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 - Global Growth. This analysis is provided for institutional research purposes only and is not investment advice.
"Polen Global Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing Software and Healthcare holdings. The managers are adapting to a market where thematic flows and index concentration dominate short-term performance by redeploying capital toward businesses with stronger current momentum and visible demand tailwinds, including aerospace, power infrastructure, and defense, while maintaining their focus on competitively advantaged compounders."
Polen Global Growth returned 8.4% net in Q2 2026 but lagged the MSCI ACWI's 14.9% advance as the market rally remained narrowly concentrated in AI infrastructure beneficiaries, particularly semiconductors and memory businesses. The Portfolio did not own enough of what the market most aggressively rewarded and owned too much of what it continued to penalize, including Software, Healthcare, and Financials. Top contributors included Tokyo Electron, TSMC, and ASML, while Zoetis was the largest detractor. The managers redeployed capital away from businesses where growth has slowed toward companies with stronger current momentum and visible demand tailwinds. They initiated positions in GE Aerospace, GE Vernova, Howmet Aerospace, Hermès, Keyence, and Rheinmetall while exiting Boston Scientific, Siemens Healthineers, and Zoetis. The managers acknowledge market structure has changed, with price momentum and thematic flows reinforcing one another, causing businesses without obvious thematic associations to remain stuck longer than fundamentals suggest. They are adapting by being more nimble while preserving their core philosophy of owning competitively advantaged businesses. They remain confident in the Portfolio's long-term earnings power but recognize the cost of being overly patient has risen in the current environment.
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.
