The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 13, 2026
Polen Focus Growth Composite Portfolio generated a net return of 4.46% in the third quarter of 2026, outperforming the Russell 1000 Growth Index benchmark return of 0.92% by 3.54%. Year-to-date performance stands at -8.11% net of fees against 6.30% for the benchmark. Portfolio managers actively rebalanced capital during the period, moving away from hyper-concentrated market swings and reinforcing balance between secular growth franchises and resilient infrastructure compounders without adding speculative leverage. The investment environment was defined by a notable rotation in market leadership. Direct artificial intelligence capital expenditure beneficiaries across semiconductors and hardware cooled following substantial earlier gains, while enterprise software and information services rallied as fears of generative AI disruption receded. Macroeconomic crosscurrents remained prominent, characterized by rising interest rates, sticky inflation, and higher energy prices that together require rigorous valuation discipline, particularly when underwriting businesses with distant cash flows. Portfolio activity was active during the period. The fund established new long positions in Adyen, ASML, Quanta Services, and Seagate Technology, while allocating additional capital to Meta Platforms and EMCOR Group. These actions were funded by trimming positions in Eli Lilly, Shopify, and Starbucks, along with complete divestments from MSCI and Rollins following thesis reassessments.
Invest in competitively advantaged, durable compounders with strong balance sheets and visible demand tailwinds while maintaining portfolio balance across market leadership cycles.
The team seeks to maintain portfolio balance by owning competitively advantaged businesses across software, digital payments, commercial aerospace, and infrastructure enablers while avoiding violent rotation risks. They remain attentive to the broader macroeconomic backdrop of elevated interest rates, persistent inflation, and energy costs, enforcing strict valuation discipline for companies with more distant earnings horizons.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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