| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 3.77% | -14.35% | -14.35% |
Polen Capital's International Growth strategy underwent significant portfolio changes in Q1 2026, implementing higher turnover to upgrade quality while maintaining core principles of concentration, quality, and growth. The portfolio returned -14.4% net versus -0.7% for the MSCI ACWI ex-US Index, with top contributors including InPost (takeover announcement), ASML, and Disco Corp, while ICON plc (accounting investigation), SAP, and Adyen detracted. The manager initiated nine new positions including TSMC, Rheinmetall, Saab, and other leaders in AI semiconductors, defense, and energy infrastructure, while exiting eight holdings to improve quality. Despite recent underperformance, the team believes international markets offer compelling opportunities as quality companies trade at attractive valuations after three years of headwinds. Key themes include AI-driven semiconductor demand, rising defense spending amid geopolitical tensions, and energy infrastructure investment. The manager expects portfolio companies to deliver 15%+ earnings growth at attractive valuations, positioning for improved performance as macroeconomic uncertainty declines and international market appreciation trends reassert themselves.
Polen Capital maintains conviction in concentrated, quality international growth investing while adapting execution to current market conditions through renewed emphasis on business quality, proactive competitive threat management, and greater geographic and business model balance.
The manager expects the businesses owned to deliver earnings growth in excess of 15% while trading at attractive valuations, creating a strong foundation for improved performance in the years ahead. They believe high-quality businesses outside the U.S. are offering some of the most compelling opportunities seen in years, with the weight of continuously compounding earnings expected to prove difficult for market participants to ignore.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 23 2026 | 2026 Q1 | 005930 KS, 1299 HK, 6861.T, 7011.T, AZN, ENR.DE, INPST.L, RHM.DE, SAAB-B.ST, TSM | AI, Concentration, defense, energy, growth, international, Quality, semiconductors |
TSM RHM.DE SAAB-B.ST 7011.T AZN 1299.HK ENR.DE 005930.KS 6861.T |
Polen Capital executed significant portfolio upgrades in Q1 2026, adding quality names in AI semiconductors, defense, and energy infrastructure while maintaining concentrated international growth approach. Despite -14.4% quarterly underperformance, the manager sees compelling opportunities in undervalued quality companies outside the US, expecting 15%+ earnings growth to drive improved performance as geopolitical uncertainty subsides. |
| Jan 27 2026 | 2025 Q4 | 0700.HK, 7974.T, 8035.T, ASML, BABA, LONN.SW, MELI, MNDY, SAP, SHL.DE, SHOP, TEP.PA | AI, E-Commerce, gaming, growth, international, Quality, semiconductors, underperformance | - | Polen International Growth underperformed significantly in 2025 as markets favored cyclical businesses over quality growth companies. Despite flat returns versus strong foreign market performance, underlying business fundamentals remain solid. The portfolio added Nintendo ahead of Switch 2 launch and maintains focus on durable competitive advantages. Management sees attractive opportunities outside the US and expects quality companies to ultimately outperform. |
| Oct 16 2025 | 2025 Q3 | 0700.HK, 6146.T, ASM, ASML, DSY.PA, ICLR, MNDY, SAGE.L, SAP, SHOP | growth, healthcare, international, Quality, semiconductors, software, technology |
SHOP CN ASML NA ICON IE SAGE LN MNDY US SAP GR 6902 JP ASM NA |
Polen International Growth's concentrated quality strategy underperformed in Q3 2025 as markets favored high-beta sectors over fundamental growth. Strong results from Shopify, ASML, and ICON were offset by software sector concerns affecting Sage, Monday.com, and SAP. New semiconductor equipment positions in Disco and ASM International plus Tencent addition reflect ongoing optimization for long-term structural growth themes. |
| Jul 17 2025 | 2025 Q2 | 8035 JP, AON, BNZL LN, EVO SS, EXPN LN, GLOB, IBN, ICLR, INPST NA, MELI, MMYT, NVO, SAP GR, SE, TME | Compounding, earnings, International Growth, Quality, valuation |
MELI 8035 JP SAP GR AON GLOB ICLR IBN |
|
| Apr 19 2025 | 2025 Q1 | ADYEN.AS, AON, GLOB, ICLR, LONN.SW, MELI, NVO, SAP, TME, TSM, UL | China, growth, healthcare, international, payments, Quality, technology |
ADYEY LONN.SW TME |
Polen Capital's concentrated international quality-growth strategy underperformed in Q1 2025 due to technology and healthcare weakness, returning 0.31% versus the index's 5.23%. The firm added three new positions including payments platform Adyen and biotech CDMO Lonza while maintaining conviction in mid-teens earnings growth potential. Managers see emerging tailwinds for international equities after prolonged U.S. market leadership. |
| Jan 16 2025 | 2024 Q4 | ACN, AON, CSL.AX, EVO.ST, GLOB, ICLR, KER.PA, MC.PA, MELI, MNDY, NU, NVO, SAP.DE, SGE.L, SHOP.TO, SPOT, SU.PA, TEMN.SW, WTW | E-Commerce, financials, growth, healthcare, industrials, international, software, technology |
SHOP.TO SGE.L SAP NU MNDY SU.PA SPOT WTW |
Polen International Growth outperformed in Q4 despite declining 7.1%, but underperformed for the full year due to healthcare weakness and underweight financials/industrials. Strong performance from Shopify, Sage, and SAP offset weakness in ICON, Evolution, and MercadoLibre. Higher portfolio turnover reflected exits from underperforming positions and additions of five new growth names targeting mid-teens earnings growth. |
| Oct 17 2024 | 2024 Q3 | 8035.T, AON, ASML, EXPN.L, ICLR, MELI, NVO, ONON, SAP, SGE.L, TE.PA, TEMN.SW, UL | earnings, growth, international, Long Term, Quality, volatility |
AON MELI SAP ICLR ASML 8035.T ONON |
Polen Capital's International Growth Portfolio underperformed in Q3 despite strong conviction in their earnings-focused approach. The team added to semiconductor positions ASML and initiated On Holding while trimming consumer names. Portfolio companies are expected to grow earnings at mid-teens rates long-term, with managers viewing short-term volatility as temporary speedbumps on the road to compounding growth success. |
| Jul 16 2024 | 2024 Q2 | 6920.T, 8035.T, ADS.DE, AON, HDB, ICLR, SAP, SGE.L, TEP.PA | Banking, growth, healthcare, international, semiconductors, software |
HDB SAP TEP.PA SGE.L ICLR AON 8035.T |
Polen's concentrated international growth strategy underperformed in Q2 despite strong fundamentals in core holdings. Top contributors HDFC Bank, SAP, and Teleperformance offset weakness in Sage and ICON. New position in Tokyo Electron reflects semiconductor opportunity from AI trends. Portfolio's mid-teens earnings growth expectation and competitive advantages position it well for long-term outperformance despite near-term macro headwinds. |
| May 9 2024 | 2024 Q1 | AON, ASML, HDB, ICLR, MELI, SAP, TEMN.SW, TEP.PA | Banking, Cloud, E-Commerce, growth, India, international, Quality, software |
ICLR SAP AON TP.PA TEMN.SW HDB MELI |
