment managers seeing stocks sell off 30-40%. |
Private Credit Redemptions Systemic Risk Investment Managers | |
SemiconductorsSanDisk benefited from improving fundamentals across the memory cycle with pricing for NAND flash continuing to recover alongside tightening supply. Demand strengthened across data center and enterprise markets, with the company demonstrating progress on cost discipline and margin recovery. |
Memory NAND Flash Data Centers Pricing Supply | |
FinTechConsumer-facing financials fell out of favor with investor sentiment toward consumer lending and fintech remaining pressured amid interest rate volatility and macro uncertainty. SoFi, Figure Technology, and Affirm all underperformed due to concerns around loan growth, funding costs, and credit performance. |
Consumer Lending Digital Banking BNPL Credit Funding | |
| 2025 Q4 |
AIAI has been the defining theme of market leadership in 2025, driving surge in data center capex and benefiting semis, electrical equipment, and tech hardware. AI data centers require enormous power, creating opportunities for companies like Bloom Energy. AI theme reasserted dominance after NVIDIA's strong earnings in late November. |
Data Centers Semiconductors Power Infrastructure |
ElectrificationPortfolio has largest absolute and relative exposure to Industrials sector representing conviction in Electrification theme. However, manager has modestly reduced exposure to some larger holdings in the Electrification theme during the quarter. |
Power Grid Infrastructure Energy | |
BiotechnologyBiotech was a standout performer during the quarter, delivering its best quarter in five years. Performance driven by improving rate environment, easing regulation with more M&A, and excitement around AI's promise in driving efficiencies in drug discovery process. |
Pharmaceuticals Drug Discovery M&A | |
SolarFirst Solar benefited from Trump Administration's 'One Big Beautiful Bill' which drove US demand for non-China solar products. Company differentiates with thin-film CdTe technology offering better performance in hot/humid/low light conditions. |
Renewable Energy Manufacturing Policy | |
SpaceRocket Lab operates as end-to-end space company in rocket launch and control systems. Stock was up nearly 50% in quarter on strong earnings and growing backlog. Manager initiated position later in quarter but lack of exposure for most of period meant it was a detractor. |
Aerospace Defense Launch Services | |
| 2025 Q3 |
AIAI data centers require enormous amounts of power, driving demand for solutions like Bloom Energy's fuel cells. The AI revolution has turbocharged electricity demand and is viewed as having strategic value in the geopolitical power struggle between the US and China. |
Data Centers Power Infrastructure Geopolitical |
Energy TransitionThe world faces a shortage of electric power due to growing adoption of electric vehicles, cloud data center proliferation, and the AI revolution. Bank of America estimates these drivers will push electricity demand growth to 2.5% annually, 5x higher than the last decade's 0.5%. |
Electricity Power Generation Infrastructure Demand | |
AerospacePortfolio has meaningful exposure to aerospace theme, both in next generation technologies and companies helping reduce the decade-long backlog in aircraft deliveries stemming from COVID-era supply chain issues and Boeing 737 Max groundings. |
Aircraft Supply Chain Backlog Defense | |
| 2025 Q1 |
Trade PolicyMarket volatility driven by Trump administration's tariff policies and trade uncertainty. Managers stress-testing portfolios across various tariff scenarios and exiting positions vulnerable to tariff impacts like Yeti and Align Technology due to China/Mexico manufacturing exposure. |
Tariffs China Mexico Manufacturing Supply Chain |
QualityFocus on highest-quality growth businesses meeting Flywheel criteria with competitive advantages, superior margins, and proven compounding formulas. Emphasis on companies with solid balance sheets that can invest and grow regardless of external conditions. |
Flywheel Competitive Advantages Margins Balance Sheets Compounding | |
Consumer Finance RetailReduced exposure to Consumer Discretionary sector due to vulnerability to tariff uncertainty and economic dislocation. Exited positions in Etsy, Yeti, and Align Technology while trimming others like Revolve Group amid weak consumer spending environment. |
Consumer Discretionary Spending Retail Economic Dislocation Vulnerability | |
LogisticsInitiated position in SAIA, a leader in less-than-truckload freight market with reduced cyclicality and high barriers to entry. Company positioned for structural margin expansion and over 20% EPS growth as transport market recovers. |
LTL Freight Transport Margin Expansion Barriers to Entry | |
