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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Polen 5Perspectives Small-Mid Growth returned 28.2% net in Q2 2026, outperforming during a banner quarter for SMID caps. The portfolio capitalized on AI infrastructure acceleration and power availability constraints, significantly increasing Technology exposure through neocloud providers and Agentic AI while maintaining conviction in Electrification and Aerospace themes."
The Polen 5Perspectives Small-Mid Growth Portfolio returned 28.2% net in Q2 2026, outperforming the Russell 2500 Growth Index's 24.0% return during one of the best quarterly returns for SMID caps in 25 years. The portfolio benefited from strong performance in companies exposed to long-duration secular growth themes including AI infrastructure, electrification, aerospace, and defense modernization. Top contributors included Bloom Energy, Sandisk Corp, and DigitalOcean Holdings, while detractors included Fastly (which was exited) and BWX Technologies. The quarter saw initial concerns about economic growth, trade policy, and AI investment cycle durability quickly subside as hyperscaler announcements confirmed continued spending growth. Power availability emerged as a primary constraint on AI growth, benefiting companies across power generation and grid infrastructure. The portfolio significantly increased Technology exposure, driven by neocloud providers and Agentic AI themes, funded primarily by reduced Industrials, Materials, and Energy positions. Industrials remains the largest sector exposure, reflecting conviction in Electrification and Aerospace themes. The manager continues to focus on harnessing accelerating change and disruption, particularly around the AI paradigm shift.
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