Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Polen Capital - International Growth. This analysis is provided for institutional research purposes only and is not investment advice.
"Polen International Growth lagged in Q2 2026 as narrow, momentum-driven rally favored semiconductors and AI infrastructure while penalizing Software, Healthcare, and Consumer holdings despite intact fundamentals. Manager redeployed capital toward businesses with stronger current momentum and visible demand tailwinds, exiting InPost and Medtronic."
Polen International Growth returned 11.2% net in Q2 2026 but lagged the MSCI ACWI ex USA Index's 14.5% gain, which posted its best quarter since the COVID recovery. The rally remained narrow and momentum-driven, with semiconductors and memory businesses delivering exceptional returns as investors focused on AI infrastructure bottlenecks and capital intensity. Tokyo Electron, ASML, and ASM International were top contributors, while SK Hynix (not owned) surged 220% as a relative detractor. The Portfolio's more balanced sector exposure resulted in owning too much of what the market ignored, including Software, Healthcare, and Consumer businesses pressured by AI disruption concerns and lack of near-term momentum. Market structure has become increasingly important, with price momentum, thematic flows, and passive concentration reinforcing one another. Manager redeployed capital from businesses with slowing growth into companies with stronger current momentum and visible demand tailwinds, exiting InPost and Medtronic. While confident in long-term earnings power, the manager acknowledges the cost of patience has risen and is adapting by being more nimble while preserving the core philosophy of owning competitively advantaged compounders.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