Polen Capital's international growth strategy delivered in-line performance in Q1 2024, driven by higher conviction positions in quality businesses. Cloud transition momentum at SAP, strong guidance from ICON, and Aon's expansion offset weakness in Teleperformance and integration challenges at HDFC Bank. The managers maintain confidence in their portfolio's mid-teens earnings growth potential over time. |
| Dec 1 2024 | 2023 Q4 | 6920.T, AON, ASML, HDFCBANK.NS, ICLR, KER.PA, MDT, SGE.L, SHOP.TO, TEMN.SW, TEP.PA, TSM, UL | AI, E-Commerce, growth, healthcare, international, Quality, semiconductors, technology |
SGE.L SHOP.TO 6920.T MDT TEP.PA HDFCBANK.NS TEMN.SW |
Polen Capital's international growth strategy delivered strong Q4 returns by focusing on conservatively capitalized companies with above-average growth potential. Sage Group and Shopify led performance with strong business momentum and market share gains. The portfolio targets mid-teens earnings growth over time, viewing current economic and geopolitical uncertainties as temporary obstacles to long-term compounding. |
| Oct 19 2023 | 2023 Q3 | AMS.PA, CSL.AX, EVO.ST, GLOB, LLY, MELI, NVO, SAGE.L, TEP.PA | E-Commerce, growth, international, Outperformance, Pharmaceuticals, Quality, Valuations |
SAGE.L ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM EVO.ST TEP.PA AMS.PA AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT CSL.AX |
Polen Capital's International Growth strategy underperformed in Q3 but maintains strong YTD outperformance. The team sees opportunity in historically cheap international valuations and quality's rare underperformance, adding Novo Nordisk for GLP-1 exposure while trimming CSL. They expect their quality-focused portfolio to outperform as markets reward sustainable growth companies over time. |
| Jul 19 2023 | 2023 Q2 | 0700.HK, 6146.T, ASM, ASML, DSY.PA, ICLR, MNDY, SAGE.L, SAP, SHOP | AI, growth, healthcare, international, Quality, semiconductors, software, technology |
SHOP.TO ASML AIR FP|ICLR|LIN|MRVL|NOW|TSM 6146.T ASM 000700.HK |
Polen's concentrated international growth strategy underperformed in Q3 as markets favored high-beta over quality. Strong results from Shopify and ASML were offset by software sector weakness. New semiconductor positions in Disco and ASM International plus Tencent re-entry reflect AI and technology themes. Managers remain confident in long-term quality growth approach despite near-term volatility. |
| Apr 19 2023 | 2023 Q1 | 0700.HK, 6146.T, ASM, ASML, DSY.PA, ICLR, MNDY, SAGE.L, SAP, SHOP | AI, China, growth, healthcare, international, semiconductors, software, technology |
SHOP.TO ASML AIR FP|ICLR|LIN|MRVL|NOW|TSM SGE.L MNDY SAP 6146.T ASM 000700.HK |
Polen's concentrated international growth strategy underperformed in Q3 as markets favored high-beta over quality. Strong results from Shopify and ASML were offset by software weakness amid AI displacement fears. New semiconductor positions in Disco and ASM International plus Tencent re-entry reflect conviction in AI infrastructure and easing Chinese headwinds. Managers remain optimistic on international opportunities. |
| Dec 31 2022 | 2022 Q4 | AON, BNZL LN, CAN, GLOB, SAP, SHOP, TCEHY, TEMN SW, ULVR LN | - | - | |
| Oct 26 2022 | 2022 Q3 | ADS GR, EPM, GLOB, ICLR, J2B GR, KER FP, MELI, SAP, TME | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI-related demand continues to drive growth for semiconductor manufacturers like TSMC, with hyperscalers investing heavily in AI infrastructure. The company benefits from custom AI chips and inference efficiency gains becoming increasingly important. |
Semiconductors Infrastructure Hyperscalers Custom Chips Inference |
Defense SpendingRecent military actions in Iran likely prolong ammunition shortages and should lead to strong defense spending for many years. European defense companies like Rheinmetall and Saab are benefiting from increased demand as governments prepare for self-reliance in an unstable world. |
Military Ammunition European Defense Government Spending Geopolitical | |
SemiconductorsTSMC dominates global semiconductor manufacturing with 60% market share, investing heavily to maintain leadership in advanced nodes. Samsung provides structural advantages through integrated logic and memory production, particularly for AI applications requiring high-bandwidth memory. |
Manufacturing Market Share Advanced Nodes Memory Logic | |
Energy TransitionRising electricity demand driven by AI infrastructure is spurring investment in new power generation capacity. Companies like Siemens Energy and Mitsubishi Heavy Industries are well positioned to benefit from this structural increase in energy demand through gas turbines and power equipment. |
Power Generation Gas Turbines Electricity Demand Infrastructure Capacity | |
| 2025 Q4 |
Live SportsMario Gabelli emphasizes live entertainment and sports as major investment themes, citing massive viewership numbers and global interest. He recommends multiple sports-related investments including Atlanta Braves Holdings, Madison Square Garden Sports, Manchester United, and Rogers Communications for their sports assets. |
Sports Entertainment Media Broadcasting |
MediaGabelli discusses media companies including Fox and Versant Media Group as attractive investments. He highlights Fox's sports broadcasting rights and Versant's strong EBITDA generation potential after being spun off from Comcast. |
Broadcasting Content Television Streaming | |
Natural GasNational Fuel Gas is recommended based on its substantial mineral ownership in the Appalachian Basin and strategic location near population centers. Gabelli sees the value of gas reserves as unappreciated by the market. |
Energy Utilities Infrastructure Pipelines | |
AIGabelli acknowledges AI's transformative impact but warns of potential market corrections similar to historical manias. He expresses concern about leveraged ETFs, prediction markets, and other market mechanics that could accelerate selloffs. |
Technology Innovation Disruption Valuation | |
GoldGold is discussed as a store of value amid monetary uncertainty and geopolitical tensions. Gabelli notes central banks and governments buying gold as an alternative to dollars, with his gold fund returning 167% in the previous year. |
Commodities Store of Value Monetary Policy Geopolitics | |
| 2025 Q3 |
AIAI is driving demand for advanced semiconductors and equipment. ASML benefits from AI-driven semiconductor advances requiring their equipment for advanced logic and memory chips. ASM International's ALD technology is increasingly needed for building logic gates on leading edge chips as AI fuels ongoing advances in semiconductors. |
Semiconductors Equipment Logic Memory Advanced |
SemiconductorsThe portfolio added semiconductor equipment companies Disco Corp and ASM International. Disco specializes in back-end chip manufacturing equipment for dicing, grinding, and polishing silicon wafers. ASM dominates Atomic Layer Deposition technology for front-end processes on leading edge chips. |
Equipment Manufacturing Wafers Processing Technology | |
CloudSAP's cloud revenue growth exceeded expectations despite near-term outlook concerns. The company continues to show strength in cloud transformation with continued backlog strength, positioning it well for sustained mid-teens earnings growth. |
