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Articles by Polen Capital
Polen Capital Files to Launch Growth Opportunities ETF and Section 351 Exchange for Eligible Investors
Polen Capital announced today it has filed an initial registration statement with the Securities Exchange Commission to launch the Polen 5Perspectives Growth Opportunities ETF, an actively managed ETF designed to provide investors with access to Polen Capital's Growth Opportunities investment strategy.
Polen 5Perspectives Small Growth Portfolio Performance & Attribution
Polen Capital 60 Followers Comments Summary The Portfolio returned -1.3% gross and -1.5% net compared to the 1.2% return of the Russell 2000 Growth Index. Bloom Energy announced better than expected results with added optimism from a $5B partnership with Brookfield as the preferred onsite power provider. GeneDx delivered better-than-expected results—including raised full-year guidance—driven by a significant year-over-year increase in high value testing volumes.
Polen 5Perspectives Small Growth Q4 2025 Commentary (PBSIX)
Polen Capital 60 Followers Comments Summary During the fourth quarter of 2025, the Polen 5Perspectives Small Growth Composite Portfolio returned -1.3% gross compared to the 1.2% return of the Index. During the quarter, Bloom Energy announced better than expected results with added optimism from a $5B partnership with Brookfield as the preferred onsite power provider.
Polen Capital Renames Small Cap Growth Team as 5Perspectives Growth Team
New name reflects the team’s differentiated Five Perspectives investment framework Polen Capital today announced that the firm’s Small Cap Growth Team has been renamed the 5Perspectives Growth Team to better reflect the team’s differentiated investment philosophy and multi-discipline approach. Led by industry veteran Drew Cupps, the team joined Polen Capital in 2025, bringing 25 years of experience and an attractive track record built across multiple market cycles.
Polen International Growth Q4 2025 Commentary
Polen Capital 60 Followers Comments Summary Foreign equity markets delivered their best returns in over a decade while our International Growth Composite Portfolio finished the year essentially flat. The top three contributors to the Portfolio’s relative performance in the quarter were Tokyo Electron, Alibaba Group (not owned), and ASML. The top three contributors to the Portfolio’s absolute performance included Tokyo Electron, ASML, and Shopify.
Polen U.S. Opportunistic High Yield Q4 2025 Commentary (DDJIX)
Polen Capital 61 Followers Comments Summary The Polen Credit U.S. Opportunistic High Yield Composite underperformed both the ICE BofA U.S. High Yield Index and the S&P UBS Leveraged Loan Index (net of fees) in Q4. Material Sciences and Asurion contributed the most to total returns, while Oldcastle BuildingEnvelope and Realtruck Group were the largest detractors during the quarter. Over the period, portfolio positioning did not change materially.
Polen Global Growth Portfolio Q4 2025 Performance, Attribution & Portfolio Activity
58 Followers Comments Summary In Q4 2025, Polen Capital initiated a new position in Tencent Holdings and Spotify and sold its positions in Sage Group, Willis Towers Watson, ICON Plc, and Workday. Eli Lilly was the top performing relative contributor in Q4. The primary drag for the quarter was Oracle, accounting for almost all of the Portfolio's relative underperformance in Q4.
Polen Global Growth Portfolio Q4 2025 Commentary (Mutual Fund:PGIIX)
Polen Capital 58 Followers Comments Summary Polen Capital initiated a position in Tencent, one of China's largest technology companies with leading positions in gaming, social media and payments. Top relative contributors to the Portfolio's performance included Eli Lilly, Alphabet, and Shopify. Top absolute contributors were Eli Lilly, Alphabet, and TSMC. The largest relative and absolute detractors in the quarter were Oracle, Paycom Software, and CoStar Group.
Polen Focus Growth Portfolio Q4 2025 Performance, Attribution & Portfolio Activity
Polen Capital 54 Followers Comments Summary Eli Lilly’s stock price has underperformed this year, much of it on the back of drug pricing concerns, potential tariff impacts and, perhaps, less enthusiasm for GLP-1 drugs. The primary drag for the quarter was Oracle, accounting for almost all of the Portfolio’s relative underperformance in Q4, completely reversing its performance from the prior quarter and giving back all of the gains experienced in Q3.
