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 Mar 1, 2025
Polen Capital's Global SMID Company Growth portfolio declined 4.84% gross in Q1 2025, underperforming the MSCI ACWI SMID Cap Index return of -1.71%. The quarter was marked by significant divergence between U.S. small caps, which fell 9.5%, and international small caps, which gained 0.6%. The portfolio's quality growth investment style lagged as value outperformed growth during the period. Top contributors included Sanrio, benefiting from Hello Kitty's 50th anniversary promotions and licensing growth, Goosehead Insurance with strong results and margin expansion, and new position Lottomatica, leveraging Italy's online gambling transition. Key detractors were Globant, facing disappointing guidance and Latin American weakness, e.l.f. Beauty, pressured by tariff concerns and industry slowdown, and Kalyan Jewellers, impacted by Indian small cap sell-off. The managers initiated positions in Lottomatica and Saia while exiting Axis Bank and government contractors Booz Allen Hamilton and Tetra Tech. Despite challenging macro conditions including tariff disputes, inflation, and geopolitical uncertainty, the team remains optimistic about portfolio companies and SMID valuations, focusing on resilient businesses that can execute across economic cycles.
Polen Capital focuses on investing in resilient, quality growth businesses in the global SMID cap space that can self-fund growth and execute across various economic backdrops, seeking companies with sustainable competitive advantages and long-term growth potential.
Looking ahead to 2025 and beyond, we remain optimistic about our Portfolio companies and their relative outlooks, and we find the valuation for SMID stocks compelling. While global economic crosswinds are shifting rapidly and geopolitical uncertainty is creating a challenging environment for companies and investors, our focus remains on resilient businesses that can self-fund growth and execute across a range of economic backdrops.
Moderate Conviction Bullish
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