Revenue Growth Transformation Backlog Enterprise | |
E-commerceShopify was the top contributor with very strong results showing accelerating revenue and gross merchandise volume growth. The company has made investments in enterprise business, offline point of sale, B2B, international growth and AI that continue to drive merchant value and business durability. |
Revenue Growth Enterprise International Merchants | |
| 2025 Q1 |
QualityThe fund maintains focus on high-quality, high-growth international businesses with competitive advantages. Portfolio holds companies with solid earnings growth prospects and weighted average earnings expected to grow at mid-teens rate over time. Quality growth approach can be rocky short-term but positions portfolio well for long-term outperformance. |
Quality Growth Competitive Advantages Earnings Growth Long-term |
PaymentsAdded Adyen, a Netherlands-based electronic payments platform with global reach and organic growth strategy. Adyen benefits from secular growth in digital payments and e-commerce shift, with over 80% recurring revenues. The company offers faster payment validation and better acceptance rates than competitors through unified technology stack. |
Digital Payments E-commerce Recurring Revenue Technology Platform Global | |
BiotechnologyAdded Lonza Group, a Switzerland-based CDMO serving pharma and biotech companies globally. Lonza manufactures over 55 approved biotech drugs and supports 600 in development stages. The company is positioned for mid-teens earnings growth as drugs gain approval and enter commercialization. |
CDMO Drug Manufacturing Biotech Pharma Outsourcing Development Pipeline | |
MusicAdded Tencent Music Entertainment, China's leading online music streaming service with over 575m active users and 70% market share. Benefits from rising revenue per user, low churn, and rising profitability trends. Low subscription penetration and pricing provide significant opportunity for growth. |
Music Streaming China Subscription Revenue Per User Market Share | |
| 2024 Q4 |
E-commerceShopify continues to fire on all cylinders with accelerating GMV growth of 24% despite tough comparisons. The company benefits from powerful tailwinds including eCommerce, mobile commerce, social media, digital payments, and seamless omnichannel. MercadoLibre remains Latin America's largest ecommerce business with a long runway for growth. |
Digital payments Mobile commerce Platform GMV Omnichannel |
Enterprise SoftwareSage Group delivered strong results with accelerating annual recurring revenue growth, providing mission-critical software to SMBs. SAP reported solid cloud adoption and execution around their transformation program. Monday.com shows early maturation with low customer churn and strong customer growth, expected to grow revenues at greater than 20%. |
SaaS Cloud adoption Recurring revenue Mission-critical Transformation | |
StreamingSpotify enjoys secular growth as streaming and smartphone proliferation become a global norm. As the largest streaming network serving more than 600 million active users, progress in adding new users, converting ad-supported listeners to paid subscribers, and driving higher engagement with podcasts, audiobooks, and videos enable profit and free cash flow growth. |
Music streaming Subscription Ad-supported Engagement Content | |
FinTechNu Holdings operates one of the largest online neo-banks globally with strong positioning in Brazil and Mexico. Founded to challenge incumbent banks notorious for high fees and poor service, Nu has become Brazil's largest bank by user and market cap through lower cost to serve, better underwriting, and unique culture. |
Neo-banking Digital banking Underwriting Brazil Mexico | |
Energy EfficiencySchneider Electric is among the world's leading suppliers of electrical equipment benefiting from secular trends around increased energy demand and the need for energy efficiency. The Energy Management business supplies equipment to large buildings, grid operators, and data centers. |
Electrical equipment Grid operators Data centers Energy demand Buildings | |
| 2024 Q3 |
E-commerceMercadoLibre continues to execute well in Latin America's largest ecommerce market, taking market share while expanding fintech offerings to over 150 million users. Recent earnings show acceleration despite challenging macro environment. Management continues to invest in product development and fulfillment capabilities to support longer-term growth. |
Latin America Fintech Payments Market Share Growth |
SemiconductorsASML and Tokyo Electron faced volatility from semiconductor sector concerns and AI hysteria. ASML's business backlog and customer development of leading-edge chip sizes drive expectations of rapid growth in 2025 and beyond. Tokyo Electron's earnings growth trajectory expected at nearly 20% over coming three years, driven by AI infrastructure spending and memory cycle improvements. |
AI Memory Equipment Backlog Growth | |
Enterprise SoftwareSAP reported solid cloud adoption and disciplined execution around transformation program. Viewed as one of the more resilient large-scale software business models given mission-critical position in customers' operations. Strong market position, vast partner ecosystem, and improving margin profile support mid-teens earnings growth expectations. |
Cloud Transformation Mission Critical Margins Growth | |
| 2024 Q2 |
CloudSAP's transition to the cloud continues at pace with strong cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. SAP is viewed as one of the more resilient software business models as it is essential to customers' day-to-day operations. |
SaaS Enterprise Software Cloud Infrastructure Software Transition Recurring Revenue |
AITeleperformance's stock has been under pressure due to perception that artificial intelligence poses a threat to their core business. However, secular trends like digitalization and the AI boom are driving demand for Tokyo Electron's semiconductor capital equipment. The AI boom is creating opportunities in semiconductor manufacturing processes. |
Artificial Intelligence Automation Semiconductors Technology Disruption Digital Transformation | |
SemiconductorsTokyo Electron is a leading semiconductor capital equipment vendor with market leadership in etch, deposition, wafer cleaning and other critical manufacturing technologies. Secular trends like digitalization, miniaturization in chip technology, and the AI boom are driving demand. The company has invested over $17.5 billion cumulatively on research and development over three decades. |
Semi Equipment Chip Manufacturing Technology Hardware Capital Equipment R&D Investment | |
| 2024 Q1 |
CloudSAP's transition to the cloud continues at a healthy pace with compelling cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. SAP is viewed as one of the more resilient software business models as it is essential to customers' day-to-day operations. |
SaaS Enterprise Software Software Transition Growth |
IndiaHDFC Bank has seen slower deposit growth recently and is working through post-merger integration with its former parent, HDFC Limited. These are viewed as near-term business issues while the management team remains industry-leading and the bank is well-positioned as one of the dominant banks in the attractively growing Indian economy. |
