| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.45% | -2.7% | 1.8% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 1.8% | 11.9% | 30.9% | -31.4% | 17.1% | 24.1% |
Polen Global Growth posted a -2.5% gross return in Q4 2025, underperforming the MSCI ACWI's +3.3% return as the market favored high-beta growth stocks over quality growth investing. The quarter mirrored the full year with sharp sell-offs followed by V-shaped recoveries, driven by AI bubble concerns that were alleviated by strong NVIDIA earnings. Top contributors included Eli Lilly, which rallied 40% on strong results and GLP-1 developments, along with Alphabet and TSMC. Oracle was the primary detractor, reversing Q3 gains amid skepticism over OpenAI-tied contracted revenues. The managers initiated positions in Tencent Holdings and Spotify while exiting Sage Group, Willis Towers Watson, ICON, and Workday to optimize positioning. Despite near-term headwinds from market style preferences, the team remains focused on competitive advantages and long-term fundamentals. They believe the datacenter capex cycle has room to run, supported by continued demand growth, hyperscaler spending guidance, and pro-AI policies with potential rate cuts in 2026.
Polen Global Growth maintains a quality-focused approach to global growth investing, emphasizing companies with competitive advantages and strong long-term fundamentals while navigating market preferences for high-beta growth stocks.
The managers believe the datacenter capex cycle should continue for the foreseeable future with revenues and earnings for critical players continuing to grow at rapid rates. They expect the datacenter capex cycle and equity bull market has plenty of room to run, supported by pro-AI government policies and likely further rate cuts in 2026.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 21 2026 | 2025 Q4 | 0700.HK, ADBE, AMZN, BSX, CSGP, GOOGL, ICLR, LLY, MELI, NVDA, OR.PA, ORCL, PAYC, SGE.L, SHL.DE, SHOP, SPOT, TSM, WDAY, WTW | AI, global, growth, Quality, software, technology |
LLY ORCL 0700 HK SPOT |
Polen Global Growth's quality-focused approach faced headwinds in Q4 as markets favored high-beta growth, resulting in -2.5% gross returns versus +3.3% for MSCI ACWI. Oracle's OpenAI-related concerns offset strong performance from Eli Lilly's GLP-1 momentum. New positions in Tencent and Spotify reflect emerging opportunities while maintaining focus on long-term competitive advantages. |
| Oct 16 2025 | 2025 Q3 | AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, cyclicals, Global Growth, Quality, semiconductors, technology |
ORCL SBUX IDXX GLOB |
Polen Global Growth underperformed in Q2 as markets favored cyclicals and AI over quality growth. Oracle led gains on AI cloud positioning while lack of semiconductor exposure hurt performance. New positions in Starbucks and IDEXX added, Globant eliminated. Despite tariff uncertainties, managers maintain confidence in mid-teens earnings growth from competitively advantaged businesses. |
| Jul 16 2025 | 2025 Q2 | AAPL, ACN, ADP, ADYEN.AS, AON, AVGO, GOOGL, IDXX, MA, MSFT, NVDA, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, cyclicals, Global Growth, Oracle, Quality, semiconductors |
ORCL SBUX IDXX GLOB ORCL SBUX IDXX |
Polen Global Growth underperformed in Q2 as AI semiconductors and cyclicals dominated the narrow market rally, creating headwinds for their quality-focused approach. Oracle was the standout performer on AI cloud infrastructure momentum. New positions in Starbucks and IDEXX reflect opportunistic additions to high-quality franchises. Management maintains conviction in long-term compounding despite near-term style headwinds. |
| Apr 15 2025 | 2025 Q1 | ABNB, ABT, ACN, ADYEN.AS, AMZN, AON, CSGP, GLOB, GOOGL, MELI, NOW, NVDA, NVO, OR.PA, ORCL, PAYC, SAP, SGE.L, SHOP, WTW, ZTS | AI, global, growth, healthcare, Quality, tariffs, technology, volatility |
ABT AON GLOB AMZN NVO WTW ADYEN MELI |
Polen Capital's quality growth strategy faced headwinds in Q1 2025 as tariff uncertainty drove rotation from growth to value stocks. Despite underperformance, managers remain confident in their high-quality, competitively advantaged holdings with pricing power and recurring revenues. Active portfolio management included trimming overvalued positions and adding three new holdings at attractive valuations during market volatility. |
| Jan 16 2025 | 2024 Q4 | ABNB, ADBE, AMZN, CSGP, CSL.AX, GOOGL, ICLR, MC.PA, NVO, OR.PA, ORCL, PAYC, SHOP.TO | AI, Cloud, E-Commerce, global, growth, Quality, software |
SHOP.TO AMZN PAYC CSGP |
Polen Global Growth outperformed in Q4 despite software sector headwinds from AI narratives. Strong contributors included Shopify, Amazon, and Paycom, while ICON and Novo Nordisk detracted. New position in CoStar Group initiated after pullback. Managers remain optimistic about AI transition from infrastructure to applications, positioning for durable mid-teens earnings growth from high-quality holdings. |
| Oct 23 2024 | 2024 Q3 | ADP, AMZN, AON, GLOB, GOOGL, LLY, MSCI, MSFT, NVDA, NVO, ORCL, PAYC, SAP, SHOP.TO | Cloud, global, growth, Quality, technology | ORCL | Polen Capital's concentrated quality growth strategy underperformed in Q3 as markets rotated from mega-cap technology. Despite near-term volatility from AI spending concerns and regulatory pressures, the managers remain confident in their high-quality holdings' ability to deliver mid-teens earnings growth. They initiated Oracle, leveraging cloud infrastructure acceleration, while maintaining conviction in their tortoise-like approach to compounding returns. |
