| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.51% | 32.83% | 36.84% |
The Polen 5Perspectives Small Growth Portfolio returned 32.83% net in Q2 2026, outperforming the Russell 2000 Growth Index's 25.71% return during one of the best quarterly returns for small caps in 25 years. The portfolio benefited from concentrated exposure to long-duration secular growth themes, particularly AI infrastructure and electrification. Top contributors included Bloom Energy, DigitalOcean, and Vicor—all positioned to benefit from accelerating AI-related capital spending and power infrastructure needs. Following early-quarter concerns about AI spending moderation, hyperscaler announcements confirmed that investment would continue accelerating, benefiting companies across power generation, electrical equipment, networking, and data centers. Power availability emerged as a primary bottleneck on AI growth, driving focus on generation capacity and grid infrastructure. The manager significantly increased Technology exposure during the quarter, nearly doubling the weight through investments in specialized cloud providers and AI-related infrastructure. This was funded by reduced exposure to Healthcare and Industrials, though Industrials remains the largest sector allocation. The manager maintains conviction that the accelerating pace of change will continue providing opportunities irrespective of market conditions.
The Polen 5Perspectives Small Growth strategy seeks to capitalize on the accelerating pace of change and disruption in small cap markets by identifying companies positioned to benefit from long-duration secular growth themes, with current emphasis on AI infrastructure, electrification, aerospace, and defense modernization.
The manager expects the accelerating pace of change to continue providing opportunities largely irrespective of the market environment. The paradigm shift experienced with AI in recent years has made the process of harnessing change and disruption more important, and this is expected to continue into the future. The manager maintains conviction in long-duration secular growth themes including AI infrastructure, electrification, aerospace, and defense modernization.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 14 2026 | 2026 Q2 | BE, CRDO, DOCN, FSLY, VICR, WGS | aerospace, AI Infrastructure, defense, Electrification, growth, industrials, small cap, technology | - | Polen 5Perspectives Small Growth returned 32.83% net in Q2 2026, outperforming during a banner quarter for small caps. The portfolio capitalized on AI infrastructure and electrification themes as hyperscaler spending accelerated and power availability emerged as a key bottleneck. Technology exposure nearly doubled through investments in specialized cloud providers. Top contributors were Bloom Energy, DigitalOcean, and Vicor, all positioned for long-duration secular growth in AI and power infrastructure. |
| Apr 23 2026 | 2026 Q1 | ADPT, AGX, ATEC, BE, POWL, WGS | AI, Data centers, Electrification, growth, healthcare, industrials, small cap, technology |
POWL AGX BE WGS ATEC |
Polen 5Perspectives Small Growth outperformed significantly in volatile Q1 2026, driven by power infrastructure beneficiaries of AI data center buildout including Powell Industries and Argan. Manager maintains conviction in Electrification and Aerospace themes while adapting to AI disruption by adding Agentic AI exposure and reducing genomics positions. |
| Feb 5 2026 | 2025 Q4 | AGX, BE, CORT, LRN, METC, NVDA, WGS | AI, Biotechnology, Electrification, Energy Transition, growth, innovation, small caps | - | Polen 5Perspectives Small Growth underperformed in Q4 despite strong full-year returns of 25.1% net. AI infrastructure themes drove top contributors Bloom Energy and Argan, while biotech exposure was doubled on improving fundamentals. Manager maintains conviction in innovation-driven small cap opportunities over tactical macro positioning, emphasizing structural tailwinds from technological disruption. |
| Oct 29 2025 | 2025 Q3 | BE, BLDE, CRS, JOBY, ODD, ORCL, POWL, TMDX | aerospace, AI, Data centers, Electrification, growth, innovation, small cap |
TSLA GOOGL BE SOFI |
Polen Capital's small cap growth strategy delivered 21.1% net returns in Q3 2025, driven by electrification and aerospace themes. Key winners included Bloom Energy's Oracle data center partnership and Joby Aviation's eVTOL progress. The manager focuses on innovation-driven companies rather than tactical rate-driven small cap plays, believing US small caps offer the world's most dynamic entrepreneurial opportunities. |
| Apr 23 2025 | 2025 Q1 | AAON, AIT, BROS, ELF, EXLS, FOXF, GLOB, GSHD, MEDP, MODG, NSIT, PCTY, PGNY, RMBS, RVLV, TECH, TREX, WRBY, YETI | consumer discretionary, growth, Portfolio Management, Quality, small caps, tariffs, volatility |
BROS EXLS GSHD GLOB ELF RVLV TECH |
Polen Capital's small-cap growth strategy navigated Q1 2025 volatility with disciplined portfolio management, delivering -10.82% net returns while slightly outperforming benchmarks. The team proactively repositioned away from tariff-vulnerable Consumer Discretionary holdings toward quality growth opportunities like Bio-Techne. Their Flywheel investment criteria and balanced approach position the portfolio for long-term compounding despite near-term economic uncertainty and trade policy headwinds. |
| Jan 23 2025 | 2024 Q4 | AIT, ALRM, AMN, BDC, BROS, CWAN, EEFT, FN, GSHD, HLI, IBP, NSIT, NVEE, OPCH, PCTY, RMBS, RVLV, SITE, TREX, WRBY, WSC | AI, growth, Quality, small cap, technology, value |
WRBY RVLV BROS WSC TREX FN BDC |