Banking Emerging Markets Financial Services Growth Integration | |
E-commerceMercadoLibre has been performing well since purchase in mid-2021, with earnings per share increasing more than 10x in 2.5 years. The company's competitive advantages are significant and growing, though 2024 revenue growth profile and profit margin progress could normalize from elevated levels seen recently. |
Latin America Digital Payments Marketplaces Growth Competition | |
| 2023 Q4 |
SemiconductorsThe portfolio holds dominant semiconductor companies ASML and Lasertec, which play critical roles in extreme ultraviolet lithography and photomask inspection equipment. Lasertec saw rapid sales growth and management suggests semiconductor sales could be bottoming, though 2024 may deliver less exciting growth for the industry. |
EUV Lithography Equipment Cycle Recovery |
E-commerceShopify was the best-performing holding with 125% total return, demonstrating continued share gains in North American e-commerce. The company's decision to sell its fulfillment business and rational expense management led to significant margin expansion with Q3 operating margins at 16%. |
Platform Growth Margins Share Gains North America | |
Medical DevicesMedtronic represents the largest medical technology company globally, positioned for accelerated growth through numerous new product launches across the business. The company trades at its lowest valuation in a decade despite emerging business momentum, creating a compelling investment opportunity. |
Innovation Pipeline Valuation Recovery R&D | |
AITeleperformance faced pressure from AI adoption narratives assuming full automation of customer experience services. However, the manager believes many businesses will continue to require effective human customer experience management, with Teleperformance leveraging AI technologies to deliver successful outcomes. |
Automation Customer Service Human Capital Technology Integration Disruption | |
| 2023 Q3 |
QualityPolen emphasizes quality companies that can sustainably compound growth better than the index. Quality has historically outperformed the broader international universe in 18 of the past 24 years, delivering +260bps annualized outperformance from 2000-2023. The recent underperformance of quality in 2022-2023 mirrors only one other period (2003-2004), after which quality outperformed by +400bps annually for 8 consecutive years. |
Quality Outperformance Compounding Sustainable Historical |
GLP1Novo Nordisk's GLP-1 drugs (Ozempic for diabetes, Wegovy for obesity) account for nearly 70% of sales and are the major growth engine. The addressable market is estimated at $100B in the US and $200B+ globally, targeting diabetes (10% of US population) and obesity (1/3 of US adults). Despite competition from Eli Lilly, Novo Nordisk maintains advantages through first-mover position and extensive research. |
GLP1 Diabetes Obesity Ozempic Wegovy | |
E-commerceMercadoLibre demonstrates strengthening e-commerce/fintech platform dynamics with revenue growth of nearly 60% in local currency despite difficult comparisons. The company continues to show positive trends across nearly all key metrics, reinforcing its platform strength in Latin American markets. |
E-commerce Fintech Platform LatAm Growth | |
| 2023 Q2 |
AIAI is driving advances in semiconductors and benefiting companies like ASML whose equipment is essential for printing advanced logic and memory chips. AI should benefit Tencent's various business units including public cloud, large language model, gaming, and business productivity software. |
Artificial Intelligence Semiconductors Advanced Chips |
SemiconductorsAdded positions in Disco Corp and ASM International, both essential semiconductor equipment companies. ASML benefited from investor optimism around AI and semiconductor capital equipment. The AI boom is fueling ongoing advances in semiconductors, leading to smaller and more powerful chips. |
Semi Equipment Foundries Memory | |
E-commerceShopify was the top contributor with very strong results showcasing accelerating revenue and gross merchandise volume growth. The company has made investments in enterprise business, offline point of sale, B2B, international growth and AI that continue to drive value for merchants. |
Digital Commerce Payments Merchants | |
Enterprise SoftwareMixed performance with concerns about AI displacement affecting software shares. SAP faced pressure despite cloud revenue growth exceeding expectations. Monday.com sold off despite beating expectations due to conservative guidance, though the manager sees this as an opportunity. |
SaaS Cloud ERP | |
| 2023 Q1 |
AIAI is driving advances in semiconductors and benefiting companies like ASML whose equipment is essential for printing advanced logic and memory chips. AI should benefit Tencent's various business units including public cloud, large language models, gaming, and productivity software. |
Artificial Intelligence Semiconductors Logic Chips Memory Chips Gaming |
SemiconductorsThe fund initiated positions in Disco Corp and ASM International, both semiconductor equipment companies. ASML benefited from investor optimism around AI and semiconductor capital equipment companies. The AI boom is fueling ongoing advances in semiconductors, leading to smaller and more powerful chips. |
Semi Equipment Foundries Memory Logic Chips Chip Manufacturing | |
E-commerceShopify was the top contributor to performance with very strong results showcasing accelerating revenue and gross merchandise volume growth. The company has made investments in enterprise business, offline point of sale, B2B, international growth and AI that continue to drive value for merchants. |
Online Retail Payments Merchant Services B2B International | |
Enterprise SoftwareThe fund holds positions in Sage Group, Monday.com, and SAP, all facing headwinds from market concerns about AI displacement and conservative outlooks. Despite these challenges, the managers believe these companies have strong fundamentals and are well-positioned for long-term growth. |
SaaS ERP Business Software SMB Enterprise | |
ChinaThe fund re-initiated a position in Tencent Holdings after exiting in 2022 amid weak Chinese macro-economy and political pressures on the technology sector. Some pressures have eased while economic headwinds remain but may be easing. Tencent has remained a consistent growth business despite these challenges. |