| Jul 16 2024 | 2024 Q2 | ADBE, ADSK, AMZN, AON, GOOGL, MC.PA, MSCI, MSFT, NOW, NVDA, PAYC, SHOP, WDAY, ZTS | AI, Cloud, global, growth, Quality, semiconductors, software, technology |
GOOGL ADBE AMZN NVDA WDAY PAYC ZTS SHOP |
Polen Capital's concentrated quality growth strategy underperformed in Q2 as AI-driven market leadership favored NVIDIA over their diversified holdings. Despite strong results from Alphabet, Adobe, and Amazon, the fund's disciplined approach to valuation and earnings quality led to relative underperformance. Managers remain confident in their mid-teens earnings growth thesis while acknowledging near-term headwinds from narrow market leadership. |
| May 9 2024 | 2024 Q1 | AAPL, ABNB, ACN, ADBE, ADP, AMZN, GLOB, META, MSFT, NESN.SW, NVDA, OR.PA, PAYC, SAP, SGE.L, TSLA, WDAY | AI, Cloud, global, growth, Quality, technology | - | Polen Capital's quality growth strategy slightly underperformed in Q1's momentum-driven market, returning 7.81% net versus 8.20% for MSCI ACWI. Strong performance from SAP's cloud transition and Amazon's AWS recovery offset by missing NVIDIA's AI-driven rally. New positions in Sage, Airbnb, and Paycom reflect continued focus on sustainable growth businesses. Managers expect mid-teens EPS growth over five years. |
| Dec 1 2024 | 2023 Q4 | ABT, ADP, ALGN, AMZN, AON, EL, MSFT, NESN.SW, NVO, SAP, WDAY | global, growth, healthcare, Quality, technology |
WDAY AMZN SAP AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT ABT |
Polen Capital's concentrated global growth strategy delivered strong Q4 performance through quality company selection. The team rotated from consumer discretionary names like Estée Lauder and Align Technology into higher-conviction positions including Amazon, Novo Nordisk, and Abbott Laboratories. With Amazon as the largest holding and cloud transformation themes driving returns, the portfolio targets mid-teens earnings growth over five years. |
| Oct 19 2023 | 2023 Q3 | ADBE, ADP, ALGN, AMZN, GOOGL, ICON, MC.PA, MSCI, MSFT, NOW, NVO, SHL.DE, WDAY | global, growth, healthcare, large cap, Quality, technology |
GOOGL ADBE MC.PA SHL.DE ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT WDAY AMZN |
Polen Capital's concentrated global growth strategy delivered strong year-to-date outperformance despite Q3 weakness. The team remains focused on high-quality businesses with sustainable competitive advantages, adding exposure to AI beneficiaries and GLP-1 innovators while trimming overvalued positions. They expect mid-teens earnings growth from their portfolio companies regardless of near-term macro uncertainty. |
| Jul 19 2023 | 2023 Q2 | ADP, ADYEY, AON, GOOGL, IDXX, MA, MSFT, ORCL, SBUX, SHLX, SHOP.TO, TMO, V, WDAY, ZTS | AI, Cloud, Global Growth, healthcare, Quality, secular growth, technology, Trade Policy |
ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO SBUX ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
Polen Capital's quality-focused global growth strategy underperformed in Q2's AI-driven rally due to zero semiconductor exposure, despite Oracle's 56% gain from cloud infrastructure acceleration. The managers initiated Starbucks and IDEXX positions while trimming various holdings. They remain cautious on declaring victory over tariff risks but confident in their portfolio's long-term mid-teens earnings growth potential. |
| Apr 19 2023 | 2023 Q1 | ACN, ADP, ADYEY, AON, GOOGL, IDXX, MA, MSFT, ORCL, SBUX, SGE.L, SHL.DE, SHOP.TO, TMO, V, WDAY, ZTS | AI, global, growth, Oracle, Quality, semiconductors, technology |
ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO SBUX ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
Polen Global Growth underperformed in Q2 due to zero semiconductor exposure during an AI rally. Oracle led performance with 56% gains from AI infrastructure positioning. New positions in Starbucks and IDEXX reflect focus on quality secular growth. Despite market rebound, managers remain cautious on tariff risks while confident in portfolio's long-term compounding ability. |
| Oct 26 2022 | 2022 Q3 | ADBE, ADP, ADS, ADSK, AMZN, ICLR, OR | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been the defining theme of market leadership in 2025, driving surge in data center capex and benefiting semis, electrical equipment, and tech hardware. AI data centers require enormous power and Bloom Energy's fuel cells help address this issue. AI requires immense volumes of fast, high-capacity data storage creating strong demand for flash memory solutions. |
Data Centers Semiconductors Storage Power Infrastructure |
ElectrificationPortfolio has largest absolute and relative exposure to Industrials sector representative of conviction in Electrification theme. However, manager has modestly reduced exposure to some larger holdings in the Electrification theme during the quarter. |
Industrial Power Grid Infrastructure Energy | |
SolarFirst Solar is a vertically integrated leading manufacturer of solar panels manufactured in the US, differentiating with thin-film CdTe technology offering better performance. Added tailwind from Trump Administration's 'One Big Beautiful Bill' driving US demand for non-China solar products. |
Renewable Manufacturing Policy China Technology | |
BiotechnologyBiotech was a standout performer during the quarter, delivering its best quarter in five years on back of improving rate environment, easing regulation with more M&A, and excitement around promise AI holds in driving efficiencies in drug discovery process. |
Healthcare M&A Regulation Drug Discovery Rates | |