Polen Focus Growth Portfolio Q4 2025 Commentary (NYSEARCA:PCLG)
Polen Capital 54 Followers Comments Summary In Q4 2025, the Portfolio returned -1.4% compared to +1.1% for the Index. Top relative contributors to the Portfolio’s performance included Eli Lilly, Meta (not owned), and Shopify. The primary drag for the quarter was Oracle, accounting for almost all of the Portfolio’s relative underperformance in Q4, completely reversing its performance from the prior quarter and giving back all of the gains experienced in Q3.
Polen U.S. SMID Cap Growth Q3 2025 Commentary (PBMIX)
Polen Capital 54 Followers Comments Summary During the third quarter of 2025, the U.S. SMID Cap Growth Composite Portfolio returned 14.8% gross and 14.4% net of fees, respectively, compared to the 10.7% return of the Russell 2500 Growth Index. The top contributors to relative performance in the period were Bloom Energy, SoFi Technologies, and Talen Energy. The most significant detractors from relative performance were Grupo Financiero Galicia, Monday.com, and Astera Labs (not owned).
Polen U.S. Small Cap Growth Q3 2025 Commentary
54 Followers Comments Summary During the third quarter of 2025, the U.S. Small Cap Growth Composite Portfolio returned 21.4% gross and 21.1% net of fees. The top contributors to the Portfolio’s relative performance in the quarter were Bloom Energy, Joby Aviation, and Powell Industries. The most significant detractors from the Portfolio’s relative performance in the quarter were Oddity Tech, Carpenter Technology, and TransMedics Group.
Polen Global Growth's Q3 Portfolio: Mix Of Durable Earnings Growth And Conviction
Polen Capital 51 Followers Comments Summary In Q3 2025, the Polen Global Growth Composite Portfolio returned 3.0% gross of fees and 2.7% net of fees. Oracle was again our top-owned relative contributor following their impressive quarterly results. The primary drag on relative performance was our positioning within information technology. We believe it is an oversimplification that overlooks the high recurring revenues, strong margins, significant switching costs.
Polen Global Growth Q3 2025 Commentary (Mutual Fund:PGIIX)
Polen Capital 51 Followers Comments Summary Global equity markets continued to rally across Q3 2025 as investors looked past lingering trade policy uncertainty and valuation concerns. In Q3 2025, the Polen Global Growth Composite Portfolio returned 3.0% gross of fees and 2.7% net of fees. Semiconductors were one of the primary drivers of returns as the continued capital flow into AI-related infrastructure projects shows no signs of abating.
Polen Focus Growth Portfolio Q3 2025 Commentary
Polen Capital 50 Followers Comments Summary In Q3 2025, the Polen Focus Growth Portfolio (“the Portfolio”) returned 3.3%, compared to 10.5% for the Russell 1000 Growth Index and 8.1% for the S&P 500. On the economic growth front, the US economy surprised to the upside, growing at a revised annual rate of 3.8% in Q2.
Polen U.S. Opportunistic High Yield Q2 2025 Commentary (Mutual Fund:DDJRX)
Aug. 30, 2025 3:30 AM ET, , , , Summary The Composite underperformed the ICE BofA U.S. High Yield Index by 94 bps gross and 105 bps net of fees. High yield market gains were led by CCC-rated bonds, which generated a 4.28% return. The top performing sectors in Q2 were Healthcare, Services, and Real Estate, while the biggest laggards were the Banking, Energy and Retail sectors. OBE's 9.25% Senior Notes due 2030 declined in price and were a top detractor from quarterly returns.
Polen Emerging Markets Growth Q2 2025 Commentary (Mutual Fund:PGEIX)
Aug. 29, 2025 11:59 PM ET, , Summary The Polen Capital Emerging Markets Growth Composite Portfolio (the ‘Portfolio’) outperformed the Index, driven entirely by security selection. We have generally allocated that capital to equally, or arguably more, competitively advantaged businesses in structural growth manufacturing industries. We remain optimistic about the long-term future of emerging markets.
Polen Credit Opportunities Fund Portfolio Q2 2025 Commentary
Summary In Q2 2025, the Polen Credit Opportunities Fund (the “Fund”) returned 1.14% versus the 2.98% return of the 50% ICE BofA U.S High Yield Index / 50% S&P UBS Leveraged Loan Index and the 3.57% return of the ICE BofA U.S. High Yield Index (the “Index”) Below investment grade credit saw a whipsaw in performance this quarter, primarily due to the initial Liberation Day announcement and subsequent market recovery, with positive performance backloaded in May and June.