ConstructionAdded Construction Partners, leading paving operator in Southeast tied to infrastructure maintenance projects. Company benefits from vertical integration and has long runway for acquisition opportunities in fragmented industry. |
Paving Infrastructure Maintenance Vertical Integration Consolidation | |
Enterprise SoftwareMixed performance with Paycom Software as top contributor highlighting automated BETI platform progress, while Globant faced headwinds from challenging IT spending environment. Added Manhattan Associates for warehouse management software opportunity. |
SaaS IT Spending Automation Warehouse Management Software Transition | |
| 2024 Q4 |
AIThe market was dominated by crowded AI trades in 2024, with high-beta AI-adjacent growth companies outperforming. While Polen did not own these lower-quality AI stocks, they believe their portfolio is well-positioned to benefit from GenAI-driven transformation in a more sustainable, long-term manner. |
GenAI Artificial Intelligence Technology Transformation Growth |
SemiconductorsPolen initiated positions in semiconductor-related companies including Rambus (memory interface chips and silicon IP) and Entegris (materials and process solutions for semiconductor manufacturing). These companies are positioned to benefit from data center growth and advanced semiconductor manufacturing processes. |
Memory Foundries Semi Equipment Data Centers Manufacturing | |
CloudThe fund added Pure Storage, which provides data storage solutions to enterprise customers and hyperscalers. They expect storage demand to accelerate driven by GenAI and overall IT spending recovery, with Pure winning its first hyperscaler contract. |
Data Centers Enterprise Software Storage Hyperscalers Infrastructure | |
Enterprise SoftwarePolen invested in Bentley Systems, a leader in infrastructure engineering software, and Insight Enterprises, a global IT solutions provider. These companies benefit from digital transformation initiatives and the migration of workloads to the cloud. |
SaaS Digital Transformation Infrastructure IT Services Software | |
| 2024 Q3 |
Beautyelf Beauty represents a discount beauty company focused on cosmetics and skincare with impressive track record for growth, margins, and returns on capital. The company is uniquely positioned due to its reputation for quality, innovation, and prices well below other mass cosmetics brands, with significant room for growth in brand awareness, shelf space expansion, and international markets. |
Cosmetics Skincare Innovation Market Share International |
InsuranceGoosehead Insurance is a digitally enabled insurance brokerage with long-term opportunity to gain share from captive and independent brokers with a significantly better business model. Despite broader insurance market challenges, the company has implemented positive changes expected to lead to accelerating revenue growth driven by increasing headcount and improving productivity. |
Brokerage Digital Market Share Revenue Growth Productivity | |
ConstructionTopBuild provides insulation distribution and installation services with exposure to secular tailwinds from years of new home underbuilding. The company offers a superior, high-return business model that should prove more resilient than traditional homebuilders, historically gaining share from independent operators through scale and greater value proposition. |
Insulation Residential Market Share Resilience Scale | |
Industrial DistributionApplied Industrial Technologies is a leading industrial distributor of parts and services across diversified end markets including manufacturing, food & beverage, oil & gas, life sciences, and chemicals. The company operates 500 service centers and is compelling due to superior operations, impressive capital allocation track record, and strong returns on capital. |
Parts Services Manufacturing Capital Allocation Returns | |
| 2024 Q2 |
AIAI beneficiaries saw considerable hype and crowding, with companies like Monolithic Power Systems benefiting from growth in enterprise data segments driven by cloud-based CPU server applications including AI. However, exceptions exist with some AI-related stocks losing ground relative to first quarter results. |
Artificial Intelligence Data Centers Enterprise Cloud Semiconductors |
VolatilityStock price movements broadly exhibited above-average volatility relative to recent periods, often despite little fundamental change. Companies that exceeded guidance saw robust price gains with valuations becoming disconnected from fundamentals, while those that missed expectations experienced precipitous declines. |
Market Volatility Price Disconnection Fundamentals Guidance Risk | |
QualityThe portfolio maintains focus on high-quality companies with robust fundamentals and compelling growth prospects. The managers emphasize quality growth orientation and seek companies with strong balance sheets, reinvestment capabilities, and ability to self-fund growth. |