SpaceRocket Lab is an end-to-end space company developing rocket launch and control systems. The stock was up nearly 50% in the quarter on strong earnings results and growing backlog. Manager initiated position later in quarter but lack of exposure for better part of period meant it was a detractor to relative performance. |
Defense Launch Satellites Technology Growth | |
| 2025 Q3 |
AIAI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials. |
Cloud Infrastructure Generative AI AI Infrastructure Oracle Cloud AI Models |
CloudOracle appears to be in the early stages of significant revenue growth increase, fueled partly by its position as a go-to cloud infrastructure provider for training generative AI models. Oracle has been successfully migrating enterprise software customers to the cloud and is able to bring its database clients to the cloud for the first time. |
Cloud Migration Enterprise Software Database Cloud Infrastructure Oracle Cloud | |
SemiconductorsSemiconductors were up nearly 60% in Q2 off the April 8 lows, representing the most obvious representation of AI leadership. Not having exposure to semiconductors presented a significant headwind to relative performance, with NVIDIA and Broadcom comprising two of the bottom six relative detractors. |
NVIDIA Broadcom AI Leadership Semiconductor Rally Tech Hardware | |
| 2025 Q2 |
AIAI re-emerged as the dominant narrative driving much of the market's leadership in the second quarter. Oracle was positioned as a go-to cloud infrastructure provider for training generative AI models, experiencing significant revenue growth acceleration. The AI leadership extended to AI-adjacent infrastructure segments like utilities, select software businesses, and pockets within industrials. |
Cloud Infrastructure Generative AI AI Infrastructure Oracle Revenue Growth |
CloudOracle appears to be in the early stages of significant revenue growth increase, fueled partly by its position as a go-to cloud infrastructure provider for training generative AI models. The company has been successfully migrating enterprise software customers to the cloud and is finally able to bring its database clients to the cloud, creating a multi-pronged growth investment thesis. |
Oracle Database Migration Enterprise Software Cloud Migration Infrastructure | |
| 2025 Q1 |
Trade PolicyTrump tariffs announced in February created market volatility and uncertainty, with semiconductors down 19% and Magnificent 7 down 15%. Managers expect limited direct impact on their portfolio given focus on branded software and services businesses with pricing power, though acknowledge potential 2nd order effects from reduced consumer spending. |
Tariffs Trade War China Semiconductors Volatility |
AIAI infrastructure narrative dominated markets for two years but faced challenges with DeepSeek news questioning GPU capex needs and NVIDIA export restrictions to China. Managers maintain cautious stance on NVIDIA given inability to predict long-term growth with confidence. |
NVIDIA GPUs DeepSeek Infrastructure Semiconductors | |
QualityPortfolio focuses on high-quality, competitively advantaged businesses with durable growth prospects, robust balance sheets, and recurring revenue streams. This approach provides resilience through market cycles and positions for long-term value creation despite short-term volatility. |
Competitive Advantages Balance Sheets Recurring Revenue Resilience Durability | |
E-commerceAdded MercadoLibre as leading Latin America e-commerce and digital payments provider with Amazon-like platform and logistics advantages. E-commerce penetration remains below 15% in LatAm but gaining share rapidly, with significant advertising opportunity resembling Amazon playbook. |
MercadoLibre Latin America Digital Payments Logistics Advertising | |
PaymentsInitiated position in Adyen, a Netherlands-based electronic payments platform with global reach and organic growth model. Benefits from secular growth in digital payments and e-commerce shift, with over 80% recurring revenues and superior payment acceptance rates versus competitors. |
Adyen Digital Payments Recurring Revenue E-commerce Fintech | |
| 2024 Q4 |
AIAI applications are emerging across several software and cloud businesses in the portfolio, though still representing a modest percentage of revenues. The focus is shifting from infrastructure build-out to monetizing AI in the application layer, positioning the portfolio to benefit from this transition. |
Applications Infrastructure Software Cloud Monetization |
E-commerceShopify demonstrated strong performance with accelerating Gross Merchandise Value growth of 24% despite tough comparisons. The company benefits from multiple tailwinds including mobile commerce, social media, digital payments, and seamless omnichannel experiences. |
Shopify GMV Mobile Payments Omnichannel | |
CloudAmazon Web Services continues to drive margin expansion at Amazon, while Oracle's cloud infrastructure business shows accelerating trajectory with significant demand for AI training and inference workloads providing additional upside optionality. |
AWS Oracle Infrastructure Margins Workloads | |
GLP1Novo Nordisk's next-generation GLP-1 drug Cagrisema trial results came in below market expectations, causing significant stock decline. Despite this setback, the manager remains confident in Novo's leadership position in the massive and growing GLP-1 market opportunity. |
Novo Nordisk Cagrisema Obesity Market Leadership | |
Commercial Real EstateCoStar Group was added as a new position, providing commercial real estate data, analytics, and marketplace solutions. The company benefits from high barriers to entry and network effects in both its dominant CoStar Suite and Apartments.com businesses. |
CoStar Data Analytics Barriers Network Effects | |
| 2024 Q3 |