Polen's small cap growth strategy outperformed in Q4 despite a challenging 2024 dominated by crowded AI trades. The firm maintains discipline in seeking high-quality compounders through their Flywheel criteria, adding four new positions while exiting lower-conviction holdings. Management sees improving fundamentals ahead with small caps at attractive valuations following 2024's apparent earnings bottom. |
| Oct 23 2024 | 2024 Q3 | AIT, ALIT, ALRM, APPF, BROS, DOCS, ELF, GSHD, HL, IBP, NSIT, NVEE, PCTY, PGNY, RGEN, RH, RMBS, ROAD, RVLV, SITM | growth, healthcare, Quality, small cap, technology, volatility | - | Polen Capital's small cap growth strategy faced headwinds in Q3 2024 as market momentum favored low-quality stocks over their high-quality approach. Despite portfolio turnover and volatile performance, managers maintain conviction in their concentrated holdings of quality compounders, believing small caps offer compelling long-term growth potential at attractive valuations. |
| Jul 24 2024 | 2024 Q2 | AAON, AIT, ALIT, APPF, BL, CCCS, DAVA, DOXI, HELE, HLNE, IBP, OPCH, PGNY, RGEN, RH, ROAD, RVLV, SITM, SMCI, WING, WRBY, XPEL | growth, healthcare, Quality, rates, small caps, technology, volatility | - | Polen Capital's small cap growth strategy underperformed in Q2 as market volatility and the small/large cap performance gap widened amid rate uncertainty. The managers maintained discipline, trimming overvalued positions and adding six new quality holdings. Despite near-term headwinds, they see significant opportunity in high-quality small caps trading at attractive valuations with strong long-term growth potential. |
| May 9 2024 | 2024 Q1 | AMN, APPF, BMBL, CNM, CWAN, ENDV, EXLS, GLOB, GNRC, HLI, PGNY, SITM, WING | growth, momentum, Quality, small caps, technology, value | - | Polen's small cap growth strategy underperformed in Q1 as momentum favored lower-quality names, with two stocks driving over half the Russell 2000 Growth returns. The team maintained discipline, trimming winners and adding to conviction positions while eliminating Bumble. They remain optimistic about their high-quality portfolio's latent potential despite near-term headwinds from momentum-driven markets. |
| Feb 20 2024 | 2023 Q4 | BWMN, CCCS, CNM, FIVE, FOXF, GNRC, HLNE, LGIH, MEDP, MODG, QLYS, WING, XPEL | concentrated, growth, Quality, Resilience, small cap, value | - | Polen Capital's small cap growth strategy delivered solid Q4 returns while maintaining focus on high-quality businesses with strong free cash flow and self-funding capabilities. Despite underperforming the index, the team added six new positions and remains cautiously optimistic about small cap opportunities as rate hikes near an end and valuations remain historically attractive relative to large caps. |
| Oct 19 2023 | 2023 Q3 | ALIT, ALTR, CCCS, CWA, DCGO, DOCS, EEFT, EXL, FTCH, GSHD, LESL, OLO, XPEL, YETI | growth, insurance, Quality, small caps, software, technology |
GSHD CCCS YETI EEFT AMDOCS ALIT CLWD XPEL EXLS |
Polen Capital's small cap growth strategy outperformed in Q3 despite negative absolute returns, driven by disciplined selection of high-quality companies with durable competitive advantages. The team sees attractive opportunities in discounted small caps and maintains conviction in their Flywheel framework, focusing on businesses with robust free cash flow and reinvestment capabilities at significant discounts to intrinsic value. |
| Jul 19 2023 | 2023 Q2 | BE, BLDE, CRS, JOBY, ODD, ORCL, POWL, TMDX | aerospace, AI, Electrification, growth, innovation, small caps, technology |
6BE GR JOBY POWL ODD CRS TMDX |
Polen Capital's small cap strategy delivered 21.1% net returns in Q3 2025 through concentrated exposure to electrification and aerospace themes. Key winners included Bloom Energy's AI data center power solutions and Joby Aviation's electric aircraft technology. The manager emphasizes innovation-driven performance over macro cycles, believing US small caps offer superior growth through technological advancement and entrepreneurial dynamism. |
| Apr 19 2023 | 2023 Q1 | BE, BLDE, CRS, JOBY, ODD, ORCL, POWL, TMDX | aerospace, AI, Data centers, Electrification, growth, innovation, small caps |
6BE GR JOBY POWL ODD CRS TMDX |
Polen Capital's small cap growth strategy delivered 21.1% net returns in Q3 2025, driven by concentrated bets on electrification and aerospace innovation. Key winners included Bloom Energy's data center power solutions and Joby Aviation's eVTOL technology. The manager focuses on accelerating innovation rather than tactical small cap timing, believing the US small cap universe offers the world's most dynamic entrepreneurial opportunities. |
| Oct 26 2022 | 2022 Q3 | AMN, AZTA, EEF GR, GSHD, PCTY, PGNY, WING, YETI | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AI InfrastructureThe manager views AI infrastructure as a core long-duration secular growth theme. Following concerns earlier in the year about potential moderation in AI capital spending, hyperscaler announcements confirmed that spending growth would continue and appears to be accelerating. This benefits companies across power generation, electrical equipment, networking, and data center infrastructure. |
Data Centers Cloud Semiconductors Networking Power Equipment |
ElectrificationPower availability emerged as a primary bottleneck on future AI growth during the quarter. As electricity demand forecasts moved higher, the market focused on companies positioned to benefit from expanding generation capacity, strengthening grid infrastructure, and providing alternative power solutions. The portfolio maintains its largest absolute and relative exposure to Industrials, reflecting conviction in this theme. |
