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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Polen International Growth Portfolio underperformed in Q3 2025 due to a market shift toward high-beta names, prompting the managers to capitalize on volatility by initiating structural tech positions in Disco, ASM International, and Tencent."
During Q3 2025, the Polen International Growth Composite Portfolio underperformed the MSCI ACWI ex US Index due to market preferences for high-beta and AI sectors. While Shopify, ASML, and ICON plc were top contributors, detractors included Sage Group, Monday.com, and SAP. In response to shifting dynamics, the managers adjusted exposures by establishing new positions in Disco Corp, ASM International, and Tencent Holdings, while exiting Dassault Systèmes. They maintain a disciplined, high-conviction approach to long-term earnings growth.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Polen International Growth Portfolio underperformed in Q3 2025 due to a market shift toward high-beta names, prompting the managers to capitalize on volatility by initiating st...
Growth Outlook
Market outlook remains above average conviction: The Polen International Growth Portfolio underperformed in Q3 2025 due to a market shift toward high-beta names, prompting the managers to capitalize on volatility by initiating st...
Risk Appetite
Risk appetite posture is above average conviction: The Polen International Growth Portfolio underperformed in Q3 2025 due to a market shift toward high-beta names, prompting the managers to capitalize on volatility by initiating st...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Polen International Growth Portfolio underperformed in Q3 2025 due to a market shift toward high-beta names, prompting the managers to capitalize on volatility by initiating st...
Forward Guidance
Forward guidance signal: The Polen International Growth Portfolio underperformed in Q3 2025 due to a market shift toward high-beta names, prompting the managers to capitalize on volatility by initiating st...
Language Signal
Tone analysis indicates above average conviction language: The Polen International Growth Portfolio underperformed in Q3 2025 due to a market shift toward high-beta names, prompting the managers to capitalize on volatility by initiating st...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Polen International Growth Portfolio underperformed in Q3 2025 due to a market shift toward high-beta names, prompting the managers to capitalize on volatility by initiating st...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Polen International Growth Portfolio underperformed in Q3 2025 due to a market shift toward high-beta names, prompting the managers to capitalize on volatility by initiating st...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Polen International Growth Portfolio underperformed in Q3 2025 due to a market shift toward high-beta names, prompting the managers to capitalize on volatility by initiating st...