CloudOracle's cloud infrastructure business is accelerating as the company transitions applications and databases to the cloud. Oracle Cloud Infrastructure comprises many smaller datacenters that can act as public or private clouds, particularly benefiting large enterprises like banks and healthcare companies. The shift to cloud for Oracle applications and databases will provide a revenue tailwind for years to come. |
Oracle Infrastructure Database Enterprise Migration |
AIMarket rotation occurred from mega cap technology and AI winners into other segments. Generative AI tools appear to be gaining traction, which is expected to lead to accelerating growth for cloud businesses. AI-related capital expenditure spending continued to ramp up across technology companies. |
Technology Capital Expenditure Growth Cloud Tools | |
GLP1Novo Nordisk experienced weakness due to mixed safety data in a mid-stage trial for its next-generation oral weight loss drug. The results showed statistically significant weight loss but limited additional losses at higher doses with mild to moderate side effects. Both Novo Nordisk and Eli Lilly are exploring several novel approaches for oral drugs. |
Weight Loss Oral Safety Trial Competition | |
| 2024 Q2 |
AIAI remained the dominant narrative in markets with narrow leadership from companies perceived to be AI beneficiaries. The Semiconductor industry rose 19% in the quarter and accounted for more than 50% of the MSCI ACWI Index return. However, most businesses are only experimenting with GenAI rather than actual, proven use cases. |
Artificial Intelligence Semiconductors GenAI Infrastructure GPUs |
CloudAmazon's AWS segment showed re-acceleration in revenue growth with margins increasing compared to the prior quarter. The company is ramping up capex spending in AWS to meet cloud demand, including demand from GenAI. This represents real demand the company is experiencing today. |
AWS Cloud Computing Infrastructure Capex Margins | |
Enterprise SoftwareWorkday sold off more than 15% as management guided to organic subscription sales growth in the range of 16.6-17%, 50bps lower than previously guided. However, it remains a solid, market-leading, long-term compounder with substantial runway for future growth in human capital management and financial software. |
SaaS Subscription HCM Financial Software Enterprise | |
| 2024 Q1 |
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. Amazon's AWS saw a long-awaited re-acceleration in revenue growth during the period. |
SaaS Cloud Infrastructure Enterprise Software AWS Migration |
AINVIDIA continues to play a central role in building AI infrastructure with an 87% year-to-date return following a 239% return in 2023. Adobe rolled out its Firefly AI product, though faces renewed skepticism around effectively monetizing AI within its creative suite. The market shows growing frenzy around AI with semiconductor companies benefitting. |
Artificial Intelligence Semiconductors GPUs Infrastructure Generative AI | |
QualityThe fund emphasizes sustainable, predictable growth supported by secular tailwinds and focuses on highest-quality businesses with durable competitive advantages and strong balance sheets. Portfolio companies continue to meet or exceed earnings growth expectations despite economic softening in some segments. |
Competitive Advantages Balance Sheets Predictable Growth Secular Tailwinds Resilience | |
| 2023 Q4 |
CloudSAP's transition to the cloud continues at pace with robust cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. Workday operates in the $100bn+ global HCM market and is expected to generate 20%+ annualized earnings growth over the next three to five years. |
SaaS Enterprise Software HCM Revenue Growth Margins |
E-commerceAmazon's e-commerce business has gradually re-accelerated from 2022's levels. The company's margins and free cash flow have rebounded materially from last year as Amazon continues to optimize costs and capital expenditures. Amazon is positioned as the largest absolute weight in the Portfolio. |
AWS Free Cash Flow Margins Optimization Growth | |
GLP1Novo Nordisk's innovation into GLP-1 drugs has shown significant efficacy in weight loss beyond diabetes treatment. Obesity has become a global epidemic with negative health effects, and payors are expected to recognize the value of these obesity treatments to both patients and the overall healthcare system. |
Obesity Diabetes Weight Loss Healthcare Innovation | |
| 2023 Q3 |
AIAlphabet is leaning heavily into being an AI business for some time, while Adobe's GenAI approach through Firefly guarantees safe content by training on Adobe Stock. Both companies are making heavy investments in GenAI that will weigh on margins near-term. |
GenAI Firefly ChatGPT Machine Learning Content Generation |
CloudAWS growth is stabilizing as management works with clients to optimize infrastructure spend. Roughly 90% of global IT spending remains on premise, which will eventually flip with most IT spending moving to the cloud over time. |
AWS Infrastructure Migration Optimization Enterprise | |
GLP1Novo Nordisk's innovation into GLP-1 drugs like Ozempic and Wegovy has changed the investment case, with these drugs showing significant efficacy in both diabetes control and weight loss. GLP-1 drugs account for nearly 70% of Novo Nordisk's sales today. |
Ozempic Wegovy Obesity Diabetes Weight Loss | |
| 2023 Q2 |
AIAI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle benefited significantly from its position as a go-to cloud infrastructure provider for training generative AI models, with the company appearing to be in early stages of significant revenue growth acceleration. Not having exposure to semiconductors presented a significant headwind to relative performance. |
