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 26, 2026
Polen Global Growth Composite returned 3.45% net of fees in the third quarter of 2026, outperforming the MSCI ACWI Index benchmark return of 1.60% by 185 basis points. Year-to-date, the strategy has returned -5.52% net of fees versus 13.03% for the index. Portfolio performance benefited from a notable reversal in market leadership during the quarter, as software and service franchises staged a strong recovery following generative AI disruption fears earlier in the year, while early-year AI infrastructure and semiconductor beneficiaries experienced pullbacks. The investment team maintains a disciplined macroeconomic framework in an environment defined by persistent inflation, elevated long-term government bond yields reaching multi-year highs across major industrialized economies, and late-quarter US dollar strength. In response to thematic rotations where capital shifted rapidly between hardware enablers and software platforms, the strategy focused on portfolio balance, emphasizing competitively advantaged franchises capable of compound earnings growth across varying economic conditions while exercising strict valuation discipline. Portfolio activity was marked by capital redeployment toward high-visibility demand tailwinds. The strategy initiated new long positions in Seagate Technology, Advanced Micro Devices, Quanta Services, and SK Hynix. To fund these additions and maintain portfolio equilibrium, the team completely exited Oracle and selectively trimmed positions in NVIDIA, Broadcom, Shopify, ServiceNow, Tencent, Aon, Adyen, and Tokyo Electron, while opportunistically adding to Meta Platforms and Keyence.
Invest in competitively advantaged, high-quality growth businesses with durable compound earnings power and resilient balance sheets while maintaining portfolio balance across market rotations.
The managers aim to maintain portfolio balance by owning competitively advantaged businesses across market sectors, avoiding violent swings caused by thematic rotations. Valuation discipline remains paramount in light of elevated long-term sovereign bond yields, persistent inflation, and firm energy prices.
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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