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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Polen Capital - Global Growth 2026 Q3 Investor Letter | Buyside Digest

Back to Fund Profile (Polen Capital - Global Growth)

Primary Source Intelligence • Q3 2026 Letter Analysis

Polen Capital - Global Growth Quarterly Analysis

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.

Fund Returns

QTD+3.45%

YTD-5.52%

Annualized+9.22%

Positioning StanceCONSTRUCTIVE

Market CapLarge Cap

GeographyGlobal

Digest Analysis

Quick Take

"Constructive on durable growth compounders, initiating positions in $STX, $AMD, $PWR, and $000660.KS while exiting $ORCL to rebalance across software and AI infrastructure."

Executive Summary

Polen Global Growth Composite returned 3.45% net of fees in the third quarter of 2026, outperforming the MSCI ACWI Index benchmark return of 1.60% by 185 basis points. Year-to-date, the strategy has returned -5.52% net of fees versus 13.03% for the index. Portfolio performance benefited from a notable reversal in market leadership during the quarter, as software and service franchises staged a strong recovery following generative AI disruption fears earlier in the year, while early-year AI infrastructure and semiconductor beneficiaries experienced pullbacks. The investment team maintains a disciplined macroeconomic framework in an environment defined by persistent inflation, elevated long-term government bond yields reaching multi-year highs across major industrialized economies, and late-quarter US dollar strength. In response to thematic rotations where capital shifted rapidly between hardware enablers and software platforms, the strategy focused on portfolio balance, emphasizing competitively advantaged franchises capable of compound earnings growth across varying economic conditions while exercising strict valuation discipline. Portfolio activity was marked by capital redeployment toward high-visibility demand tailwinds. The strategy initiated new long positions in Seagate Technology, Advanced Micro Devices, Quanta Services, and SK Hynix. To fund these additions and maintain portfolio equilibrium, the team completely exited Oracle and selectively trimmed positions in NVIDIA, Broadcom, Shopify, ServiceNow, Tencent, Aon, Adyen, and Tokyo Electron, while opportunistically adding to Meta Platforms and Keyence.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

72%

CautiousHigh

High Conviction (72%)

The portfolio demonstrates high conviction through focused capital allocation into specific compounders, initiating four detailed long theses and actively trimming extended winners. However, the manager also emphasizes portfolio balance and risk moderation to navigate macro rotations, preventing top-tier concentration scoring.

Growth Outlook

60%

BearishBullish

Neutral (60%)

The manager expresses a constructive outlook on global equity fundamentals and broadening earnings momentum across software and industrial enablers. This positive bias is measured against ongoing headwinds from multi-year high sovereign bond yields and stubborn inflation.

Risk Appetite

65%

DefensiveAggressive

Balanced (65%)

The strategy is actively deployed in equity compounders and willing to underwrite cyclical exposure in memory and power infrastructure where demand visibility is supported by multi-year contracts.

Capital Deployment

70%

De-riskingDeploying

Deploying (70%)

Capital was actively redeployed during the period, funding four new equity positions through the full exit of Oracle and disciplined trims across eight existing core holdings.

Forward Guidance

65%

CautiousExpansionary

Expansionary (65%)

The team exhibits a clear action bias toward redeploying capital into businesses with visible demand tailwinds while maintaining valuation discipline against companies with distant cash flows.

Language Signal

65%

BearishBullish

Bullish (65%)

Commentary heavily features constructive terminology around durable compounders, pricing power, and attractive long-term opportunities, balanced by cautionary notes on persistent inflation and elevated bond yields.

Perceived Risk

55%

Low RiskElevated

Moderate Risk (55%)

Risk discussions center on persistent inflation, rising benchmark bond yields, semiconductor customer cyclicality, and export controls, though no systemic tail risks are anticipated.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

The opportunity set is viewed as fertile but selective, with the manager identifying actionable mispricings created by sentiment swings across enterprise software and AI infrastructure bottlenecks.

Time Horizon

80%

Short-TermLong-Term

Decade+ (80%)

The investment approach emphasizes a multi-year compounding horizon, deliberately positioning the portfolio to absorb interim thematic rotations without turning over positions based on short-term sentiment.