Grid Upgrade Power Equipment Energy Transition Electrical Equipment Energy Storage | |
AerospaceAerospace is identified as one of the long-duration secular growth themes where companies were among the strongest performers during the quarter. The portfolio maintains significant exposure through its Industrials allocation, though this has declined on the margin. |
Aerospace Defense Aerospace Components | |
Defense ModernizationDefense modernization is characterized as a long-duration secular growth theme with strong performance during the quarter. The manager references this as part of the 'Military 2.0' theme (next generation military technology), though exposure has decreased on the margin as the process led to redeployment elsewhere. |
Defense Defense Electronics Defense Components | |
CloudThe manager significantly increased Technology exposure during the quarter, nearly doubling the weight from the beginning of the period. A key driver was a nascent theme around neocloud providers—specialized cloud infrastructure providers dedicated to AI workloads. DigitalOcean, a cloud infrastructure provider, was a top contributor as investors responded favorably to improving growth expectations and confidence in the company's ability to benefit from broader demand for cloud infrastructure and AI-related workloads. |
Cloud Infrastructure Data Centers AI SaaS | |
Small CapsSmall caps staged one of their best quarterly returns of the past 25 years with the Russell 2000 Growth returning 25.71%. The manager believes the small cap universe in the US is home to some of the most innovative, dynamic companies and entrepreneurs in the world. Performance is fueled by the accelerating pace of change, and the manager has built a process to harness change and disruption, which has become more important with AI. |
Small Caps Growth Innovation | |
| 2026 Q1 |
AIAI-related disruption fears emerged in software, with Agentic AI threatening traditional software business models and causing industry de-rating. The manager sees AI accelerating disruption pace across industries. They increased exposure to Agentic AI within Technology sector during the quarter. |
Agentic AI Software Disruption Technology |
Data CentersData centers driving electricity demand growth, particularly from AI workloads. Powell Industries benefits from power distribution needs in data centers, while Argan constructs power plants supplying electricity to AI data centers. Bloom Energy provides onsite power solutions for data centers requiring constant electricity. |
Power Infrastructure Electricity AI Workloads | |
Energy TransitionPortfolio maintains conviction in Electrification theme with largest exposure to Industrials sector. Bloom Energy's fuel cells provide clean, reliable power solutions converting natural gas, biogas and hydrogen into electricity without combustion, addressing decentralized power needs. |
Electrification Clean Energy Fuel Cells Power Generation | |
DefensePortfolio has exposure to nascent Military 2.0 theme within Industrials sector, representing conviction in defense modernization trends. |
Military Defense Modernization | |
AerospacePortfolio maintains conviction in Aerospace theme with significant exposure through Industrials sector positioning. |
Aviation Aerospace Components | |
Private CreditPrivate credit redemptions prompted concerns over potential broader systemic risks. Software fears precipitated growing concerns in private credit and private equity given software acquisitions in recent years, with publicly traded investment managers selling off 30-40%. |
Credit Risk Systemic Risk Investment Managers | |
GenomicsManager scaled back exposures among larger Genomics-related positions including GeneDx and Adaptive Biotechnologies. GeneDx faced variability in testing volumes and reimbursement dynamics creating uncertainty despite solid revenue growth. |
Genetic Testing Diagnostics Healthcare | |
| 2025 Q4 |
Live SportsMario Gabelli emphasizes live entertainment and sports as major investment themes, citing massive viewership numbers and global interest. He recommends multiple sports-related investments including Atlanta Braves Holdings, Madison Square Garden Sports, Manchester United, and Rogers Communications for their sports assets. |
Sports Entertainment Media Broadcasting Teams |
MediaGabelli discusses media companies including Fox and Versant Media Group as attractive investments. He highlights Fox's sports broadcasting rights and Versant's strong EBITDA generation potential after being spun off from Comcast. |
Broadcasting Content Television Streaming Networks | |
Natural GasNational Fuel Gas is recommended based on its substantial mineral ownership in the Appalachian Basin and strategic location near population centers. Gabelli sees the value of gas reserves as unappreciated by the market. |
Utilities Energy Infrastructure Pipelines Distribution | |
AIGabelli acknowledges AI's transformative impact but warns of potential disappointment for investors. He compares the AI boom to historical technological revolutions with speculative solutions that may unfold unexpectedly, including potential 'Deep Seek' moments that could rattle markets. |
Technology Innovation Disruption Semiconductors Software | |
AerospaceAlbany International is highlighted for its aerospace composites business, particularly lightweight composite parts for aircraft engines. The company is exploring strategic alternatives and potential spin-offs to unlock value in the high-growth engineered composites segment. |
