| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.66% | -17.27% | -17.27% |
Polen Focus Growth declined 17.16% in Q1 2026 versus 9.78% for the Russell 1000 Growth Index amid volatile market conditions driven by AI disruption fears and Middle East geopolitical tensions. The portfolio's large exposure to software companies and asset-light digital businesses came under pressure from concerns that generative AI will disrupt their growth and business models. However, managers believe their mission-critical enterprise software holdings remain deeply embedded with durable competitive advantages, viewing generative AI as inherently probabilistic and error-prone for high-precision business operations. They used the volatility to consolidate around highest conviction software names like ServiceNow, Shopify, and CoStar Group, while adding new positions in Lam Research, Meta, and Rollins. The managers sold Abbott Laboratories, Adobe, Boston Scientific, Paycom, and Intuit to redeploy capital. They believe the selloff has created attractive opportunities in exceptional businesses with above-average long-term compounding potential, expecting narrative-driven volatility to end as earnings growth proves difficult to ignore.
Mission-critical enterprise software companies with deep competitive moats are being unfairly punished by excessive AI disruption fears, creating attractive buying opportunities for patient long-term investors in high-quality businesses positioned to benefit from AI as a tailwind.
Managers remain confident in attractive long-term compounding potential of portfolio holdings compared to broader market. They expect narrative-driven volatility to end as continuously compounding earnings prove difficult for market participants to ignore. Focus remains on owning businesses with durable advantages, wide economic moats, strong balance sheets, and ability to grow earnings over multi-year horizon.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 23 2026 | 2026 Q1 | ABT, ADBE, BSX, CSGP, INTU, LRCX, META, MSFT, NOW, NVDA, PAYC, ROL, SBUX | AI, disruption, growth, semiconductors, software, technology, volatility |
LRCX META ROL CSGP |
Polen Focus Growth managers view Q1's 17% decline as creating attractive buying opportunities in mission-critical software companies unfairly punished by AI disruption fears. They consolidated around highest conviction names like ServiceNow and CoStar Group while adding semiconductor exposure through Lam Research. Portfolio trades at discount to index despite mid-teens expected earnings growth. |
| Jan 12 2026 | 2025 Q4 | AAPL, ABT, AMZN, GOOGL, ISRG, LLY, META, MSFT, NFLX, NOW, ORCL, SHOP, WDAY, ZTS | AI, Concentration, growth, healthcare, large cap, Quality, software |
LLY ORCL ISRG WDAY NFLX |
Polen Focus Growth underperformed in Q4 as quality factors lagged in a high-beta market. The managers worry about dangerous index concentration in 10 trillion-dollar stocks and diversify beyond AI themes. They initiated robotic surgery leader Intuitive Surgical while exiting Netflix and Workday. Despite Oracle's OpenAI-related volatility, they expect continued datacenter investment and potential market broadening to favor their diversified approach. |
| Oct 9 2025 | 2025 Q3 | AAPL, ACN, ADBE, AMZN, AVGO, BSX, CSGP, GOOGL, IT, META, MSFT, NFLX, NOW, NVDA, ORCL, SBUX, SHOP.TO, TMO, TSLA, V | AI, Cloud, growth, healthcare, large cap, Quality, semiconductors, technology |
NVDA AVGO INTU BSX SNPS UBER |
Polen Focus Growth underperformed in Q3 as AI enthusiasm drove risk-on markets favoring high-beta growth over quality. Oracle was top contributor on cloud acceleration while underweight Magnificent 7 positions hurt. Team initiated NVIDIA and Broadcom positions after concluding AI buildout will persist. Despite quality headwinds, maintains conviction in durable businesses for mid-teens long-term growth. |
| Jul 15 2025 | 2025 Q2 | AAPL, ADBE, AMZN, AVGO, CSGP, IDXX, MSFT, NFLX, NOW, NVDA, ORCL, SBUX, SHOP, TMO, UNH | AI, growth, healthcare, large cap, Quality, risk management, technology |
ORCL IDXX AAPL UNH ORCL IDXX |
Polen Focus Growth underperformed in Q2's AI-driven rally due to zero semiconductor exposure and healthcare weakness, but managers capitalized on Q1 volatility to add quality positions at attractive valuations. Oracle led performance with 56% gains from AI infrastructure positioning. The portfolio remains fully invested in competitively advantaged businesses targeting mid-teens earnings growth through disciplined quality-focused investing. |