Cloud Infrastructure Semiconductors Revenue Growth Training Models Market Leadership |
CloudOracle's cloud infrastructure segment (OCI) drove meaningful acceleration in growth as the company positions as a go-to provider for training generative AI models. Oracle has been successfully migrating enterprise software customers to the cloud and is finally able to bring database clients to the cloud, creating a multi-pronged growth investment thesis. |
Enterprise Migration Database Migration Infrastructure Growth Acceleration Multi-pronged Thesis | |
QualityThe portfolio is constructed around high-quality secular growth businesses, from stable compounders delivering steady, predictable, low double-digit earnings growth to open-ended growth businesses attacking large, expanding addressable markets. The approach focuses on the highest-quality growth businesses with robust balance sheets, higher profitability, and faster-than-average growth. |
Secular Growth Stable Compounders Balance Sheets Profitability Earnings Growth | |
Trade PolicyThe market initially embraced the new U.S. administration's pro-growth policy agenda while minimizing tariff-related headwinds. Dissipating tariff concerns in Q2 sparked a concentrated recovery rally. However, the manager believes it may be premature to signal all-clear regarding potential tariff impacts, though they expect the impact on portfolio companies to be manageable. |
Tariffs Pro-growth Agenda Recovery Rally Policy Impact Geopolitical | |
| 2023 Q1 |
AIAI re-emerged as the dominant narrative driving much of the market's leadership in Q2. Oracle benefited significantly from its position as a go-to cloud infrastructure provider for training generative AI models, with the company appearing to be in early stages of significant revenue growth acceleration. |
Oracle Infrastructure Cloud Revenue Growth |
QualityThe portfolio is constructed around high-quality secular growth businesses with robust balance sheets, higher profitability, and faster-than-average growth. The managers emphasize their focus on the highest-quality growth businesses and disciplined investment process, avoiding short-term narrative hype cycles. |
Growth Balance Sheets Profitability Disciplined Process | |
SemiconductorsSemiconductors were up nearly 60% in Q2 off the April lows, representing the most obvious representation of AI leadership. However, the portfolio has zero exposure to semiconductors, which presented a significant headwind to relative performance with NVIDIA and Broadcom comprising two of the bottom six relative detractors. |
NVIDIA Broadcom Performance Exposure Headwind |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 30, 2023 | Fund Letters | Polen Capital - Global Growth | WDAY | Workday, Inc. | Information Technology | Application Software | Bull | NASDAQ | Cloud computing, Compounding growth, Enterprise software, financial software, Geographic Expansion, Human capital management, SaaS | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - Global Growth | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, AWS, Capacity utilization, Cloud computing, digital infrastructure, e-commerce, Free Cash Flow | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - Global Growth | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, Cloud computing, digital advertising, Free Cash Flow, SaaS, search engine, technology | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - Global Growth | ADBE | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | creative software, enterprise, GenAI, margin expansion, SaaS, Share Buybacks, Software | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - Global Growth | SHL.DE | Siemens Healthineers AG | Health Care | Health Care Equipment | Bull | XETRA | acquisition integration, COVID-19, Germany, Healthcare Equipment, margin expansion, medical technology, Revenue Growth | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - Global Growth | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK | MSCI Inc. | Financials | Financial Exchanges & Data | Bull | NYSE | asset management, capital allocation, Data Analytics, ESG, financial data, indices, network effects | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - Global Growth | AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | NASDAQ | Blockbuster Drugs, Denmark, Diabetes, GLP-1, healthcare innovation, Obesity, pharmaceuticals | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - Global Growth | MC.PA | LVMH Moët Hennessy Louis Vuitton SE | Consumer Discretionary | Apparel, Accessories & Luxury Goods | Bull | Euronext Paris | brand portfolio, China, Consumer Discretionary, Demographics, Emerging markets, Luxury goods, Pricing power | Login |
| Jun 30, 2025 | Fund Letters | Polen Capital - Global Growth | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Oracle Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud infrastructure, Database, Enterprise software, SaaS, technology | Login |
| Jun 30, 2025 | Fund Letters | Polen Capital - Global Growth | SBUX | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Brand, Consumer Discretionary, operational efficiency, Restaurant, retail, turnaround | Login |
| Jun 30, 2025 | Fund Letters | Polen Capital - Global Growth | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK | IDEXX Laboratories Inc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Defensive growth, healthcare, life sciences, Pet Diagnostics, recurring revenue, Veterinary | Login |