Defense Manufacturing Components Aviation Composites | |
| 2025 Q3 |
ElectrificationThe world faces a shortage of electric power due to growing adoption of electric vehicles, cloud data center proliferation, and the AI revolution. Bank of America estimates these drivers will push electricity demand growth to a 2.5% annual run rate, 5x higher than the last decade's 0.5% growth. The strategic value of AI in the US-China geopolitical power struggle has made electricity production a national priority. |
Power AI Data Centers Grid Electricity |
AerospaceThe portfolio has meaningful exposure to next generation aerospace technologies and companies helping reduce the decade-long backlog in aircraft deliveries stemming from COVID-era supply chain issues and Boeing 737 Max groundings. This includes both traditional aerospace components and emerging technologies like electric vertical takeoff and landing aircraft. |
Aircraft Defense eVTOL Aviation Aerospace Components | |
| 2025 Q1 |
TariffsThe first quarter was marked by heightened volatility due to concerns about the Trump administration's emerging trade policies and global tariff imposition. The managers stress-tested their businesses across various tariff policy scenarios and made portfolio adjustments, particularly exiting Consumer Discretionary positions vulnerable to tariff uncertainty. |
Trade Policy Inflation Consumer Discretionary Volatility Economic Uncertainty |
QualityThe managers maintain their disciplined focus on investing only in the highest-quality growth businesses that meet their Flywheel investment criteria. They seek companies with competitive advantages, superior margins and returns, significant long-term growth potential, and proven formulas for compounding over time. |
Growth Competitive Advantages Margins Compounding Balance Sheets | |
VolatilityThe quarter was characterized by extraordinary volatility as market optimism from the Trump election shifted to fear and uncertainty. The managers emphasize their balanced quality-growth approach becomes especially critical amid heightened volatility, helping them navigate market challenges with conviction. |
Market Volatility Risk Management Uncertainty Market Conditions Conviction | |
| 2024 Q4 |
AIThe market was dominated by crowded AI trades and high beta AI-adjacent growth companies that outperformed significantly. While Polen did not own these lower-quality AI stocks, they believe their portfolio is well-positioned to benefit from Gen AI-driven transformation in a more sustainable, long-term manner. |
Artificial Intelligence Technology Growth Transformation Semiconductors |
Small CapsPolen focuses on small cap growth investing with a disciplined approach to identifying high-quality compounders. They believe 2024 was the EPS bottom for small caps broadly and see attractive valuations and improving fundamentals ahead. |
Small Cap Growth Valuations EPS Russell 2000 | |
QualityPolen emphasizes investing in profitable, high-quality companies that can self-fund their own growth through their Flywheel investment criteria. They focus on businesses with unique positioning, repeatable sales processes, robust business models, effective management, and value-creating reinvestment. |
Quality Flywheel Profitability Self-funding Sustainable | |
| 2024 Q3 |
Small CapsThe fund focuses exclusively on U.S. small cap growth companies, noting that high-quality small cap companies have great latent potential for growth and are trading at significantly below-average valuations. The managers believe the highest quality small cap companies are more likely to take advantage of strong balance sheets and reinvestment to enhance their competitive position. |
Small Cap Growth Valuations Quality Reinvestment |
QualityThe fund emphasizes investing in high-quality compounders using their Flywheel framework which assesses unique positioning, repeatable sales process, robust business model, effective management, and value-creating reinvestment. They hold a concentrated portfolio of companies that offer growth, high returns, durability, and robust financial models. |
Quality Flywheel Compounders Durability Returns | |
VolatilityThe quarter was described as one of the most volatile in recent history, representing a roller coaster ride for small cap stocks. The portfolio outperformed during drawdowns but lagged during strong risk-on rallies, with recent volatility working both for and against their positions. |
Volatility Drawdowns Risk-on Market Conditions | |
| 2024 Q2 |
Small CapsThe performance gap between small caps and large caps continued to widen during Q2, with small cap investors retreating to lower-volatility sectors. Small cap continues to be highly sensitive to shifting rate expectations, while leadership in large cap remains narrow and driven by momentum. |
Small Cap Russell 2000 Volatility Performance Gap Rate Sensitivity |
QualityPolen maintains focus on high-quality growth companies with robust free cash flow, persistent growth, and high returns on capital. The firm seeks businesses well-positioned to drive cash flow and earnings growth over the next five years through disciplined, long-term investment strategy. |
Quality Growth Free Cash Flow Returns on Capital Fundamentals Long-term | |
VolatilityStock price movements broadly exhibited above-average volatility relative to recent periods, often despite little fundamental change. Companies that exceeded guidance saw robust price gains with valuations becoming disconnected from fundamentals, while those missing expectations experienced precipitous declines. |