| Apr 14 2025 | 2025 Q1 | AAPL, ABT, ACN, AMZN, AON, CMG, GOOGL, IT, LLY, META, NFLX, NOW, NVDA, NVO, ORCL, SBUX, TSLA, V, ZTS | AI, growth, healthcare, large cap, Quality, Resilience, technology, Trade Policy |
SBUX AON |
Polen Focus Growth outperformed during Q1 2025's tariff-driven volatility, returning -6.1% versus Russell 1000 Growth's -10.0%. The firm shifted toward safety-oriented holdings, initiating Starbucks and Aon positions while exiting Novo Nordisk. Their focus on software/services companies with pricing power provided resilience against trade policy disruption. Management remains optimistic about long-term positioning despite near-term uncertainty. |
| Jan 16 2025 | 2024 Q4 | AAPL, ADBE, AMZN, AVGO, CSGP, GOOGL, IT, LLY, META, MSFT, NFLX, NOW, NVDA, ORCL, SHOP, TMO, TSLA, UNH, ZTS | AI, Cloud, Concentration, E-Commerce, growth, large cap, technology, Valuations | - | Polen Focus Growth delivered solid Q4 performance while maintaining discipline amid a frothy market dominated by Magnificent 7 concentration. The fund added quality names like CoStar Group and trimmed overvalued positions. With Russell 1000 Growth at historic valuations driven more by multiple expansion than earnings, the manager expects their durable growth approach to outperform over time. |
| Oct 23 2024 | 2024 Q3 | AAPL, ABNB, ACN, ADBE, AMZN, CRM, GOOGL, MSCI, MSFT, NKE, NOW, NVDA, ORCL, PAYC, SHOP, TMO, TSLA, UNH, WDAY | AI, Cloud, growth, large cap, software, technology |
AAPL ORCL SHOP.TO ABNB |
Polen Capital's Focus Growth outperformed in Q3 despite market volatility, adding Apple and Oracle while exiting Nike and Salesforce. The fund targets mid-teens earnings growth through durable businesses with competitive advantages, expecting continued volatility but remaining confident in their concentrated portfolio's ability to compound through economic cycles. |
| Jul 16 2024 | 2024 Q2 | AAPL, ABBY, ACN, ADSK, ALGN, AMZN, CRM, GOOG, HD, META, MSCI, MSFT, NFLX, NVDA, SPOT | - | - | |
| May 9 2024 | 2024 Q1 | AAPL, ABT, ADBE, AMZN, META, MSFT, NFLX, NKE, NOW, NVDA, PAYC, PYPL, TMO, TSLA, V, ZTS | AI, earnings, growth, large cap, Quality, technology, Valuations | - | Polen Capital's Focus Growth strategy underperformed in Q1 2024 primarily due to not owning NVIDIA, which drove index returns. Managers trimmed AI-inflated names like Adobe and ServiceNow while adding to undervalued quality companies. They express concern about rising valuations but remain focused on consistent mid-teens earnings growth from predictable, competitively advantaged businesses rather than cyclical AI plays. |
| Dec 1 2024 | 2023 Q4 | AAPL, ABNB, ALGN, AMZN, CRM, DOCU, GOOGL, ILMN, META, MSFT, NFLX, NOW, NVDA, PYPL | AI, Cloud, earnings, growth, large cap, Streaming, technology |
AAPL|MSFT|NFLX|NVDA|UNH AIR FP|ICLR|LIN|MRVL|NOW|TSM CRM AMZN AAPL|MSFT|NFLX|NVDA|UNH ABNB |
Polen Focus Growth delivered 38.99% net returns in 2023, its second-best year ever, driven by strong earnings growth from Netflix, ServiceNow, and Amazon. The manager eliminated Illumina and trimmed Netflix while adding to Microsoft. Looking ahead, expects mid-teens earnings growth as policy-driven returns fade and fundamental factors become the primary return driver. |
| Oct 26 2022 | 2022 Q3 | ADBE, ILMN | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIManagers believe AI disruption fears are excessive for their mission-critical enterprise software holdings. They view generative AI as probabilistic and error-prone, limiting its suitability for high-precision business operations, while their embedded software companies can add AI agents more easily than AI can displace them. |
Generative AI Enterprise Software Mission Critical Disruption Agentic Systems |
Enterprise SoftwarePortfolio concentrated around software names where AI disruption concerns are viewed as excessive. Managers believe their holdings like ServiceNow, Shopify, and CoStar have deep moats, are heavily embedded in customer workflows, and should benefit from AI as a tailwind rather than face disruption. |
SaaS Mission Critical Embedded Systems Competitive Moats Customer Retention | |
SemiconductorsIncreased exposure to semiconductor supply chain through new Lam Research position. NVIDIA delivered strong results with 70% revenue growth but market showed disinterest, illustrating disconnect between fundamentals and sentiment in the space. |
Semi Equipment Memory Cycle Data Centers AI Infrastructure | |
| 2025 Q4 |
PharmaceuticalsHealth care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. |