| Jan 21, 2026 | Fund Letters | Damon Ficklin | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Glp1, growth, innovation, pharmaceuticals, Pricing | Login |
| Jan 21, 2026 | Fund Letters | Damon Ficklin | ORCL | Oracle Corporation | Information Technology | Application Software | Bull | New York Stock Exchange | AI, backlog, cloud, Execution, valuation | Login |
| Jan 21, 2026 | Fund Letters | Damon Ficklin | 0700 HK | Tencent Holdings Limited | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | advertising, AI, China, Gaming, Payments | Login |
| Jan 21, 2026 | Fund Letters | Damon Ficklin | SPOT | Spotify Technology S.A. | Communication Services | Movies & Entertainment | Bull | New York Stock Exchange | Engagement, Freecashflow, monetization, network, Streaming | Login |
| Oct 16, 2025 | Fund Letters | Damon Ficklin | ORCL | Oracle Corp. | Information Technology | System Software | Bull | NYSE | AI infrastructure, backlog, cloud migration, operating leverage, recurring revenue | Login |
| Oct 16, 2025 | Fund Letters | Damon Ficklin | SBUX | Starbucks Corp. | Consumer Discretionary | Restaurants | Bull | NASDAQ | Digital, international expansion, Margins, Throughput, turnaround | Login |
| Oct 16, 2025 | Fund Letters | Damon Ficklin | IDXX | IDEXX Laboratories Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | FCF, Pricing power, product innovation, recurring revenue, Veterinary diagnostics | Login |
| Oct 16, 2025 | Fund Letters | Damon Ficklin | GLOB | Globant S.A. | Information Technology | IT Consulting & Other Services | Bear | NYSE | Demand slowdown, IT services, pipeline, Utilization, Valuation risk | Login |
| Jul 16, 2025 | Fund Letters | Damon Ficklin | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | New York Stock Exchange | AI infrastructure, cash flow, cloud migration, Databases, recurring revenue | Login |
| Jul 16, 2025 | Fund Letters | Damon Ficklin | SBUX | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Brand, consumer, operating leverage, Restaurants, turnaround | Login |
| Jul 16, 2025 | Fund Letters | Damon Ficklin | IDXX | IDEXX Laboratories, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Animal Health, diagnostics, Razor-And-Blade, recurring revenue, secular growth | Login |
| Jul 16, 2025 | Fund Letters | Damon Ficklin | GLOB | Globant S.A. | Information Technology | IT Consulting & Other Services | Bear | New York Stock Exchange | Consulting, Cyclicality, Digital transformation, guidance, IT services | Login |
| Jun 30, 2025 | Fund Letters | Polen Capital - Global Growth | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud infrastructure, Database Migration, Enterprise software, SaaS, technology | Login |
| Jun 30, 2025 | Fund Letters | Polen Capital - Global Growth | SBUX | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Brand, Consumer Discretionary, Management Change, Restaurant Operations, retail, turnaround | Login |
| Jun 30, 2025 | Fund Letters | Polen Capital - Global Growth | IDXX | IDEXX Laboratories Inc | Health Care | Health Care Equipment | Bull | NASDAQ | Demographics, Healthcare Equipment, Pet Diagnostics, Razor-and-Blades, recurring revenue, Veterinary | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - Global Growth | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Cloud computing, digital advertising, e-commerce, Equity, growth, retail, technology | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - Global Growth | ABT | Abbott Laboratories | Health Care | Health Care Equipment | Bull | NYSE | diagnostics, Equity, growth, healthcare, Medical devices, Medtech, Nutrition, pharmaceuticals, turnaround | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - Global Growth | GLOB | Globant S.A. | Information Technology | IT Consulting & Other Services | Bull | NYSE | Cyclical, Digital transformation, Equity, growth, It consulting, Software Development, Technology Services | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - Global Growth | MELI | MercadoLibre, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, digital payments, e-commerce, Emerging markets, Equity, Fintech, growth, Latin America, Logistics | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - Global Growth | AON | Aon plc | Financials | Insurance Brokers | Bull | NYSE | Brokerage, defensive, Equity, financials, Insurance, Non-Discretionary, professional services, recurring revenue | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - Global Growth | ADYEN | Adyen N.V. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | digital payments, e-commerce, Equity, Fintech, growth, Netherlands, Payments, recurring revenue, SaaS, technology | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - Global Growth | WTW | Willis Towers Watson Public Limited Company | Financials | Insurance Brokers | Bull | NASDAQ | advisory services, Brokerage, capital allocation, Equity, financials, Insurance, professional services, Share Buybacks, UK, Value | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - Global Growth | NVO | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | NYSE | Biotech, Diabetes, Equity, growth, healthcare, obesity treatment, pharmaceuticals, Weight loss | Login |
| Jun 30, 2025 | Fund Letters | Polen Capital - Global Growth | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Oracle Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud infrastructure, Database, Enterprise software, SaaS, technology | Login |
| Jun 30, 2025 | Fund Letters | Polen Capital - Global Growth | SBUX | Starbucks Corporation | Consumer Discretionary | Restaurants | Bull | NASDAQ | Brand, Consumer Discretionary, Operations, Restaurant, retail, turnaround | Login |