Market Volatility Price Disconnection Fundamental Change Stock Reactions Uncertainty | |
RatesConcerns around stubbornly high inflation dampened views on interest rate cuts, creating uncertainty around timing and magnitude of rate cuts. The shift from optimism in Q1 to pessimism in Q2 reflected growing higher for longer expectations, with small caps particularly sensitive to shifting rate expectations. |
Interest Rates Inflation Rate Cuts Higher for Longer Monetary Policy | |
| 2024 Q1 |
QualityPolen emphasizes their focus on high-quality growth companies with robust free cash flow, persistent growth, and high returns on capital. They use their Flywheel framework to assess quality that supports sustainable growth, comprised of unique positioning, repeatable sales process, robust business model, effective management, and value-creating reinvestment. |
Free Cash Flow Returns Growth Flywheel Reinvestment |
Small CapsThe fund focuses exclusively on small company growth investing, believing high-quality small cap companies have greater latent potential for growth relative to more mature businesses. They see significant opportunity for the asset class, particularly for their investing style focused on competitively advantaged, financially flexible businesses. |
Small Cap Growth Potential Competitive Advantage Financial Flexibility | |
MomentumMomentum was the best-performing style factor by a wide margin in Q1, which Polen believes calls for incremental caution. They experienced this dynamic acutely during earnings season, where companies with positive guidance shot up significantly regardless of valuation, while those missing expectations plummeted. |
Style Factor Earnings Season Valuation Market Dynamics | |
| 2023 Q4 |
QualityPolen focuses on high-quality businesses with robust free cash flow, persistent growth, and high returns on capital. They seek companies that are undervalued relative to their long-term compounding potential and emphasize businesses with resilient financial models and strong balance sheets. |
Free Cash Flow Returns Balance Sheets Compounding Resilient |
Small CapsThe portfolio targets small cap companies that remain historically cheap relative to history and large cap peers. Polen believes high quality small cap companies have greater latent potential for growth relative to more mature businesses and can take advantage of robust balance sheets for reinvestment. |
Valuation Growth Potential Reinvestment Concentrated Undervalued | |
ResilienceThe investment strategy emphasizes financial resiliency, owning only companies with the financial and balance sheet strength to self-fund their own growth. This approach is designed to navigate volatile markets and provide stability in an ever-changing investment landscape. |
Self-Funding Volatility Stability Balance Sheet Defensive | |
| 2023 Q3 |
Small CapsSmall cap companies as an asset class are heavily discounted relative to history, presenting attractive opportunities regarding valuation and the prospect of persistent growth. High quality small cap companies have greater latent potential for growth relative to more mature businesses and can quickly reduce spending and increase profitability if needed. |
Valuation Growth Discounted Opportunities Quality |
QualityThe fund focuses on businesses with robust free cash flow, persistent growth, high returns on capital, and durable competitive advantages. They use a Flywheel framework to identify companies with well-positioned products, repeatable sales processes, robust business models, and effective management. |
Free Cash Flow Returns Competitive Advantage Flywheel Management | |
ResilienceThe portfolio is built for resilience to navigate macroeconomic uncertainty related to interest rates, credit tightening, and an uneven economy. The focus is on competitively advantaged, financially flexible businesses with robust balance sheets that can reinvest in any environment. |
Balance Sheet Flexibility Uncertainty Reinvestment Durability | |
| 2023 Q2 |
ElectrificationThe manager views electrification as a multi-year theme driven by electric vehicles, cloud data centers, and AI revolution creating electricity demand growth of 2.5% annually versus 0.5% historically. The strategic value of AI in US-China geopolitical competition has made electricity production a national priority. |
Power Grid Infrastructure AI Data Centers |
AIAI data centers require enormous power and Bloom Energy's fuel cells help address grid supply challenges by generating reliable onsite power. The AI revolution has turbocharged electricity demand and created partnership opportunities like Bloom's massive deal with Oracle. |
Data Centers Power Infrastructure Cloud | |
AerospaceThe portfolio has meaningful exposure to aerospace through next generation technologies and companies helping reduce the decade-long aircraft delivery backlog from COVID supply chain issues and Boeing 737 Max groundings. eVTOL technology represents a new class of aircraft solving urban transportation challenges. |
Defense Aviation Supply Chain Innovation | |
Small CapsThe manager believes the US small cap universe contains the most innovative, dynamic companies and entrepreneurs in the world. Performance is fueled by the accelerating pace of innovation rather than rate cuts or economic cycles, providing opportunities largely irrespective of market environment. |
Innovation Growth Entrepreneurship | |
| 2023 Q1 |