Pharmaceuticals Biotechnology Healthcare |
Defense SpendingDefense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in Q4. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals, prompting modest trimming. |
Defense Military Aerospace | |
AIMarket enthusiasm has led to high valuations across most asset categories, particularly US equities, with excitement around artificial intelligence and its ability to dramatically impact productivity driving much of the exuberance. However, the manager notes that even the most profound technological revolutions aren't one-way streets to prosperity. |
Artificial Intelligence Technology Productivity | |
ValueThe gap in valuation between US and non-US equities remains quite significant and should serve the funds well going forward given their non-US-centric postures. The manager believes their funds remain well positioned in financially sound enterprises where company stock prices are more than collateralized by underlying intrinsic value. |
Value Investing Valuation Intrinsic Value | |
| 2025 Q3 |
AIGenerative AI was the dominant theme driving Q3 performance, with semiconductors as the primary driver. The hyperscalers are announcing massive increases to AI-related spending, confirming capex spigots are wide open as they struggle to keep up with voracious demand. Oracle's quarterly results showed remaining performance obligations increasing 359% to $455 billion in one quarter, highlighting extraordinary demand for cloud computing and AI infrastructure. |
Generative AI Semiconductors Cloud Infrastructure Hyperscalers AI Chips |
CloudCloud infrastructure providers are seeing extraordinary demand acceleration. Oracle showed massive growth in cloud infrastructure services with contracted future cloud revenues surging. The team believes most long-term value from generative AI will accrue to cloud infrastructure providers and select software companies. Technology capex and AI-related spending are outpacing consumer spending contribution despite much smaller share of total economy. |
Cloud Infrastructure Oracle Microsoft Amazon Cloud Services | |
SemiconductorsNVIDIA produces the fastest chips for AI training models and receives 90% of every dollar spent on AI accelerated semiconductors. Broadcom is the number one provider of custom chips, receiving the majority of the remaining 10%. As Gen AI use cases mature and inference workloads become bigger, custom chips will account for larger market share. Both companies expected to generate ~20% earnings growth over next 3-5 years. |
NVIDIA Broadcom AI Chips Custom Chips Semiconductor Demand | |
QualityThe persistent risk-on market behavior has meant high-beta growth companies dominated returns while quality and low-volatility stocks lagged meaningfully. Despite headwinds to their quality-driven approach, the team maintains conviction that emphasis on quality will be rewarded across the full market cycle, just as it has been for almost four decades. They focus on businesses with high recurring revenues, high margins, high switching barriers and wide competitive moats. |
Quality Investing High Margins Recurring Revenues Competitive Moats Market Cycles | |
| 2025 Q2 |
AIAI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle was the top-owned relative contributor, up 56% in the quarter as the market embraced meaningful acceleration in growth driven by Oracle Cloud Infrastructure positioning as a go-to cloud infrastructure provider for training generative AI models. Performance leadership was dominated by AI-focused sectors, especially semiconductors which were up 64% in Q2. |
Cloud Infrastructure Semiconductors Oracle Training Models |
QualityThe managers emphasize their focus on high-quality growth businesses with durable competitive advantages and financial superiority. They construct the portfolio around a spectrum of high-quality growth businesses, from stable compounders delivering steady double-digit earnings growth to open-ended growth businesses attacking large expanding addressable markets. This quality orientation has been a headwind in the current risk-on environment but provides resilience for long-term compounding. |
Competitive Advantages Compounders Resilience Financial Superior Earnings Growth | |
GrowthThe portfolio targets mid-teens earnings growth from competitively advantaged businesses positioned for sustained growth. The managers seek companies across a growth spectrum, from stable compounders to open-ended growth businesses attacking large expanding addressable markets. They expect the portfolio companies to drive mid-teens or better earnings growth over the long term. |