| Jun 30, 2025 | Fund Letters | Polen Capital - Global Growth | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK | IDEXX Laboratories Inc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Defensive growth, healthcare, life sciences, Pet Diagnostics, recurring revenue, Veterinary | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - Global Growth | CSGP | CoStar Group Inc. | Real Estate | Real Estate Services | Bull | NASDAQ | Apartments, commercial real estate, Data Analytics, growth, marketplace, network effects, Real Estate, recurring revenue | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - Global Growth | SHOP.TO | Shopify Inc. | Information Technology | Internet & Direct Marketing Retail | Bull | Toronto Stock Exchange | B2b, Cloud software, digital payments, e-commerce, Enterprise software, growth, Mobile Commerce, Omnichannel, SaaS | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - Global Growth | AMZN | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, AI, AWS, Cloud computing, e-commerce, Fulfillment, growth, margin expansion | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - Global Growth | PAYC | Paycom Software Inc. | Information Technology | Application Software | Bull | NYSE | BETI, cloud-native, growth, HCM Software, Human capital management, Payroll, SaaS, Software | Login |
| Sep 30, 2024 | Fund Letters | Polen Capital - Global Growth | ORCL | Oracle Corporation | Software & Services | Systems Software | Bull | NASDAQ | Autonomous Database, cloud infrastructure, Database, Digital transformation, Enterprise software, Hyperscaler Competition, Private Cloud, SaaS | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - Global Growth | AMZN | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Artificial Intelligence, AWS, capital allocation, Cloud computing, e-commerce, Reinvestment, Scale Economics | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - Global Growth | ADBE | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | Artificial Intelligence, creative software, digital media, generative AI, innovation, SaaS | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - Global Growth | ZTS | Zoetis Inc. | Health Care | Pharmaceuticals | Bull | NYSE | Animal Health, defensive, Durable Growth, pharmaceuticals, Safety, valuation, Veterinary | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - Global Growth | PAYC | Paycom Software Inc. | Information Technology | Application Software | Bull | NYSE | cloud-native, High retention, Human capital management, Mission-Critical, Payroll Software, recurring revenue, SaaS | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - Global Growth | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Cloud computing, digital advertising, dividend, search engine, Share Buyback, technology, Video Platform | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - Global Growth | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Neutral | NASDAQ | Artificial Intelligence, Cyclical, Graphics Processing Units, infrastructure, innovation, semiconductors, valuation | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - Global Growth | WDAY | Workday Inc. | Information Technology | Application Software | Bull | NASDAQ | Enterprise software, financial software, Human capital management, market leader, SaaS, subscription revenue | Login |
| Jun 30, 2024 | Fund Letters | Polen Capital - Global Growth | SHOP | Shopify Inc. | Information Technology | Application Software | Bull | NYSE | cross-selling, direct-to-consumer, E-commerce Platform, Mobile Commerce, Payments, SaaS, Scalable | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - Global Growth | SAP | SAP | Software & Services | Systems Software | Bull | NYSE | cloud transition, defensive, Enterprise software, ERP, Germany, recurring revenue, SaaS | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - Global Growth | AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT | Novo Nordisk | Health Care | Pharmaceuticals | Bull | NYSE | Denmark, Diabetes, GLP-1, healthcare innovation, obesity treatment, pharmaceuticals, secular growth | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - Global Growth | ABT | Abbott Laboratories | Health Care | Health Care Equipment & Supplies | Bull | NYSE | diagnostics, Diversified, Durable Growth, Global, healthcare, Medical devices, value opportunity | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - Global Growth | WDAY | Workday | Software & Services | Application Software | Bull | NASDAQ | Cloud Applications, Enterprise software, growth, Human capital management, market share, SaaS | Login |
| Dec 31, 2023 | Fund Letters | Polen Capital - Global Growth | AMZN | Amazon | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Cloud computing, Competitive Advantage, e-commerce, Free Cash Flow, margin expansion, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| 0700.HK | Shinya also visited Shenzhen, where Star Magnolia Capital organized an educational visit for our families to Tencent's headquarters, alongside meetings with several promising early-stage companies. |
| ADBE | By looking at their Rnancials, FactSet, PayPal, Adobe, and Salesforce seem to be doing Rne. The market, however, is reading subdued revenue growth as a sign of increased competition on their core oSerings. These companies' outlooks look more di'cult than their past. |
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| BSX | However, Boston Scientific has fallen sharply following an earnings report on February 4 that missed expectations. |