Technology Gaming Social Media Payments WeChat |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | SHOP.TO | Shopify Inc. | Information Technology | Application Software | Bull | Toronto Stock Exchange | AI, B2b, digital commerce, e-commerce, Enterprise software, international expansion, Point of Sale, SaaS | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | ASML | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Advanced Logic, AI, Lithography, memory chips, Semi-cap, semiconductor equipment, technology hardware | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | AIR FP|ICLR|LIN|MRVL|NOW|TSM | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, contract research organization, Cyclical Recovery, drug development, healthcare, life sciences, R&D Services | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | SGE.L | The Sage Group plc | Information Technology | Application Software | Bull | London Stock Exchange | AI Displacement, Enterprise software, financial management, small business, SMB, Software, valuation opportunity | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | MNDY | Monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | Enterprise software, platform, Revenue Growth, SaaS, SMB to Enterprise, Work Operating System, workflow automation | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | SAP | SAP SE | Information Technology | Systems Software | Bull | NYSE | Cloud computing, Digital transformation, Enterprise software, Mission-Critical, Partner Ecosystem, recurring revenue, Systems Software | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | 6146.T | Disco Corporation | Information Technology | Semiconductor Equipment | Bull | Tokyo Stock Exchange | AI, Back-end Manufacturing, Chip Packaging, Japanese Technology, Semi-cap, semiconductor equipment, Silicon Wafer Processing | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | ASM | ASM International N.V. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Atomic Layer Deposition, Front-end Manufacturing, Leading-Edge Chips, Logic Gates, Memory Fabs, semiconductor equipment | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | 000700.HK | Tencent Holdings Limited | Communication Services | Interactive Media & Services | Bull | Hong Kong Stock Exchange | AI, Chinese Technology, Cloud computing, Digital Ecosystem, e-commerce, Gaming, Payments, social media, WeChat | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | SHOP.TO | Shopify Inc. | Information Technology | Application Software | Bull | Toronto Stock Exchange | AI, B2b, digital commerce, e-commerce, Enterprise software, international expansion, Point of Sale, SaaS | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | ASML | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Advanced Logic, AI, Capital equipment, memory chips, Netherlands, photolithography, semiconductors | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | AIR FP|ICLR|LIN|MRVL|NOW|TSM | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | biotechnology, Clinical research, Cro, Cyclical Recovery, Healthcare services, Ireland, Pharmaceutical, R&D | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | 6146.T | Disco Corporation | Information Technology | Semiconductor Equipment | Bull | Tokyo Stock Exchange | AI, Back-end Manufacturing, Capital equipment, Chip Packaging, Japan, semiconductors, Wafer Processing | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | ASM | ASM International N.V. | Information Technology | Semiconductor Equipment | Bull | Euronext Amsterdam | AI, Atomic Layer Deposition, Fab Equipment, Front-end Manufacturing, Leading Edge, Logic Gates, Netherlands, semiconductors | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - International Growth | 000700.HK | Tencent Holdings Limited | Communication Services | Interactive Media & Services | Bull | Hong Kong Stock Exchange | AI, China, cloud services, e-commerce, Gaming, Large Language Model, Payments, social media, WeChat | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - International Growth | SAGE.L | Sage Group | Software & Services | Application Software | Bull | London Stock Exchange | Accounting Software, Cloud software, Digital transformation, recurring revenue, SaaS, SMB software, UK | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - International Growth | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM | MercadoLibre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | digital payments, e-commerce, Emerging markets, Fintech, growth, Latin America, marketplace | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - International Growth | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM | Globant | Information Technology | IT Consulting & Other Services | Bull | NYSE | Argentina, Digital transformation, emerging technologies, Enterprise Services, IT services, Software Development, Technology Consulting | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - International Growth | EVO.ST | Evolution AB | Consumer Discretionary | Casinos & Gaming | Bull | Stockholm Stock Exchange | B2B software, Consumer Discretionary, Gaming Technology, live casino, Online-Gaming, Regulatory risk, Sweden | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - International Growth | TEP.PA | Teleperformance | Information Technology | IT Consulting & Other Services | Bull | Euronext Paris | AI Concerns, BPO, contact centers, Customer service, france, Outsourcing, Value | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - International Growth | AMS.PA | Amadeus IT Group | Information Technology | Systems Software | Neutral | Euronext Paris | Airline Software, consumer spending, IT Solutions, Spain, travel industry, Travel Technology | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - International Growth | AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT | Novo Nordisk | Health Care | Pharmaceuticals | Bull | NYSE | Denmark, Diabetes, GLP-1 drugs, Metabolic Diseases, Obesity, Ozempic, pharmaceuticals, Wegovy | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - International Growth | CSL.AX | CSL Limited | Health Care | Biotechnology | Bull | Australian Securities Exchange | Australia, biotechnology, Nephrology, Plasma Products, rare diseases, vaccines, Vifor Acquisition | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - International Growth | TSM | Taiwan Semiconductor Manufacturing Company | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | advanced nodes, AI infrastructure, Foundry, growth, semiconductors, Taiwan, technology | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - International Growth | RHM.DE | Rheinmetall AG | Aerospace & Defense | Aerospace & Defense | Bull | - | Aerospace, Ammunition, Defense, geopolitical, Germany, growth, Military | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - International Growth | SAAB-B.ST | Saab AB | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, Defense, fighter jets, growth, Self-Reliance, Submarines, Sweden | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - International Growth | 7011.T | Mitsubishi Heavy Industries | Specialty Industrial Machinery | Industrial Conglomerates | Bull | New York Stock Exchange | AI infrastructure, Defense, Energy systems, Gas turbines, growth, industrial conglomerate, Japan | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - International Growth | AZN | AstraZeneca PLC | Drug Manufacturers - General | Pharmaceuticals | Bull | New York Stock Exchange | biotechnology, growth, Oncology, pharmaceuticals, pipeline, targeted therapies, UK | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - International Growth | 1299.HK | AIA Group Limited | Insurance - Life | Insurance | Bull | New York Stock Exchange | Aging Population, Asia, Demographics, growth, Hong Kong, Insurance, Middle Class | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - International Growth | ENR.DE | Siemens Energy AG | Specialty Industrial Machinery | Electrical Equipment | Bull | - | AI infrastructure, energy equipment, Gas turbines, Germany, growth, Power generation, Transmission | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - International Growth | 005930.KS | Samsung Electronics Co., Ltd. | Consumer Electronics | Technology Hardware, Storage & Peripherals | Bull | New York Stock Exchange | AI, HBM, Korea, Logic Chips, Memory, semiconductors, technology | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - International Growth | 6861.T | Keyence Corporation | Scientific & Technical Instruments | Electronic Equipment, Instruments & Components | Bull | New York Stock Exchange | Cyclical, Industrial automation, Japan, Machine vision, manufacturing, robotics, Sensors | Login |