Mid-teens Growth Addressable Markets Long-term Compounding Earnings | |
Risk AppetiteMarket sentiment shifted dramatically from extreme risk-off in Q1 to the exact opposite in Q2, characterized by a historic V-shaped recovery with increasing speculation and risk appetite. Higher-risk managers outperformed after lagging in the prior quarter, illustrating unusually rapid shifts in market dynamics. The market embraced pro-growth policies while minimizing tariff-related and valuation headwinds. |
Risk-on Speculation V-shaped Recovery Market Dynamics Pro-growth | |
| 2025 Q1 |
AIThe AI infrastructure narrative dominated headlines and powered much of the Russell 1000 Growth Index's 90% two-year return. However, semiconductors—the most visible AI beneficiary—declined 19% in Q1 2025 as the bloom came off the AI rose. Polen has no exposure to semiconductor companies and views Oracle's AI exposure as minimal. |
Infrastructure Semiconductors Narrative Hype Buildout |
Trade PolicyTrump administration tariffs disrupted global trade overnight, sparking inflation concerns and weakening consumer confidence. Polen anticipates minimal direct impact due to their software- and services-oriented holdings, but expects second-order effects from reduced consumer and business confidence to affect demand across most companies. |
Tariffs Inflation Consumer Confidence Global Trade Policy | |
ResiliencePolen emphasizes the Portfolio's resilience through software- and services-oriented companies with attractive pricing power, recurring revenues, and competitive advantages. This positioning helps mitigate direct tariff exposure while providing durability through uncertain economic environments and potential recession scenarios. |
Pricing Power Recurring Revenue Competitive Advantages Durability Quality | |
GLP1Polen exited Novo Nordisk after clinical trial data on next-generation GLP-1 drug CagriSema showed less differentiation from Eli Lilly's tirzepatide franchise than expected. The trial data slightly advantages Lilly versus Novo, prompting Polen to exit Novo and add proceeds to Eli Lilly position. |
Clinical Trials Drug Development Differentiation Efficacy Competition | |
| 2024 Q4 |
AIAmazon's AI business is described as a multi-billion-dollar business growing triple digits, 3x faster than AWS at the same stage. ServiceNow is integrating GenAI capabilities to drive increasing workflow efficiencies for customers. Broadcom's AI chip business is experiencing a demand surge with AI revenue opportunity projected to grow to $60-90B in 2027 from $12B in 2024. |
Artificial Intelligence Machine Learning GenAI AI Chips Workflow |
CloudAmazon Web Services continues to be a faster-growing, higher-margin segment driving margin expansion. Oracle's cloud infrastructure business enjoys large and durable advantages with strong demand for normal cloud workloads plus generative AI training and inference workloads. The cloud digitization trend is identified as a powerful tailwind for companies like Shopify. |
AWS Cloud Infrastructure SaaS Digital Transformation OCI | |
E-commerceShopify benefits from multiple powerful tailwinds including eCommerce growth, mobile commerce, social media integration, and seamless omnichannel experiences. Amazon's e-commerce business is seeing better fulfillment efficiency following significant investments. The direct-to-consumer trend is highlighted as a key driver for Shopify's growth. |
Digital Commerce Omnichannel Mobile Commerce DTC GMV | |
GLP1Eli Lilly's GLP-1 revenue growth was slightly below expectations but still showed excellent absolute growth levels. The appointment of RFK Jr. has weighed on sentiment due to his vocal criticism of GLP-1s and drug pricing, but the manager sees no potential policy change that would significantly reduce demand for GLP-1 drugs or Eli Lilly's revenue growth potential. |
Diabetes Weight Loss Pharmaceuticals Drug Pricing Healthcare Policy | |
StreamingNetflix continues to extend its lead over streaming competitors with 10% year-over-year subscriber growth in North America. The company is finding significant value in its content offering and has opportunities to scale the advertising-based video-on-demand segment, which should drive healthy double-digit earnings growth. |
Video Streaming Content Subscribers AVOD Entertainment | |
| 2024 Q3 |