| CSGP | The shares of CoStar Group, Inc., the global leader in digitizing real estate, declined in the fourth quarter, due to concerns that the company's residential Homes.com platform will continue to require significant capital investment and competitive worries that Google's new real estate advertisement format and Zillow's OpenAI partnership could divert traffic from Homes.com in the years ahead. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| ICLR | We also decided to exit our relatively small position in ICON plc. We remain optimistic about Icon's long-term prospects but growth for the company in the short to intermediate term still appears challenged to us. Without the conviction to add to our existing weight we feel it is better to reallocate to other opportunities where the business momentum is stronger. |
| LLY | Eli Lilly shares were a top performer in 4Q25 after delivering strong Q3 2025 earnings in October. Revenue rose 54% year-over-year to $17.6 billion, and adjusted EPS of $7.02 beat consensus of $6.02. Growth was driven by its GLP-1 franchises, Mounjaro and Zepbound, where sales more than doubled year-over-year, alongside strength in other therapeutic areas. Management raised full-year guidance for both revenue and earnings, reinforcing investor confidence in the company's growth outlook. |
| MELI | E-commerce Volatility: turbulence in our e-commerce portfolio companies, Sea Ltd (Southeast Asia) and MercadoLibre (Latin America), amidst aggressive price wars. |
| NVDA | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| OR.PA | In 2024, it seemed to us that other investors were unduly focused on a slowdown in consumer spending in China, an important market for L'Oréal yet contributing only 17% of its sales. L'Oréal is a broad, balanced business such that in any given year, faster-growing parts of the world will typically offset the weaker ones. We saw this in 2025, where strength in markets such as Europe, the Middle East and South America offset sluggish markets in China and the US, allowing L'Oréal to deliver a year of solid earnings growth. |
| ORCL | Investor enthusiasm for Oracle's stock in calendar year 2025 was initially driven by several multi-billion-dollar contracts it signed with leading AI companies, including OpenAI and Meta. However, in Q4 sentiment for ORCL's growth prospects shifted to skepticism, as investors began to scrutinize the return profile of the substantial capital investments required to support the approximately $500 billion of contracts signed by Oracle. Given the widening range of potential outcomes associated with Oracle's elevated capital needs, we reduced our position in ORCL during Q4. |
| PAYC | Paycom Software was the top detractor during the quarter. The U.S.-headquartered human resources and employment services company's stock price declined alongside peers due to broad underperformance in the application software sector. We continue to believe Paycom has a long runway for future growth and that system-of-record software companies like Paycom will not be replaced by AI. We appreciate management's focus on ramping share repurchases, which we believe will add significant per-share value at today's stock price. |
| SGE.L | By contrast, we exited our small position in Sage Group to help fund our new positions in Spotify and Tencent. Sage's business is doing fine but we believe there are better opportunities currently in those other businesses and without the confidence to add to our current weight, we feel it is more appropriate to move on from the business for the time being. |
| SHL.DE | During the quarter, we also initiated a position in Siemens Healthineers, a global leader in medical imaging and advanced therapies. The company is well placed to benefit from structural megatrends, such as aging demographics, greater emphasis on personalised care and the rising prevalence of chronic diseases. |
| SHOP | Shopify Inc. is a cloud-based software provider for multi-channel commerce. Shares rose 8.3% in the fourth quarter, finishing 2025 up 51.1% on strong financial results that outperformed Street expectations. The company is demonstrating rapid growth at scale with gross merchandise value (GMV) and revenues each growing over 30% year-on-year. |
| SPOT | Spotify is the world's leading audio streaming platform. Third-quarter results showed continued operating progress, with users increasing 11% to 713 million and subscribers growing 12% to 281 million. Meanwhile, operating income expanded to a mid-teens margin, alongside a record quarterly free cash flow. Despite the momentum, the shares weakened as investors reset near-term margin expectations. Spotify has been a top contributor to long-term Fund performance, and we remain confident that pricing, product innovation, advertising efficiency, and an expanding ecosystem can continue to widen margins over time, as reinforced this quarter by the launch of Spotify recommendations within ChatGPT. |
| TSM | TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level. |
| WDAY | Finally, we have exited our relatively small position in Workday. The company's growth has decelerated the past few quarters and the Financials segment of the business (~25% of sales) is growing slower than we believe it should be. This is a company we may revisit at a later date but, for now, feel that we have better opportunities in other areas of the portfolio. |
| WTW | Additionally, we exited our position in Willis Towers Watson. While we believe the company is performing fine from an operational standpoint, we couldn't justify owning two insurance brokers with the possibility of the insurance industry entering a 'soft market' period for the next few years. |
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