| Oct 16, 2025 | Fund Letters | Todd Morris | SHOP CN | Shopify Inc | Information Technology | E-commerce Platforms | Bull | NYSE | AI, ecommerce, growth, Merchants, platform, profitability, Software | Login |
| Oct 16, 2025 | Fund Letters | Todd Morris | ASML NA | ASML Holding NV | Information Technology | Semiconductor Equipment | Bull | Euronext Stock Exchange | AI, Demand, Euv, Lithography, Monopoly, semiconductors, technology | Login |
| Oct 16, 2025 | Fund Letters | Todd Morris | ICON IE | ICON plc | Industrials | Contract Research Organization | Bull | Euronext Stock Exchange | Cro, Eps, growth, healthcare, Outsourcing, pharmaceuticals | Login |
| Oct 16, 2025 | Fund Letters | Todd Morris | SAGE LN | The Sage Group plc | Other | Enterprise Software | Bull | NYSE | Accounting, AI, cashflow, resilience, SMB, Software | Login |
| Oct 16, 2025 | Fund Letters | Todd Morris | MNDY US | Monday.com Ltd | Information Technology | Collaboration Software | Bull | NASDAQ | cloud, Collaboration, enterprise, growth, SaaS, Scalable | Login |
| Oct 16, 2025 | Fund Letters | Todd Morris | SAP GR | SAP SE | Information Technology | Application Software | Bull | Bolsas y Mercados Españoles (Madrid) | backlog, cloud, enterprise, growth, Margins, resilience, Software | Login |
| Oct 16, 2025 | Fund Letters | Todd Morris | 6902 JP | Disco Corp | Consumer Discretionary | Semiconductor Equipment | Bull | NYSE | AI, Equipment, growth, Japan, Precision, semiconductors | Login |
| Oct 16, 2025 | Fund Letters | Todd Morris | ASM NA | ASM International NV | Materials | Semiconductor Equipment | Bull | Euronext Stock Exchange | AI, ALD, Equipment, growth, Netherlands, semiconductors | Login |
| Jul 17, 2025 | Fund Letters | Todd Morris | MELI | MercadoLibre, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | Digital_Payments, e-commerce, Fintech, Latin_America, Online_Advertising | Login |
| Jul 17, 2025 | Fund Letters | Todd Morris | 8035 JP | Tokyo Electron Ltd. | Information Technology | Semiconductor Equipment | Bull | New York Stock Exchange | Ai_infrastructure, Foundry_Capex, semiconductors, Wafer_Equipment | Login |
| Jul 17, 2025 | Fund Letters | Todd Morris | SAP GR | SAP SE | Information Technology | Application Software | Bull | Xetra | Cloud_Software, Digital_Transformation, ERP, Subscription_Revenue | Login |
| Jul 17, 2025 | Fund Letters | Todd Morris | AON | Aon plc | Financials | Insurance Brokers | Bear | New York Stock Exchange | Insurance_Broking, Professional_Services, Reinsurance, Risk_Management | Login |
| Jul 17, 2025 | Fund Letters | Todd Morris | GLOB | Globant S.A. | Information Technology | IT Consulting & Other Services | Bear | New York Stock Exchange | cloud, Digital_Transformation, Enterprise_AI, IT_Services | Login |
| Jul 17, 2025 | Fund Letters | Todd Morris | ICLR | ICON plc | Health Care | Life Sciences Tools & Services | Bear | NASDAQ | Clinical_Research, Drug_Development, Life_Sciences_Services, Pharma_Outsourcing | Login |
| Jul 17, 2025 | Fund Letters | Todd Morris | IBN | ICICI Bank Limited | Financials | Diversified Banks | Bull | New York Stock Exchange | Credit_Growth, Financial_Inclusion, India, Retail_Banking | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - International Growth | ADYEY | Adyen N.V. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | digital payments, e-commerce, Fintech, growth, Netherlands, Payments, recurring revenue, SaaS | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - International Growth | LONN.SW | Lonza Group AG | Health Care | Life Sciences Tools & Services | Bull | SIX Swiss Exchange | Biotech, CDMO, contract manufacturing, healthcare, life sciences, Outsourcing, pharmaceuticals, Switzerland | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - International Growth | TME | Tencent Music Entertainment Group | Communication Services | Interactive Media & Services | Bull | NYSE | China, Digital Content, entertainment, media, Music streaming, recurring revenue, Subscription, Tencent | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - International Growth | SHOP.TO | Shopify Inc. | Information Technology | Application Software | Bull | Toronto Stock Exchange | Cloud software, digital payments, e-commerce, Enterprise software, Mobile Commerce, Omnichannel, SaaS | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - International Growth | SGE.L | The Sage Group plc | Information Technology | Application Software | Bull | London Stock Exchange | Accounting Software, financial software, Mission-Critical, recurring revenue, SaaS, Share Buyback, SMB software | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - International Growth | SAP | SAP SE | Information Technology | Systems Software | Bull | NYSE | Cloud transformation, Enterprise software, ERP, Large-Scale Software, Mission-Critical, Partner Ecosystem, recurring revenue | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - International Growth | NU | Nu Holdings Ltd. | Financials | Consumer Finance | Bull | NYSE | Brazil, digital banking, Disruptive Technology, Financial Inclusion, Fintech, Latin America, Mexico, Neo-Bank | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - International Growth | MNDY | Monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | CRM, Israel, IT Service Management, Low-Code Platform, No-Code, Platform Play, SaaS, workflow management | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - International Growth | SU.PA | Schneider Electric SE | Industrials | Electrical Components & Equipment | Bull | Euronext Paris | Automation, data centers, Distribution, electrical equipment, energy efficiency, Energy Management, france, Industrial automation | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - International Growth | SPOT | Spotify Technology S.A. | Communication Services | Interactive Media & Services | Bull | NYSE | Ad-supported, Audiobooks, digital media, Mobile Entertainment, Music streaming, Podcasts, Premium Subscriptions, Sweden | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - International Growth | WTW | Willis Towers Watson Public Limited Company | Financials | Insurance Brokers | Bull | NASDAQ | advisory services, Fragmented Market, Health Benefits, Insurance Broking, recurring revenue, Share Buybacks, UK, wealth management | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - International Growth | AON | AON | Financials | Insurance Brokers | Bull | NYSE | acquisition, Insurance Brokers, Mid-Market Expansion, professional services, Reinsurance, risk