AIAI is driving infrastructure spending from cloud providers and enterprises, with GenAI offerings becoming incremental growth drivers for software companies. Apple's iOS upgrade will bring GenAI advancements to the masses, potentially triggering a multi-year iPhone upgrade cycle. The fund believes AI is more likely to be a tailwind than headwind for competitively advantaged software businesses. |
GenAI Infrastructure Software iPhone Cloud |
CloudOracle's cloud infrastructure business is gaining traction with its differentiated approach of smaller datacenters that can act as public or private clouds. This is especially beneficial for regulated industries like banks and healthcare that require high data security and privacy. Oracle's Autonomous Database allows complicated workloads to move to the cloud more seamlessly. |
Infrastructure Database Security Enterprise Migration | |
E-commerceShopify reported strong results with 23% year-over-year GMV growth driven by same-store sales growth, new merchant growth, and omnichannel expansion. Shop Pay continues rolling out globally and should provide a tailwind for years. The company benefits from multiple powerful tailwinds including mobile commerce, social media, and digital payments. |
GMV Merchants Payments Mobile Omnichannel | |
| 2024 Q1 |
AIManagers discuss AI's impact across multiple holdings, noting that much customer spending is driven by AI experimentation rather than proven use cases. They see generative AI as having enormous future impact but question the sustainability of current revenue growth rates, particularly for NVIDIA. |
Generative AI GPU Datacenter Revenue Growth Experimentation |
CloudMicrosoft's Azure and related cloud offerings continue driving impressive growth despite the company's immense size. Cloud infrastructure represents a key growth driver for several portfolio holdings, with generative AI expected to provide additional tailwinds. |
Azure Cloud Infrastructure Microsoft Growth Driver Tailwinds | |
E-commerceAmazon remains the largest position with investment thesis based on solid earnings growth from e-commerce, AWS, and advertising businesses. The managers highlight disciplined expense management supporting robust margin expansion from 1.9% to roughly 8%. |
Amazon AWS Advertising Margin Expansion Largest Position | |
StreamingNetflix shows robust subscriber growth from new users and converting password borrowers into paying subscribers. The company remains the largest streaming company globally and the only profitable one the managers are aware of. |
Netflix Subscriber Growth Password Sharing Profitability Market Leader | |
| 2023 Q4 |
AIManager discusses generative AI as a major driver for cloud providers and Microsoft's business, but expresses caution about NVIDIA's valuation and cyclical nature. Sees AI as benefiting Azure, Microsoft's productivity suite, and creating new revenue streams through co-pilot features. |
Generative AI GPUs Cloud Microsoft NVIDIA |
CloudAmazon's AWS business experienced slowdown in 2023 as customers optimized spending, but stabilized in second half. Manager expects generative AI to contribute to growth recovery. Views cloud providers as having predictable revenue models from GPU investments. |
AWS Azure Cloud Infrastructure Amazon Microsoft | |
StreamingNetflix made meaningful progress monetizing shared passwords and introducing ad-supported tiers. Manager sees long-term revenue and free cash flow growth opportunities, though acknowledges low-hanging fruit may be picked. Trimmed position after strong performance. |
Netflix Streaming Advertising Monetization |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | Polen Capital - Focus Growth | META | Meta Platforms Inc | Internet Content & Information | Interactive Media & Services | Bull | NASDAQ | AI monetization, Datacenter Capex, digital advertising, margin expansion, platform, Revenue Growth, social media, user base | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - Focus Growth | ROL | Rollins Inc | Personal Services | Commercial Services & Supplies | Bull | New York Stock Exchange | Acquisitions, customer retention, defensive, Fragmented Industry, Non-cyclical, Orkin, pest control, recurring revenue | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - Focus Growth | CSGP | CoStar Group Inc | Real Estate Services | Real Estate Services | Bull | NASDAQ | AI Resilient, commercial real estate, Domain Expertise, earnings growth, Homes.com, margin expansion, proprietary data, Real Estate Data | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - Focus Growth | LRCX | Lam Research Corporation | Semiconductor Equipment & Materials | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, datacenters, Deposition, Etch, Hardware, Memory, semiconductor equipment, software integration, Vendor Lock-in | Login |