AIAI data centers require enormous amounts of power, creating challenges for power grids to supply necessary electricity for constant and growing AI workloads. This has driven demand for solutions like Bloom Energy's fuel cells that can generate reliable power onsite for data centers. |
Data Centers Power Infrastructure |
Energy TransitionThe world faces a shortage of electric power due to growing adoption of electric vehicles, cloud data center proliferation, and the AI revolution. These drivers are likely to push electricity demand growth to a 2.5% annual run rate, which is 5x higher than the 0.5% annual growth rate of the last decade. |
Electric Vehicles Power Grid Infrastructure | |
AerospaceThe portfolio has meaningful exposure to aerospace through next generation technologies and companies helping to reduce the decade-long backlog in aircraft deliveries stemming from COVID-era supply chain issues and Boeing 737 Max groundings. This includes investments in eVTOL technology. |
Aircraft Supply Chain eVTOL | |
Data CentersData center capex spending continues to rise, benefiting companies like Powell Industries that supply critical switchgear systems. The continuous growth in data center infrastructure creates opportunities for specialized equipment providers. |
Infrastructure Equipment Capex |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | 6BE GR | Bloom Energy | Energy | Alternative Energy Equipment | Bull | NYSE | AI data centers, clean energy, energy infrastructure, Fuel cells, Oracle Partnership, Power generation, technology | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | JOBY | Joby Aviation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Air taxi, Blade Acquisition, Electric Aircraft, Electric Aviation, eVTOL, Transportation, Urban Mobility | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | POWL | Powell Industries | Industrials | Electrical Components & Equipment | Bull | NASDAQ | Custom Engineering, data centers, Electrical infrastructure, Industrial Equipment, Manufacturing Onshoring, power control, Switchgear | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | ODD | Oddity Tech | Consumer Discretionary | Internet & Direct Marketing Retail | Neutral | NASDAQ | AI Beauty Platform, brand portfolio, Data Science, Digital Beauty, direct-to-consumer, Personalized Products, Skincare | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | CRS | Carpenter Technology | Materials | Steel | Neutral | NYSE | Aerospace, Defense, High-Performance Metals, Materials Transformation, Medical Applications, Specialty Alloys, Value-Added Manufacturing | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | TMDX | TransMedics Group | Health Care | Health Care Equipment | Neutral | NASDAQ | healthcare innovation, Life-Saving Technology, Medical devices, medical technology, Organ Preservation, Organ Transplant, Transplant Outcomes | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | 6BE GR | Bloom Energy | Energy | Alternative Energy Equipment | Bull | NYSE | AI data centers, alternative energy, clean energy, Electrification, Fuel cells, Onsite Power Generation, Oracle Partnership | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | JOBY | Joby Aviation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Blade Acquisition, Electric Aircraft, eVTOL, Next Generation Aviation, Transportation Technology, urban air mobility | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | POWL | Powell Industries | Industrials | Electrical Components & Equipment | Bull | NASDAQ | Data center infrastructure, electrical equipment, Industrial automation, Manufacturing Onshoring, Power Control Systems, Switchgear | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | ODD | Oddity Tech | Consumer Discretionary | Internet & Direct Marketing Retail | Neutral | NASDAQ | AI personalization, brand portfolio, Data Science, Digital Beauty, direct-to-consumer, e-commerce, Skincare | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | CRS | Carpenter Technology | Materials | Steel | Bull | NYSE | Aerospace Transformation, Defense, margin expansion, Materials Technology, Medical Applications, Specialty Alloys, Value-Added Manufacturing | Login |
| Sep 30, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | TMDX | TransMedics Group | Health Care | Health Care Equipment | Neutral | NASDAQ | healthcare innovation, Life-Saving Technology, medical technology, Organ Preservation, Organ Transplantation, Transplant Outcomes | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. Small Company Growth | GSHD | Goosehead Insurance | Financials | Insurance Brokers | Bull | NASDAQ | Agent Productivity, Brokerage, Cost efficiency, Disruptive Business Model, financial services, Insurance, Personal Lines | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. Small Company Growth | CCCS | CCC Intelligent Solutions | Information Technology | Application Software | Bull | NYSE | Automotive Insurance, Claims Processing, Free Cash Flow, Insurance Technology, Mission-Critical, SaaS, Software | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. Small Company Growth | YETI | YETI Holdings | Consumer Discretionary | Leisure Products | Bull | NYSE | Consumer Discretionary, Coolers, Drinkware, Lifestyle Products, Outdoor Brand, Premium Brand, product recall | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. Small Company Growth | EEFT | Euronet Worldwide | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | ATM Networks, Electronic Transactions, Europe, financial technology, money transfer, payment processing, Prepaid Mobile | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. Small Company Growth | AMDOCS | Doximity | Communication Services | Interactive Media & Services | Neutral | NYSE | Biopharmaceutical Advertising, digital health, Healthcare Technology, Physician Platform, Professional Network, Self-service Model | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. Small Company Growth | ALIT | Alight | Information Technology | Human Resource & Employment Services | Bull | NYSE | BPaaS, cloud-based, Employee Benefits, Hr Technology, Human Capital, Payroll Services, Workplace Solutions | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. Small Company Growth | CLWD | Clearwater Analytics | Information Technology | Application Software | Bull | NYSE | asset management, Data Analytics, financial software, Investment Analytics, Portfolio Reporting, recurring revenue, SaaS | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. Small Company Growth | XPEL | XPEL | Consumer Discretionary | Auto Parts & Equipment | Bull | NASDAQ | automotive, brand recognition, distribution network, Geographic Expansion, high margins, Paint Protection Film, specialty materials | Login |
| Sep 30, 2023 | Fund Letters | Polen Capital - U.S. Small Company Growth | EXLS | EXL Service Holdings | Information Technology | IT Consulting & Other Services | Bull | NASDAQ | analytics, Business process outsourcing, capital allocation, Digital transformation, Free Cash Flow Growth, Insurance Specialization, Management Upgrade | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - U.S. Small Company Growth | POWL | Powell Industries | Electrical Equipment & Parts | Electrical Equipment | Bull | NASDAQ | AI infrastructure, data centers, electrical equipment, energy, growth, Industrials, Power Distribution, utilities | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - U.S. Small Company Growth | AGX | Argan | Engineering & Construction | Construction & Engineering | Bull | New York Stock Exchange | AI infrastructure, construction, data centers, energy infrastructure, Gas-fired, growth, Industrials, Power Plants | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - U.S. Small Company Growth | BE | Bloom Energy | Electrical Equipment & Parts | Electrical Equipment | Bull | New York Stock Exchange | AI infrastructure, clean energy, data centers, Decentralized Power, energy technology, Fuel cells, growth, hyperscalers | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - U.S. Small Company Growth | WGS | GeneDx | Diagnostics & Research | Life Sciences Tools & Services | Neutral | NASDAQ | biotechnology, diagnostics, Genomics, healthcare, life sciences, rare diseases, Sequencing Technology, Testing | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - U.S. Small Company Growth | - | Figure Technology | Other | Consumer Finance | Neutral | NASDAQ | Blockchain, consumer finance, Credit, Digitization, Fintech, Home equity, Securitization, technology | Login |
| Apr 23, 2026 | Fund Letters | Polen Capital - U.S. Small Company Growth | ATEC | Alphatec Holdings | Medical Devices | Health Care Equipment & Supplies | Neutral | NASDAQ | healthcare, Healthcare Equipment, innovation, market share, Medical devices, medical technology, Orthopedics, spine surgery | Login |
| Oct 29, 2025 | Fund Letters | Rayna Lesser Hannaway | TSLA | Tesla, Inc. | Consumer Discretionary | Auto Manufacturers | Bull | NASDAQ | Autonomy, Batteries, EVs, FSD, Margins, monetization, Scalability, Software | Login |
| Oct 29, 2025 | Fund Letters | Rayna Lesser Hannaway | GOOGL | Alphabet Inc. | Communication Services | Internet Content & Information | Bull | NASDAQ | advertising, AI, antitrust, cloud, Ecosystem, Freecashflow, network, Search | Login |
| Oct 29, 2025 | Fund Letters | Rayna Lesser Hannaway | BE | Bloom Energy | Industrials | Electrical Equipment | Bull | NYSE | Aidemand, datacenters, Electrification, Fuelcells, Onsitepower | Login |
| Oct 29, 2025 | Fund Letters | Rayna Lesser Hannaway | SOFI | SoFi Technologies | Financials | Consumer Finance | Bull | NASDAQ | Deposits, Digitalbanking, Fintech, growth, Lending | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | BROS | Dutch Bros Inc. | Consumer Discretionary | Restaurants | Bull | NYSE | brand recognition, Coffee, comparable sales, Consumer Discretionary, Digital Ordering, Drive-Through, growth, Restaurants, unit expansion | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | EXLS | ExlService Holdings Inc. | Information Technology | IT Services | Bull | NASDAQ | AI, BPO, Digital transformation, Insurance, IT services, Large Language Model, Nvidia partnership, Spending Recovery, valuation recovery | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | GSHD | Goosehead Insurance Inc. | Financials | Insurance Brokers | Bull | NASDAQ | Agent Network, digital platform, financials, insurance brokerage, P&C insurance, premium growth, Technology Enabled | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | GLOB | Globant S.A. | Information Technology | IT Services | Bull | NYSE | Cyclical Recovery, Digital transformation, Enterprise software, Global Delivery, IT services, Revenue Growth, Technology Services | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | ELF | e.l.f. Beauty Inc. | Consumer Staples | Personal Products | Bull | NYSE | Beauty, China exposure, consumer staples, Cosmetics, manufacturing, Pricing power, supply chain, tariffs | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | RVLV | Revolve Group Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Consumer Discretionary, Data-Driven, digital marketing, e-commerce, fashion, Gen Z, Millennials, online retail, Premium Fashion | Login |