management, technology infrastructure | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - International Growth | MELI | MercadoLibre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Credit Lending, e-commerce, Fintech, Latin America, market share gains, Payments, User Base Growth | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - International Growth | SAP | SAP | Information Technology | Application Software | Bull | NYSE | Cloud Adoption, Enterprise software, ERP systems, Mission-Critical, Partner Ecosystem, recurring revenue, transformation | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - International Growth | ICLR | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, Clinical trials, Cro, drug development, life sciences, Pharmaceutical Outsourcing, R&D Services | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - International Growth | ASML | ASML | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, backlog, Competitive Advantage, EUV lithography, Leading-Edge Chips, semiconductor equipment, valuation | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - International Growth | 8035.T | Tokyo Electron | Information Technology | Semiconductor Equipment | Bull | Tokyo Stock Exchange | AI infrastructure, Digital transformation, earnings growth, Japanese equities, memory cycle, Memory Production, semiconductor equipment | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - International Growth | ONON | On Holding AG | Consumer Discretionary | Footwear | Bull | NYSE | Cloud Technology, global expansion, growth, Performance Athletics, Premium Footwear, premium pricing, Swiss Brand | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - International Growth | HDB | HDFC Bank | Financials | Banks | Bull | NYSE | Banks, Deposit Franchise, Emerging markets, Equity, financials, India, risk management | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - International Growth | SAP | SAP SE | Information Technology | Systems Software | Bull | NYSE | Cloud computing, Digital transformation, Enterprise software, Equity, Germany, SaaS, Systems Software | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - International Growth | TEP.PA | Teleperformance | Information Technology | IT Consulting & Other Services | Bull | Euronext Paris | AI impact, contact centers, Customer service, Equity, france, IT services, Value | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - International Growth | SGE.L | The Sage Group | Information Technology | Application Software | Bull | London Stock Exchange | Accounting Software, Application Software, Equity, Mid-market, Mission-Critical, SMB software, UK | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - International Growth | ICLR | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | biotechnology, Clinical trials, Cro, Equity, life sciences, Outsourcing, pharmaceuticals | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - International Growth | AON | Aon plc | Financials | Insurance Brokers | Bull | NYSE | defensive, Equity, insurance brokerage, M&A, Mid-market, professional services, risk management | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - International Growth | 8035.T | Tokyo Electron | Information Technology | Semiconductor Equipment | Bull | Tokyo Stock Exchange | AI, Chip Manufacturing, Digitalization, Equity, Japan, semiconductor equipment, technology | Login |
| Mar 31, 2024 | Fund Letters | Polen Capital - International Growth | ICLR | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, Clinical trials, Cro, drug development, Healthcare services, life sciences, Pharmaceutical Services | Login |
| Mar 31, 2024 | Fund Letters | Polen Capital - International Growth | SAP | SAP SE | Information Technology | Systems Software | Bull | NYSE | Cloud transformation, Enterprise software, ERP, Germany, Mission-Critical, recurring revenue, SaaS, Software | Login |
| Mar 31, 2024 | Fund Letters | Polen Capital - International Growth | AON | Aon plc | Financials | Insurance Brokers | Bull | NYSE | Consulting, global scale, Insurance Broker, Middle Market, organic growth, professional services, risk management | Login |
| Mar 31, 2024 | Fund Letters | Polen Capital - International Growth | TP.PA | Teleperformance SE | Information Technology | IT Consulting & Other Services | Bull | Euronext Paris | Contact center, customer experience, Cyclical, france, global scale, IT services, Outsourcing, Value | Login |
| Mar 31, 2024 | Fund Letters | Polen Capital - International Growth | TEMN.SW | Temenos AG | Information Technology | Application Software | Bull | SIX Swiss Exchange | Banking Software, Core banking, Digital transformation, Enterprise software, financial technology, short-seller, Switzerland | Login |
| Mar 31, 2024 | Fund Letters | Polen Capital - International Growth | HDB | HDFC Bank Limited | Financials | Banks | Bull | NYSE | deposit growth, Emerging markets, financial services, India, Indian Bank, post-merger integration, Private Sector | Login |
| Mar 31, 2024 | Fund Letters | Polen Capital - International Growth | MELI | MercadoLibre Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Argentina, digital payments, e-commerce, Emerging markets, Fintech, Latin America, market share, online marketplace | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - International Growth | SGE.L | Sage Group | Software & Services | Application Software | Bull | London Stock Exchange | Application Software, Mid-Teens Growth, Mission-Critical, recurring revenue, SaaS, SMB software, UK | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - International Growth | SHOP.TO | Shopify | Software & Services | Internet Software & Services | Bull | Toronto Stock Exchange | Canada, e-commerce, margin expansion, market share gains, Mid-Teens Compounder, platform, SaaS | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - International Growth | 6920.T | Lasertec | Technology Hardware & Equipment | Semiconductor Equipment | Bull | Tokyo Stock Exchange | Cyclical Recovery, Euv, Japan, Monopoly, Photomask Inspection, premium valuation, semiconductor equipment | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - International Growth | MDT | Medtronic | Health Care Equipment & Services | Health Care Equipment | Bull | New York Stock Exchange | Decade-Low Valuation, GLP-1 Impact, innovation, market leader, medical technology, product launches, R&D pipeline | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - International Growth | TEP.PA | Teleperformance | Software & Services | IT Consulting & Other Services | Bull | Euronext Paris | 8x Earnings, AI integration, call center, france, Human Experience, Low Double-Digit Returns, Outsourced Services | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - International Growth | HDFCBANK.NS | HDFC Bank | Banks | Banks | Bull | National Stock Exchange of India | 17x Forward Earnings, deposit growth, India, market share gains, Merger Integration, Outsized Growth, private banking | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - International Growth | TEMN.SW | Temenos | Software & Services | Application Software | Bull | SIX Swiss Exchange | Banking Software, Management Stabilization, margin expansion, Mission-Critical, Revenue Predictability, Subscription Transition, Switzerland | Login |