Quality Growth Fundamentals Balance Sheets Self-funding Durability | |
Small CapsSMID cap performance continued to lag large caps as investors retreated to lower-volatility sectors. High-quality SMID cap companies are viewed as having great latent potential for growth with significantly below-average valuations, particularly relative to most of the market. |
SMID Cap Small Cap Undervaluation Growth Potential Market Gap | |
| 2024 Q1 |
QualityPolen emphasizes investing in high-quality businesses with robust free cash flow, persistent growth, and high returns on capital. They consistently aim to own companies that are undervalued relative to their long-term compounding potential and favor businesses with robust balance sheets and the ability to reinvest in any environment. |
Free Cash Flow Returns Balance Sheets Compounding Reinvestment |
E-commerceRevolve Group is highlighted as a next-generation online retailer that established itself as a leading premium fashion destination for Millennial and Generation Z customers. The company has made progress on rebalancing inventory, international growth returning to positive, and solid growth in adjacent categories. |
Online Retail Fashion Millennials International Inventory | |
WaterCore & Main is an industrial distributor specializing in waterworks and fire protection markets, distributing over 200,000 products in the water infrastructure market. The company is viewed as benefiting from structural tailwinds given the need to repair and replace aging municipal water infrastructure. |
Infrastructure Municipal Distribution Waterworks Structural | |
RestaurantsWingstop is the world's largest fast casual chicken wing-focused restaurant chain with roughly 2,000 locations. The company exceeded high expectations in 2023, delivering double-digit same-store sales growth while expanding into new regions internationally. |
Fast Casual Same Store Sales International Expansion Wings Growth | |
IT ServicesBoth Globant and Endava are IT services companies that faced headwinds during the quarter. Globant specializes in digital technology with secular tailwinds supporting the company as businesses spend on digital transformation and AI integration. Endava focuses on payments, financial services, and TMT verticals but has been impacted by cautious investment pullbacks. |
Digital Transformation AI Integration Financial Services TMT Payments | |
| 2023 Q4 |
QualityThe fund focuses on high-quality businesses with robust free cash flow, persistent growth, and high returns on capital. They seek companies with resilient financial models, strong balance sheets, and the ability to self-fund growth. The portfolio is purpose-built for financial resiliency, owning only what research suggests to be the highest quality companies in their asset class. |
Free Cash Flow Returns on Capital Balance Sheets Self-funding Financial Resiliency |
Small CapsThe fund invests in SMID cap stocks which remain historically cheap relative to history and large cap peers. High-quality SMID cap companies have more significant latent potential for growth relative to more mature businesses. The best SMID cap companies will take advantage of solid balance sheets and continued reinvestment to advance their competitive position. |
SMID Cap Valuation Growth Potential Competitive Position Reinvestment | |
ResilienceThe portfolio is built for financial resiliency, focusing on companies with the financial and balance sheet strength to navigate volatile markets. The strategy emphasizes owning businesses that can withstand economic cycles and market fluctuations while maintaining their competitive advantages. |
Financial Strength Market Volatility Economic Cycles Competitive Advantages Stability | |
| 2023 Q3 |
ResiliencePolen emphasizes building a portfolio for resilience amid macroeconomic uncertainty. They focus on businesses with robust free cash flow, persistent growth, and high returns on capital that can navigate rapidly shifting conditions through disciplined investment processes. |
Resilience Quality Growth |
Small CapsThe fund targets SMID cap companies which they believe have greater latent potential for growth relative to mature businesses. They note SMID caps are heavily discounted relative to history and can quickly reduce spending and inflect profitability if needed. |
Small Caps Value Growth | |
| 2023 Q2 |
AIAI data centers require enormous amounts of power, driving demand for solutions like Bloom Energy's fuel cells. The AI revolution has turbocharged electricity demand and is viewed as strategically important in the US-China geopolitical power struggle. |
Data Centers Power Infrastructure Geopolitical |