| Mar 1, 2025 | Fund Letters | Polen Capital - U.S. Small Company Growth | TECH | Bio-Techne Corporation | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | biotechnology, cell therapy, gene therapy, healthcare, life sciences, liquid biopsy, Precision-medicine, Proteomics, Research Tools | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. Small Company Growth | WRBY | Warby Parker | Consumer Discretionary | Specialty Retail | Bull | NYSE | Consumer Discretionary, direct-to-consumer, Eyewear, Omnichannel, optometry, Specialty retail, vertical integration | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. Small Company Growth | RVLV | Revolve Group | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Consumer Discretionary, e-commerce, Fashion retail, Gen Z, international expansion, Millennial, Online Apparel | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. Small Company Growth | BROS | Dutch Bros | Consumer Discretionary | Restaurants | Bull | NYSE | Coffee, Drive-Through, Food Opportunity, menu innovation, Restaurants, same-store sales, Unit growth | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. Small Company Growth | WSC | Willscot Holdings | Industrials | Trading Companies & Distributors | Bull | NASDAQ | construction, Industrials, lease model, Modular Space, North America, Storage Solutions, value-added services | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. Small Company Growth | TREX | Trex | Materials | Building Products | Bull | NYSE | Building Products, composite decking, Environmental, market leader, materials, Outdoor Living, Sustainable materials | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. Small Company Growth | FN | Fabrinet | Information Technology | Electronic Manufacturing Services | Bull | NYSE | AI infrastructure, asset-light, data centers, Electronic Manufacturing, NVIDIA, Optical Manufacturing, Telecom | Login |
| Dec 31, 2024 | Fund Letters | Polen Capital - U.S. Small Company Growth | BDC | Belden | Information Technology | Communications Equipment | Bull | NYSE | broadband, Communications Equipment, data centers, Industrial automation, Networking, recurring revenue, Solutions Transformation | Login |
| TICKER | COMMENTARY |
|---|---|
| BE | Bloom Energy is a provider of solid oxide fuel cells that deliver reliable, on-site power generation for data centers, industrial facilities, and utilities. As demand for electricity is expected to accelerate, particularly from AI-related infrastructure, we believe Bloom remains well positioned to help address power constraints through its distributed energy solutions. During the quarter, shares contributed positively as investors remained focused on the company's expanding opportunity set tied to growing power demand and data center buildouts. |
| DOCN | DigitalOcean is a cloud infrastructure provider focused on serving developers, startups, and small-to-medium-sized businesses. The company offers a simple and cost-effective platform for deploying, managing, and scaling applications in the cloud. Shares outperformed during the quarter as investors responded favorably to company execution, improving growth expectations, and increasing confidence in the company's ability to benefit from broader demand for cloud infrastructure and AI-related workloads. |
| VICR | Vicor is a provider of high-performance power modules and power delivery solutions that enable more efficient power conversion across AI infrastructure, data centers, aerospace, and industrial applications. As AI-related computing demand continues to increase, the need for more efficient power delivery has become increasingly important, positioning Vicor to potentially benefit from this long-duration secular growth theme. Shares outperformed during the quarter as investors grew more confident in the company's role within next-generation AI infrastructure and the durability of spending across hyperscale data center deployments. |
| FSLY | Fastly is an edge cloud platform that helps customers deliver, secure, and optimize digital experiences. Shares underperformed during the quarter amid continued investor concerns surrounding growth durability and competitive dynamics within the content delivery and edge computing markets. During the period, we exited the position as our process identified more attractive opportunities elsewhere and our conviction in the risk/reward profile diminished. |
| CRDO | Credo Technology Group was among our largest relative detractors despite not being held in the Portfolio during the quarter. The company, which provides high-speed connectivity solutions used in AI and data center infrastructure, was up nearly 200% in the quarter as investors continued to reward companies viewed as key beneficiaries of accelerating AI-related capital spending. As a result, our lack of exposure to the stock negatively impacted relative performance. |
| WGS | GeneDx is a provider of genomic testing and diagnostics that leverages advanced sequencing technology to support the diagnosis of rare diseases and improve patient outcomes. While the company continues to make progress operationally, shares were volatile during the quarter driven by a material cut to 2026 guidance that caused investors to reassess growth expectations amidst broadly weakening healthcare sentiment. We exited the position during the period as our process led us to redeploy capital into opportunities where we saw a more compelling combination of thematic tailwinds, fundamentals, and technical characteristics. |
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