| TICKER | COMMENTARY |
|---|---|
| TSM | TSMC is the dominant manufacturer of semiconductor chips globally with 60% market share. AI-related demand has only continued to grow and while NVIDIA is seemingly on a path to overtake Apple as TSMC's largest customer, TSMC is also benefitting from the growth in custom AI chips (ASICs) as inference and efficiency gains become increasingly important. While the company benefits strongly from the massive amounts of capex the hyperscalers are investing in the AI infrastructure build out, the company itself is investing heavily to maintain its position as the dominant player on the leading-edge advanced nodes (3nm, 5nm) which comes with significant pricing power. Through the cycle we expect TSMC should be capable of generating mid-teens revenue growth with modest margin expansion, resulting in high-teens EPS growth. |
| RHM.DE | Germany-based Rheinmetall was another new addition in the quarter. We believe that recent military actions in Iran likely prolong the current shortage of ammunition and should lead to strong defense spending for many years to come. We expect Rheinmetall to grow its earnings greater than 20% annualized over the next three years and believe the current valuation is fair. |
| SAAB-B.ST | Sweden-based Saab is a major player in the European defense industry with strong positioning in key products like fighter jets, submarines, rocket launchers, and air defense systems. The company is benefiting from a major increase in demand for defense equipment, as national governments prepare for self reliance in an increasingly unstable world. Saab should be able to grow revenues at a mid-teens rate in the coming five years and—if it executes well—it should grow EPS in the high teens on the back of margin expansion. |
| 7011.T | Japan-based Mitsubishi Heavy Industries is a conglomerate which operates across four main business lines: Energy Systems; Plants & Infrastructure; Logistics, Thermal & Drive Systems and Defense. The two most important business lines are its Energy Systems and Defense units which together account for >50% of sales, >75% of profits and >2/3 of future growth. In Energy Systems, the company is a global leader in Gas Turbine Combined Cycle power plants where it benefits from rising power demand related to AI infrastructure. In Defense, Mitsubishi is the largest defense supplier in Japan, typically receiving ~ 30% of the Ministry of Defense's total equipment spend. Trends in Japan are similar to those globally; defense spend is expected to rise from 2% this year to 3% or greater. New Prime Minister Sanae Takaichi is a big proponent of Japan increasing its defense budget to prepare for a more assertive China. We forecast 25% or greater earnings growth potential through 2030. |
| AZN | UK-based AstraZeneca is a leading global biopharmaceutical company with a robust portfolio of innovative medicines. It has successfully transformed itself following the loss of patents on several drugs in the early 2010s, building a diverse portfolio across oncology, rare diseases, cardiovascular, renal & metabolic diseases, and respiratory & immunology. The product pipeline is particularly impressive in oncology, where it has established a deep portfolio of targeted therapies including anti-body drug conjugates. Also important in the pipeline are drugs for obesity and hypertension. We expect the company to be able to generate low double-digit shareholder returns through 2030. |
| 1299.HK | Another new addition was Hong Kong-based AIA Group, one of the largest life and health insurance groups in Asia. A key competitive advantage is its large tied-agent network, where AIA is widely recognized for the quality and productivity of its agents. We believe AIA is well positioned to benefit from several potential structural tailwinds, including a growing middle class, aging populations, low insurance penetration, and rising health awareness. Looking ahead, we expect high single-digit premium growth and double-digit earnings growth over the next five years. |
| ENR.DE | Germany-based Siemens Energy is one of the three dominant manufacturers of gas turbines for power generation, alongside GE Vernova and Mitsubishi Heavy Industries. We believe Siemens Energy is well positioned to benefit from rising electricity demand driven by AI, which is likely to spur significant investment in new power generation capacity. In addition, the company has a leading electricity transmission equipment business that should also benefit from this structural increase in energy demand. While Siemens Energy's wind business has been a significant drag on profitability in recent years, performance appears to be stabilizing and improving. As these issues are addressed, we expect the company's earnings power to become more fully reflected in its results. Overall, we believe Siemens Energy can deliver earnings growth of over 20% annually over the next five years. |
| 005930.KS | Samsung Electronics is a large Korean conglomerate with businesses spanning semiconductors, consumer electronics, displays, and audio systems. The semiconductor division is by far the most important, accounting for more than 50% of revenue and roughly 90% of profits. Importantly, Samsung is the only semiconductor manufacturer capable of producing both logic and memory at scale. In theory, this provides a structural advantage: tighter integration between logic and memory can improve power delivery, thermal management, and signal communication, enabling better performance and faster design cycles. While Samsung has not fully capitalized on this advantage historically, AI presents a potential opportunity, particularly as high-bandwidth memory (HBM) becomes more tightly integrated with logic chips. |
| 6861.T | Keyence is a Japan-based global leader in industrial laser sensors and machine vision systems used in manufacturing. Its sensors enable in-line automation of measuring, scanning, identification, and quality control tasks that were typically performed by humans two decades ago. Increasingly, Keyence's technology is also being integrated into industrial robots for applications such as picking & packing and robotic vision. Revenue growth has slowed in recent years, largely due to weakness in the global auto industry, which accounts for roughly 25% of sales. While it may be too early to call a full recovery, auto demand appears to be stabilizing. At the same time, other end markets such as semiconductors and machine tools are beginning to recover. We believe it is only a matter of time before revenue growth re-accelerates to the low double digits, which we view as sustainable in the medium term. |
| INPST.L | Poland-based InPost operates a logistics network featuring 47,000 automated parcel machines (APM) and a few other delivery schemes to customers in Poland and parts of western Europe. During the quarter, the stock was up significantly on the announcement of an all-cash takeover offer from a consortium of financial (Advent International, A&R Investments) and strategic (FedEx) investors. The deal is expected to close in the second half of 2026. |
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