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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Constructive on high-quality software compounders and disciplined storage infrastructure providers, initiating new positions in Seagate Technology and Capcom while completely exiting On Holding amid brand maturation and intensifying footwear competition."
For the third quarter of 2026, the Polen International Growth Composite Portfolio generated a return of 0.54% net of fees, performing in line with its benchmark, the MSCI ACWI ex-USA Index, which returned 0.48%. On a year-to-date basis, the Portfolio has declined -4.24% net of fees compared to a 14.22% advance for the benchmark. The period was marked by a sharp leadership transition across international equity markets, as first-half market leaders tied to direct artificial intelligence capital expenditure faced an abrupt consolidation in July and August, while previously lagging enterprise software and digital services businesses mounted a noticeable rebound. The investment team noted a shifting macro environment characterized by elevated long-term sovereign bond yields reaching multi-year highs across industrialized economies, persistent inflation, high energy prices, and late-quarter US dollar strength. Rather than adhering to binary market narratives that categorized infrastructure suppliers as definitive winners and application software providers as immediate casualties of generative AI disruption, the manager focused on identifying companies where technological advancements act as operational tailwinds while enforcing strict valuation discipline across capital-intensive beneficiaries. Portfolio activity was centered on rebalancing exposures toward businesses demonstrating strong execution momentum, visible demand drivers, and resilient pricing power. The strategy initiated new long positions in hard disk drive supplier Seagate Technology and Japanese game publisher Capcom, while fully divesting Swiss footwear maker On Holding due to increasing competitive pressure and brand maturation. In addition, the manager added to established holdings in TSMC, Samsung Electronics, Tencent, and Mitsubishi Heavy Industries, while locking in gains by trimming Nu Holdings, Rheinmetall, ASML, Tokyo Electron, and SAP.
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