Energy TransitionThe world faces a shortage of electric power due to growing adoption of electric vehicles, cloud data center proliferation, and AI revolution. Bank of America estimates these drivers will push electricity demand growth to 2.5% annually, 5x higher than the last decade. |
Electricity Power Generation Infrastructure Growth | |
AerospacePortfolio has meaningful exposure to aerospace theme, both in next generation technologies and companies helping reduce the decade-long backlog in aircraft deliveries stemming from COVID-era supply chain issues and Boeing 737 Max groundings. |
Aircraft Supply Chain Backlog Recovery | |
Small CapsManager believes the SMID cap universe in the US is home to some of the most innovative, dynamic companies and entrepreneurs in the world. Performance is fueled by the pace of change around innovation rather than macro factors like rate cuts. |
Innovation Entrepreneurs Growth Opportunity | |
| 2023 Q1 |
AIAI data centers require enormous amounts of power, driving demand for companies like Bloom Energy that provide reliable onsite power solutions. The AI revolution has turbocharged electricity demand growth. Sectors exposed to the AI narrative performed best in the quarter, with Technology driving roughly 65% of overall index returns. |
Data Centers Power Infrastructure Technology |
Energy TransitionThe world faces a shortage of electric power due to growing adoption of electric vehicles, cloud data center proliferation, and the AI revolution. These drivers are likely to push electricity demand growth to a 2.5% annual run rate, 5x higher than the 0.5% growth of the last decade. This has made growth in electricity production a national priority. |
Electric Vehicles Power Grid Infrastructure | |
AerospaceA meaningful exposure across the portfolio around next generation technologies and companies helping to reduce the decade-long backlog in aircraft deliveries stemming from COVID-era supply chain issues and Boeing 737 Max groundings. |
Aircraft Supply Chain Defense Manufacturing |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. SMID Company Growth | 6BE GR | Bloom Energy Corporation | Industrials | Electrical Equipment | Bull | NYSE | AI infrastructure, clean energy, data centers, Electrification, energy storage, Fuel cells, Oracle Partnership, Power generation | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. SMID Company Growth | SOFI | SoFi Technologies Inc | Financials | Consumer Finance | Bull | NASDAQ | cross-selling, Customer Acquisition, digital banking, financial services, Fintech, Revenue Growth, Student loans, technology platform | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. SMID Company Growth | 6BE GR | Bloom Energy Corporation | Industrials | Electrical Equipment | Bull | NYSE | AI infrastructure, clean energy, data centers, Electrification, energy technology, Fuel cells, Oracle Partnership, Power generation | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. SMID Company Growth | ATLN.L | Talen Energy Corporation | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | AI infrastructure, Baseload Power, data centers, electricity demand, gas-fired plants, M&A activity, Nuclear Power, Power generation | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. SMID Company Growth | SOFI | SoFi Technologies Inc | Financials | Consumer Finance | Bull | NASDAQ | Customer Acquisition, digital banking, financial services, Fintech, platform strategy, Student loans, technology | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. SMID Company Growth | ATLN.L | Talen Energy Corporation | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | AI infrastructure, data centers, electricity demand, energy infrastructure, M&A, natural gas, Nuclear Power, Power generation | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. SMID Company Growth | GSHD | Goosehead Insurance | Financials | Insurance Brokers | Bull | NASDAQ | Agent Productivity, Brokerage, Cost efficiency, Disruptive Business Model, Insurance, market share gains, Personal Lines | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. SMID Company Growth | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM | Globant | Information Technology | IT Consulting & Other Services | Bull | NYSE | Cyclical Resilience, Digital transformation, It consulting, long-term growth, Technology Services | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. SMID Company Growth | AMDOCS | Doximity | Communication Services | Interactive Media & Services | Neutral | NYSE | Biopharmaceutical Advertising, growth outlook, Healthcare Technology, Physician Engagement, Professional Network, Roi, Self-service Model | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. SMID Company Growth | YETI | YETI Holdings | Consumer Discretionary | Leisure Products | Bull | NYSE | brand strength, Coolers, Drinkware, Lifestyle Products, Outdoor Brand, premium products, product recall | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. SMID Company Growth | PAYC | Paycom Software | Information Technology | Human Resource & Employment Services | Bull | NYSE | BETI Platform, Cloud software, Human capital management, Large Addressable Market, margin expansion, SaaS, SMB market | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. SMID Company Growth | FTCH | Farfetch | Consumer Discretionary | Internet & Direct Marketing Retail | Bear | NYSE | digital services, Luxury E-commerce, management execution, margin compression, online marketplace, Position exit, Revenue Miss | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. SMID Company Growth | ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN | Clearwater Analytics | Information Technology | Application Software | Bull | NYSE | Flywheel Company, Institutional Clients, Investment Analytics, margin expansion, Portfolio Reporting, recurring revenue, SaaS, Scale Advantages | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - U.S. SMID Company Growth | FTI | TechnipFMC | Oil & Gas Equipment & Services | Energy Equipment & Services | Bull | New York Stock Exchange | backlog growth, Energy Services, margin expansion, Offshore Cycle, Offshore energy, oil and gas, Project Economics, Subsea Equipment | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - U.S. SMID Company Growth | SOFI | SoFi Technologies | Credit Services | Consumer Finance | Bear | NASDAQ | consumer lending, credit performance, digital banking, Fintech, Funding Costs, interest rate risk, Member Growth, Student loans | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - U.S. SMID Company Growth | FIGR | Figure Technology Solutions | Capital Markets | Consumer Finance | Bear | New York Stock Exchange | Blockchain, Consumer loans, credit performance, Digitization, Fintech, Funding Conditions, Home equity, Securitization | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - U.S. SMID Company Growth | AFRM | Affirm Holdings | Credit Services | Consumer Finance | Bear | NASDAQ | BNPL, buy now pay later, Consumer Discretionary, consumer lending, credit performance, Fintech, Funding Costs, Merchant Partnerships | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - U.S. SMID Company Growth | SNDK | SanDisk Corp | Computer Hardware | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI infrastructure, data centers, data storage, Flash Memory, memory cycle, Nand, Pricing power, semiconductors | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - U.S. SMID Company Growth | BE | Bloom Energy | Electrical Equipment & Parts | Electrical Equipment | Bull | New York Stock Exchange | AI data centers, Always-On Power, clean energy, Decentralized Energy, Distributed Power, Fuel cells, hyperscale, Solid Oxide | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - U.S. SMID Company Growth | ROAD | Construction Partners Inc | Industrials | Construction & Engineering | Bull | NASDAQ | consolidation, government contracts, infrastructure, Paving, Road Maintenance, Southeast US, vertical integration | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - U.S. SMID Company Growth | SAIA | SAIA Inc | Industrials | Trucking | Bull | NASDAQ | Cyclical Recovery, Freight, Logistics, Ltl, margin expansion, Scale Advantages, Transportation | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - U.S. SMID Company Growth | MANH | Manhattan Associates Inc | Information Technology | Application Software | Bull | NASDAQ | Cloud software, Distribution Centers, Modular Platform, SaaS Transition, subscription model, Supply chain software, Warehouse Management | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - U.S. SMID Company Growth | WING | Wingstop Inc | Consumer Discretionary | Restaurants | Bull | NASDAQ | asset-light, Customer loyalty, digital innovation, franchise model, international expansion, QSR, Unit economics | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - U.S. SMID Company Growth | FIX | Comfort Systems USA Inc | Industrials | Construction & Engineering | Bull | NYSE | Building Systems, consolidation, data centers, Fragmented Industry, Free Cash Flow, healthcare, MEP Contractor | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | NSIT | Insight Enterprises | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | cloud services, Digital transformation, Hardware, IT Solutions, SMB, Software, technology distribution | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | PSTG | Pure Storage | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NYSE | All-Flash, data storage, DirectFlash, energy efficiency, enterprise, GenAI, High-performance, hyperscalers | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | WSC | Willscot Holdings | Industrials | Trading Companies & Distributors | Bull | NASDAQ | construction, Industrial, Leasing, Mobile Offices, predictable revenue, Storage Solutions, value-added services | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | BROS | Dutch Bros | Consumer Discretionary | Restaurants | Bull | NYSE | Beverages, Coffee, Digital Ordering, Drive-Through, Food Innovation, Restaurants, same-store sales, Unit growth | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | GSHD | Goosehead Insurance | Financials | Insurance Brokers | Bull | NASDAQ | Agent Network, digital platform, financial services, insurance brokerage, productivity, Technology Enabled | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | RVLV | Revolve Group | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Apparel, Consumer Discretionary, Digital Native, e-commerce, fashion, Gen Z, Millennial, online retail | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | RMBS | Rambus | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | data center, fabless, Free Cash Flow, hyperscalers, Memory Interface, Oem, semiconductors, Silicon IP | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | ENTG | Entegris | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | advanced nodes, filtration, manufacturing, materials, Process Solutions, semiconductor equipment, specialty chemicals | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | WRBY | Warby Parker | Consumer Discretionary | Specialty Retail | Bull | NYSE | direct-to-consumer, Eyewear, Healthcare services, Omnichannel, optometry, Specialty retail, vertically integrated | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | BSY | Bentley Systems | Information Technology | Software | Bull | NASDAQ | AI, Digital Twins, engineering, infrastructure software, Mission-Critical, recurring revenue, SaaS, utilities | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | RVLV | Revolve Group | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Cost efficiency, earnings growth, Gen Z, international expansion, Millennial, online retail | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | ELF | elf Beauty | Consumer Staples | Personal Products | Bull | NYSE | 25% EPS Growth, Beauty, brand awareness, Cosmetics, Discount Pricing, international expansion, market share, Skincare | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | HLNE | Hamilton Lane | Financials | Asset Management & Custody Banks | Bull | NASDAQ | alternative investments, asset management, consistent performance, Fund Manager, Private markets | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | PGNY | Progyny | Health Care | Health Care Services | Neutral | NASDAQ | Customer Loss, Fertility Benefits, Long-term Opportunity, managed care, Under Review, Utilization Trends | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | BLD | TopBuild | Industrials | Building Products | Bull | NYSE | High-Return Business Model, Housing recovery, Insulation, market share gains, residential construction, secular tailwinds | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | AIT | Applied Industrial Technologies | Industrials | Industrial Machinery | Bull | NYSE | Aftermarket Parts, capital allocation, Diversified End Markets, Industrial distribution, Low-Double-Digit Growth, Service Centers | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | GSHD | Goosehead Insurance | Financials | Insurance Brokers | Bull | NASDAQ | digital platform, insurance brokerage, market share gains, Productivity Improvement, Revenue Growth | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | BAH | Booz Allen Hamilton | Industrials | Research & Consulting Services | Bull | NYSE | Classified Work, Defense, Government Consulting, Intelligence, Low-Teens Growth, Mid-Teens Returns, Narrow Range of Outcomes | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | FIVE | Five Below | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | consumer spending, Cost-Conscious Consumers, discount retail, Dollar Store, inflation, Long-term compounder, Shrink, Toy Store | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | AAON | AAON | Industrials | Building Products | Bull | NASDAQ | Building Products, Commercial Buildings, data centers, Decarbonization, Electrification, HVAC, Semi-Custom Equipment | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | KGIC | Kinsale Capital Group | Financials | Property & Casualty Insurance | Bull | NYSE | excess and surplus lines, founder-led, Hard-to-Place Risks, Small Accounts, specialty insurance, Technology-Driven, underwriting | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | PAYC | Paycom Software | Information Technology | Application Software | Bull | NYSE | cloud-native, Compelling Opportunity, Execution Issues, HCM