Polen Focus Growth Portfolio Q2 2025 Commentary (Mutual Fund:POLIX)
Summary Market sentiment flipped from a sharp, risk-off drawdown to a historical V-shaped recovery in the second quarter, driven by fading tariff fears and an enthusiastic embrace of pro-growth policies. The Russell 1000 Growth Index (the “Index”) rebounded +33% following a rapid -23% correction—a rally concentrated in a small subset of stocks.
Jul. 21, 2025 10:10 PM ET, , , , , , , , , , , , , , , , , , , , , , , , , , Summary During the quarter, Polen Global Growth Portfolio returned 8.16% gross of fees (7.87% net of fees) compared to 11.53% for the Index. The market began 2025 with optimism for the new U.S. administration’s pro-growth agenda, overlooking potential risks related to tariffs and valuation. Top relative performance contributors included Oracle, Apple (not owned), and Shopify.
Polen International Growth Portfolio Q2 2025 Commentary
Jul. 21, 2025 8:01 AM ET, , , , , , , , , , , , , , , , , , , , , , , , Summary The second quarter was marked by volatile market conditions, including ongoing trade tensions and heightened policy uncertainty, especially regarding U.S.-China relations. The U.S. dollar started the year at historical highs, contributing to prolonged U.S. equity outperformance versus international markets.
Polen International Growth Portfolio Q1 2025 Commentary
Apr. 23, 2025 8:10 AM ET, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Summary The first quarter saw heightened volatility and a reversal in style leadership. In the first quarter of 2025, the Portfolio returned 0.31% gross of fees and 0.03% net of fees. The insurance industry was among the best performers in 1Q25, and Aon was no exception.
Polen Capital Expands Active ETF Lineup with Two Credit ETFs
Polen Capital, a global investment management firm specializing in growth equity and credit, is pleased to announce that it is launching two new active credit ETFs: the Polen Floating Rate Income ETF (NYSE: PCFI), available March 24, and the Polen High Income ETF (NYSE: PCHI), available March 25. These ETFs are designed to help investors meet their income, diversification, and growth goals in today's dynamic markets. Both ETFs will be managed by seasoned investment professionals.
Polen U.S. Opportunistic High Yield Portfolio Q4 2024 Commentary
Mar. 11, 2025 9:20 AM ET, , , , , , , , , , , , , , , , , , , , Summary The Polen Capital U.S. Opportunistic High Yield Composite generated a total return of 0.91% gross and 0.80% net of fees during the third quarter. During Q4, Polen Capital U.S. Opportunistic High Yield Composite outperformed ICE BofA U.S. High Yield Index but underperformed the Credit Suisse Leveraged Loan Index, net of fees. During the quarter, the overall environment was favorable for risk assets.
Polen Credit Opportunities Fund Portfolio Q4 2024 Commentary
Summary Over the fourth quarter of 2024, the Polen Credit Opportunities Fund (the “Fund”) returned 1.08% versus the 1.22% return of the 50% ICE BofA U.S High Yield Index / 50% Credit Suisse Leveraged Loan Index and the 0.16% return of the ICE BofA U.S. High Yield Index (the “Index”) Below-investment-grade credit experienced mixed results in the fourth quarter, driven by rising yields and widening spreads.
Polen Emerging Markets Growth Portfolio Q4 2024 Commentary
Mar. 11, 2025 12:25 AM ET, , , , , , , , , , , , Summary Emerging market equity returns, as measured by the MSCI Emerging Markets Index, were negative over the period, mainly pulled down by weaker performance in India, Korea, and Brazil. Over the fourth quarter, the portfolio returned -5.80% gross of fees and -6.00% net of fees, outperforming the MSCI Emerging Markets Index, which returned -8.01%.
Polen Global SMID Company Growth Portfolio Q4 2024 Commentary
Summary Over the fourth quarter of 2024, the Polen Global SMID Company Growth Composite Portfolio (the “Portfolio”) returned -2.28% gross and -2.66% net of fees, respectively, versus the -3.37% return of the MSCI ACWI SMID Capitalization Index (the “Index”). Shifting economic expectations and uncertainty surrounding political elections weighed on equity markets.