| Jan 12, 2026 | Fund Letters | Dan Davidowitz | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Glp1, growth, innovation, pharmaceuticals, Pricing | Login |
| Jan 12, 2026 | Fund Letters | Dan Davidowitz | ORCL | Oracle Corporation | Information Technology | Application Software | Bull | New York Stock Exchange | AI, backlog, cloud, Execution, valuation | Login |
| Jan 12, 2026 | Fund Letters | Dan Davidowitz | ISRG | Intuitive Surgical, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | innovation, Monopoly, Procedures, robotics, Surgery | Login |
| Jan 12, 2026 | Fund Letters | Dan Davidowitz | WDAY | Workday, Inc. | Information Technology | Application Software | Bear | NASDAQ | Deceleration, HCM, Maturity, Reallocation, Software | Login |
| Jan 12, 2026 | Fund Letters | Dan Davidowitz | NFLX | Netflix, Inc. | Communication Services | Movies & Entertainment | Bear | NASDAQ | acquisition, leverage, Regulation, Risk, Streaming | Login |
| Oct 9, 2025 | Fund Letters | Dan Davidowitz | BSX | Boston Scientific Corp. | Health Care | Medical Devices | Bull | NYSE | Cardio devices, Category leadership, FCF, Margins, Procedure adoption | Login |
| Oct 9, 2025 | Fund Letters | Dan Davidowitz | SNPS | Synopsys Inc. | Information Technology | Application Software | Bull | NASDAQ | Eda, margin expansion, Pricing power, Secular tailwind, switching costs | Login |
| Oct 9, 2025 | Fund Letters | Dan Davidowitz | UBER | Uber Technologies Inc. | Information Technology | Ground Transportation | Bull | NYSE | advertising, network effects, Regulatory, Subscriptions, Take rate | Login |
| Oct 9, 2025 | Fund Letters | Dan Davidowitz | NVDA | NVIDIA Corp. | Information Technology | Semiconductors | Bull | NASDAQ | AI accelerators, Ecosystem moat, FCF, hyperscaler capex, Networking | Login |
| Oct 9, 2025 | Fund Letters | Dan Davidowitz | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | custom silicon, diversification, margin expansion, Networking, Pricing power | Login |
| Oct 9, 2025 | Fund Letters | Dan Davidowitz | INTU | Intuit Inc. | Information Technology | Application Software | Bull | NASDAQ | ARPU, Ecosystem, Fintech attach, Pricing power, SMB software | Login |
| Jul 15, 2025 | Fund Letters | Dan Davidowitz | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | New York Stock Exchange | cloud infrastructure, Digital transformation, Enterprise software, Omega AI, recurring revenue | Login |
| Jul 15, 2025 | Fund Letters | Dan Davidowitz | IDXX | IDEXX Laboratories, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Animal Health, diagnostics, recurring revenue, secular growth, Veterinary | Login |
| Jul 15, 2025 | Fund Letters | Dan Davidowitz | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bear | NASDAQ | AI, consumer electronics, Smartphones, supply chain, tariffs | Login |
| Jul 15, 2025 | Fund Letters | Dan Davidowitz | UNH | UnitedHealth Group Incorporated | Health Care | Managed Health Care | Bear | New York Stock Exchange | managed care, margin compression, Medical costs, Regulation, Reimbursement | Login |
| Jun 1, 2025 | Fund Letters | Polen Capital - Focus Growth | ORCL | Oracle Corporation | Software & Services | Systems Software | Bull | NASDAQ | AI training, cloud infrastructure, Database Migration, Enterprise software, growth, SaaS, technology | Login |
| Jun 1, 2025 | Fund Letters | Polen Capital - Focus Growth | IDXX | IDEXX Laboratories | Health Care Equipment & Services | Health Care Equipment | Bull | NASDAQ | Defensive growth, healthcare, market leader, Pet Diagnostics, Razor-Blade Model, recurring revenue, Veterinary | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - Focus Growth | SBUX | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Brand, Coffee, margin expansion, Operations, Restaurant, retail, Store Productivity, turnaround | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - Focus Growth | AON | Aon plc | Financials | Insurance Brokers | Bull | NYSE | Client Retention, defensive, Global, inflation hedge, insurance brokerage, professional services, recurring revenue, scale | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - Focus Growth | ABNB | Airbnb, Inc. | Consumer Services | Hotels, Restaurants & Leisure | Bull | NASDAQ | Accommodations, Consumer services, Leisure, marketplace, platform, Sharing Economy, Tourism, Travel | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - Focus Growth | ORCL | Oracle Corporation | Software | Systems Software | Bull | NYSE | Autonomous Database, cloud infrastructure, cybersecurity, Database Software, Enterprise software, Private Cloud, SaaS, Systems Software | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - Focus Growth | SHOP.TO | Shopify Inc. | Software | Application Software | Bull | TSX | Application Software, digital payments, DTC, e-commerce, Mobile Commerce, Omnichannel, platform, SaaS | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - Focus Growth | AAPL | Apple Inc. | Technology Hardware, Storage & Peripherals | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Artificial Intelligence, consumer electronics, GenAI, growth, iOS, iPhone, Smartphones, technology hardware | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - Focus Growth | AMZN | Amazon.com Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Artificial Intelligence, AWS, Cloud computing, digital advertising, e-commerce, Free Cash Flow, Logistics, Operational Leverage | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - Focus Growth | AAPL|MSFT|NFLX|NVDA|UNH | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Artificial Intelligence, Azure, Cloud computing, Co-Pilot, Enterprise software, generative AI, LLM, productivity software, SaaS | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - Focus Growth | CRM | Salesforce Inc | Information Technology | Application Software | Bull | NYSE | Cloud computing, CRM, Customer service, Enterprise software, margin expansion, operational efficiency, SaaS, Sales Automation | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - Focus Growth | ABNB | Airbnb Inc | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NASDAQ | growth, hospitality, marketplace, network effects, platform, Sharing Economy, Travel, Two-Sided Market | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - Focus Growth | AAPL|MSFT|NFLX|NVDA|UNH | Netflix Inc | Communication Services | Entertainment | Bull | NASDAQ | advertising, Content, digital media, entertainment, growth, SaaS, Streaming, Subscription, turnaround | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - Focus Growth | AIR FP|ICLR|LIN|MRVL|NOW|TSM | ServiceNow Inc | Information Technology | Systems Software | Bull | NYSE | Automation, Cloud computing, Digital transformation, Enterprise software, growth, SaaS, technology, Workflow | Login |
| TICKER | COMMENTARY |
|---|---|
| SBUX | Starbucks was the top performing absolute and relative contributor in Q1 amid positive signs that CEO Brian Nicol's multi-year turnaround strategy is beginning to bear fruit. Comparable store sales have ticked up, and the company is seeing improved results from stores that have undergone a revamp as part of the overall turnaround strategy. |
| CSGP | CoStar Group has come under pressure from a combination of the negative AI narrative on software as well as its large investment in its Homes.com business that has driven company margins much lower than normal. We believe CoStar has deep domain expertise and data in commercial and residential real estate that is not replicable by large language models scraping the internet. We expect CoStar to be one of, if not the fastest growing company in the Portfolio over the next 3 to 5 years based on earnings per share. We added to our position here during the quarter. |
| LRCX | We initiated a new position in Lam Research for the Portfolio, recognizing the company as a critical supplier of etch and deposition equipment used by semiconductor manufacturers to remove and deposit materials on silicon wafers. Lam's competitive advantage stems from its ability to tightly integrate hardware and software solutions tailored to customer needs, alongside high switching costs driven by the risk of production disruption and lengthy development cycles, which create durable vendor lock-in once a manufacturer standardizes on its tools. We believe Lam is well positioned to benefit from overlapping investment cycles in memory and datacenters tied to AI, potentially providing extended revenue visibility through 2027 and beyond. |
| META | We also reacquired Meta, a name we previously owned in 2022. While we remain mindful of elevated data center capex—expected to reach roughly $125bn in 2026—and the uncertainty around its ultimate return without a comparable cloud business, we are encouraged by Meta's strong execution in monetizing AI across its platforms. Advertising revenues are growing at approximately 25% despite already exceeding a $200bn annual run rate, supported by an unparalleled global reach of 3.2bn monthly and 2.2bn daily active users. With the stock trading at ~21x FY26 earnings after a prolonged period of sideways performance, we see an attractive valuation for a business capable of delivering mid-teens EPS growth. |