Software, market share gains, Payroll, Platform adoption, Short-Term Focus | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | CCCS | CCC Intelligent Solutions | Information Technology | Application Software | Bull | NYSE | Auto Insurance, Claims Processing, cloud platform, High retention, marketplace, Near Monopoly, network effects, recurring revenue | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | RGEN | Repligen | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biologic Drugs, Bioprocessing, CDMO, filtration, Life Sciences Tools, market share gains, Process Analytics, Technical Leadership | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | TTEK | Tetra Tech | Industrials | Research & Consulting Services | Bull | NASDAQ | Disaster Response, Environmental consulting, government contracts, infrastructure spending, PFAS Cleanup, Sustainable Infrastructure, Water infrastructure, Water Scarcity | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - U.S. SMID Company Growth | PGNY | Progyny | Health Care | Health Care Services | Bull | NASDAQ | Attractively Valued, Benefit Utilization, competitive moat, Employer Benefits, Fertility Benefits, IVF, Long Growth Runway, managed care | Login |
| TICKER | COMMENTARY |
|---|---|
| SNDK | SanDisk is a provider of high-performance flash memory storage products (Solid State Drives, memory cards, and USB Flash Drives, etc.). AI requires immense volumes of fast, high-capacity data storage in data centers, edge devices, and consumer products, creating strong demand for its flash memory solutions which in turn allowed the company to exercise pricing power. During the quarter, shares outperformed driven by improving fundamentals across the memory cycle. Pricing for NAND flash continued to recover alongside tightening supply, while demand strengthened across data center and enterprise markets. Investor sentiment also improved as the company demonstrated progress on cost discipline and margin recovery, reinforcing expectations for a more sustained upcycle. |
| BE | Bloom Energy is a provider of solid oxide fuel cells that play a critical role in delivering clean, reliable, "always on" power at scale. AI data centers require an enormous amount of power and one of the key challenges to date has been the inability of power grids to supply the necessary electricity to meet the constant and growing demands from AI workloads. Bloom's "Energy Server" fuel cells help address this issue, generating cost-efficient, reliable power onsite, converting fuels like natural gas, biogas and hydrogen into electricity without combustion. With the high demand for always on, decentralized power solutions, Bloom stands to potentially benefit from both capacity expansions and new project wins tied to hyperscale and industrial customers. |
| FTI | TechnipFMC is a global provider of equipment and services used in offshore oil and gas production. Its integrated solutions help energy companies develop and operate complex subsea projects more efficiently, reducing costs and improving project economics. During the quarter, shares performed well as the company benefited from strong order intake and a growing backlog, supported by continued investment in offshore energy development. Improved execution and margin expansion, along with confidence in the longevity of the offshore cycle, contributed to positive investor sentiment. |
| SOFI | SoFi Technologies started its life in 2011 as a student loan refinancer and has rapidly evolved into a full-service digital banking platform. Its integrated ecosystem is designed to provide a one-stop solution for consumers, while leveraging technology to drive efficiency and cross-sell opportunities. Shares underperformed as investor sentiment toward consumer lending and fintech remained pressured amid interest rate volatility and macro uncertainty. Concerns around loan growth, funding costs, and credit performance weighed on the group more broadly. While SoFi continues to demonstrate solid member and product growth, the market has taken a more cautious view on near-term earnings trajectory. |
| AFRM | Affirm Holdings is another fintech company albeit with a focus on "Buy Now, Pay Later" installment-based consumer loans. During the quarter, shares underperformed as investor sentiment toward consumer lending remained pressured amid interest rate volatility and macro uncertainty. While the company continues to deliver strong gross merchandise volume growth and expand merchant partnerships, concerns around funding costs, credit performance, and the sustainability of margins weighed on performance. Additionally, broader weakness across fintech and consumer discretionary-exposed names contributed to the stock's relative underperformance. |
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