Polen U.S. SMID Company Growth Portfolio Q4 2024 Commentary
Mar. 10, 2025 4:20 PM ET, , , , , , , , , , , , , , , , , , , , , , , Summary During the fourth quarter, U.S. SMID Company Growth Composite Portfolio returned 3.0% gross and 2.7% net of fees, respectively, vs. Russell 2500 Growth Index return of 2.4%. As measured by the Russell 2500 Growth Index, U.S. SMID cap growth stocks were up 2.4% in the fourth quarter and 13.9% for 2024. Despite muted 2024 results, we believe the fundamentals of our Portfolio businesses are strong and improving.
Polen Capital Secures ADGM License, Appoints Regional Head as It Expands Middle East Presence
Polen Capital, a global investment management firm specializing in growth equity and credit, is excited to announce it has received its Financial Services Permission (FSP) to operate in ADGM and has opened an office in Abu Dhabi, solidifying its commitment to the Middle East region as a key pillar of its global growth strategy.
Polen U.S. Small Company Growth Q4 2024 Commentary (Mutual Fund:PBSIX)
Feb. 04, 2025 8:55 AM ET, , , , , , , , , , , , , , , , , , , , , , , , , , Summary In 2024, U.S. small cap growth was driven by AI trades and interest rate-sensitive sectors, challenging high-quality companies and highlighting short-term market focus. The U.S. Small Company Growth Composite Portfolio outperformed the Russell 2000 Growth Index, returning 5.09% gross of fees and 4.73% net of fees for Q4.
Polen Global Growth Q4 2024 Commentary (Mutual Fund:PGIIX)
Jan. 29, 2025 11:05 AM ET, , Summary In the fourth quarter of 2024, the Polen Global Growth Composite Portfolio returned 2.58%, gross of fees, and 2.27% net of fees, outperforming the Index return of -0.99%. The top relative contributors to the Portfolio’s performance were Shopify, Amazon, and Paycom Software. The top absolute contributors were Amazon, Shopify, and Alphabet. The largest relative detractors in the quarter were ICON plc, Novo Nordisk, and Adobe.
Polen Focus Growth Portfolio Q4 2024 Commentary Original
Jan. 22, 2025 5:20 AM ET, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Summary The recent Russell 1000 Growth returns are heavily impacted by the "Magnificent 7," now representing 56% of its weight, while the top ten holdings together make up over 60% of the Index. In the fourth quarter of 2024, the Polen Focus Growth Portfolio returned 4.88% gross of fees, and 4.65% net of fees.
Polen International Growth Portfolio Q4 2024 Commentary
Summary Non-U.S. markets experienced a bout of volatility to end 2024. U.S. election uncertainty cleared during the fourth quarter, while ongoing Eastern Europe and Middle East conflicts experienced notable changes. Most economies globally continue to grind along at low levels of growth. Much of today’s investing backdrop remains consistent with what we’ve seen in the last two years.
Polen Capital Named in Pensions & Investments’ Best Places to Work in Money Management for Ninth Straight Year
Polen Capital is pleased to announce that it was recognized for the ninth year in a row in the 2024 Best Places to Work in Money Management awards announced by Pensions & Investments. Polen Capital is a global asset manager delivering active, high-conviction, and competitively advantaged growth equity and credit strategies to clients worldwide. Polen ranked among top firms in the category for asset managers with 100-499 employees.
Polen Capital Named in Pensions & Investments’ Best Places to Work in Money Management for Ninth Straight Year
Polen Capital is pleased to announce that it was recognized for the ninth year in a row in the 2024 Best Places to Work in Money Management awards announced by Pensions & Investments. Polen Capital is a global asset manager delivering active, high-conviction, and competitively advantaged growth equity and credit strategies to clients worldwide. Polen ranked among top firms in the category for asset managers with 100-499 employees.
Polen U.S. Small Company Growth Q3 2024 Commentary
Dec. 03, 2024 10:50 PM ET, , , , , , , , , , , , , , , , , , , , , , , , , , , Summary U.S. small cap stocks ended Q3 strong due to interest rate cuts and reduced recession fears, despite high volatility throughout the period. The Portfolio outperformed during drawdowns but lagged in risk-on rallies, reflecting 2024's trend of low-quality, high-momentum stocks driving performance.
Polen U.S. Opportunistic High Yield Portfolio Q3 2024 Commentary
Summary During the third quarter, the Polen Capital U.S. Opportunistic High Yield Composite (the “Composite”) underperformed the ICE BofA U.S. High Yield Index (the “Index”) but outperformed the Credit Suisse Leveraged Loan Index, net of fees. High yield bonds and leveraged loans generated positive performance in the third quarter, with high yield bonds outperforming leveraged loans. Falling yields and resilient economic activity supported leveraged credit markets in Q3.