| ROL | We initiated a new position in Rollins, the leading U.S. pest control provider, which has delivered strong long-term compounding through consistent organic growth and disciplined acquisitions. The business benefits from non-cyclical demand, high customer retention across nearly 3 million clients, and significant growth opportunities in a still-fragmented industry. With a new, non-family CEO identifying opportunities to enhance cross-selling, pricing, and cost efficiencies, we see potential for future growth to exceed the company's already impressive historical track record. |
| ABT | We exited our position in Abbott Laboratories during the quarter, following a prior reduction after the company announced its acquisition of Exact Sciences. The size and dilutive nature of the deal raised concerns around capital allocation, which were reinforced by disappointing Q4 results that showed weaker-than-expected organic revenue growth. With business momentum deteriorating and increased uncertainty tied to the acquisition, we believe stepping aside is the prudent course for now. |
| BSX | We also sold Boston Scientific over concerns around increasing competition in its electrophysiology business, which is key to the company's long-term growth profile. While we think their growth profile remains solid even with the competition and a reasonable valuation, we are seeing more compelling opportunities elsewhere and so are redeploying that capital to those ideas. |
| ADBE | We also sold Adobe, Intuit and Paycom to redeploy the capital to our highest conviction software names like ServiceNow, Shopify and CoStar Group. |
| INTU | We also sold Adobe, Intuit and Paycom to redeploy the capital to our highest conviction software names like ServiceNow, Shopify and CoStar Group. |
| PAYC | We also sold Adobe, Intuit and Paycom to redeploy the capital to our highest conviction software names like ServiceNow, Shopify and CoStar Group. |
| NOW | ServiceNow, Shopify and CoStar Group are those types of businesses, in our opinion. These companies are heavily intertwined into their customers' workflow (and thus difficult to replace), process/house important data and offer their own enhanced AI solutions. In the case of ServiceNow and Shopify, we believe their respective customers are likely to use their proprietary AI tools rather than try to re-create their own or outsource to an unproven third-party. Both ServiceNow and Shopify are already growing rapidly and we believe have wide open growth potential in enormous markets and AI should be a tailwind for them. |
| SHOP | ServiceNow, Shopify and CoStar Group are those types of businesses, in our opinion. These companies are heavily intertwined into their customers' workflow (and thus difficult to replace), process/house important data and offer their own enhanced AI solutions. In the case of ServiceNow and Shopify, we believe their respective customers are likely to use their proprietary AI tools rather than try to re-create their own or outsource to an unproven third-party. Both ServiceNow and Shopify are already growing rapidly and we believe have wide open growth potential in enormous markets and AI should be a tailwind for them. |
| MSFT | Take Microsoft for example, after the quarter's sell off is now trading at the same valuation (~20x 12-month forward earnings) as Exxon Mobil despite generating ~4x the amount of operating profit and ~2x the free cash flow (even with Microsoft's heavy investment into AI infrastructure) and delivering materially higher earnings growth, all with a much greater degree stability and consistency through the cycle. |
| NVDA | Take NVIDIA for example, in their most recent earnings report during the quarter they increased revenues in excess of 70% year-over-year and delivered meaningful beats on the top and bottom lines, while significantly increasing forward guidance well above consensus estimates. Despite these stellar numbers, the market reaction was one of disinterest as their shares declined post-print and have languished since despite continued evidence showing there seems to be a long runway of outsized future growth ahead for the company. |
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