Polen Focus Growth Portfolio Q3 2024 Commentary
Summary Volatility re-emerged in the third quarter. The initial catalyst was a better-than-expected Consumer Price Index report (indicating lower inflation) on July 11, boosting market confidence of the U.S. Federal Reserve likely embarking on a cutting cycle sooner than later. This excitement spurred a rotation out of large technology and “AI winners” into other market segments, many of which lagged in the first half of the year.
Polen Global Growth Q3 2024 Commentary
Summary Volatility re-emerged in the third quarter, marking a departure from the first half of the year. The initial catalyst for the volatility was perhaps a better-than-expected U.S. Consumer Price Index report (indicating lower inflation) in mid-July, boosting market confidence that the U.S. Federal Reserve would likely embark on a rate-cutting cycle sooner rather than later.
Polen U.S. SMID Company Growth Portfolio Q2 2024 Commentary (Mutual Fund:PBMRX)
Aug. 14, 2024 8:00 AM ETPolen U.S, SMID Company Growth Fund Investor Class (PBMRX), PBMIXMPWR, TYL, SITM, FIVE, PAYC, PGNY, AAON, KNSL Summary Marking a shift from Q1's lower-quality and high price momentum style factors driving performance, Q2 reflected more of a flight to safety. As the market grappled with ongoing economic uncertainty, stock price movements broadly exhibited above-average volatility relative to recent periods, often despite little fundamental change.
Polen Emerging Markets Growth Portfolio Q2 2024 Commentary
Aug. 14, 2024 7:30 AM ETPolen Emerging Markets Growth Fund Inst (PGEIX)TME, HDB, TSM, DLO, EPAM, PDD, GIGNF, AAGIY Summary Over Q2 2024, the Polen Emerging Markets Growth Composite Portfolio returned 0.14% gross and -0.30% net of fees, respectively. The top contributors to relative returns over the period were Tencent Music Entertainment, FPT, and HDFC Bank. The largest detractors from relative and absolute performance were dLocal, EPAM Systems, and FEMSA.
Polen Focus Growth Portfolio Q2 2024 Commentary
Jul. 31, 2024 11:45 AM ETPolen Growth Fund Inst (POLIX), POLRXSP500, SPX, MSFT, ADBE, NOW, GLW, CSCO, GOOG, GOOGL, AVGO, QCOM, AMAT, SMCI, PSTG, ACN, GLOB, HD, META, ABBV, AAPL, CRM, ADSK, SHOP, MSCI, ALGN, NFLX, AVGO:CA, AAPL:CA, SMCI:CA, SHOP:CA, CRM:CA, NOWS:CA, CSCO:CA, NFLX:CA, MSFT:CA, ABBV:CA, META:CA, HD:CA, ADBE:CA, GOOG:CA Summary The Russell 1000 Growth Index rose 8 %, the S&P 500 rose 4%, while the Focus Growth Composite Portfolio (the "Portfolio) was roughly flat in the quarter.
Polen International Growth Portfolio Q2 2024 Commentary
Summary Economic growth rates and inflation readings in most corners of the world remain positive but are evidencing decelerating trends. Portfolio returns in the quarter were again largely driven by our higher conviction weightings. Most of these companies are seeing a healthy combination of building business momentum, accelerating earnings growth, and reasonable valuations.
Polen Global Growth Q2 2024 Commentary
Summary In the second quarter, AI (artificial intelligence) remained the dominant narrative in markets with narrow market leadership from companies perceived to be AI beneficiaries. It appears to us that increasing uncertainty around the macro backdrop has led to a "crowding" into secular growth wherever it can be had now, ostensibly AI. It also seems that this uncertainty has contributed to the outperformance of lower volatility, lower growth businesses with high earnings stability.
iM Global Partner and Polen Capital Unveil Two New Actively Managed ETFs, Strengthening Investor Offerings
iM Global Partner (iMGP) and Polen Capital (Polen) will launch two new actively managed, fully transparent exchange-traded funds (ETFs) on March 8, 2024. The new offerings, Polen Capital International Growth (PCIG) and Polen Capital China Growth (PCCE), will list on the New York Stock Exchange (NYSE) alongside Polen Capital Global Growth (PCGG), Polen's inaugural ETF launched in 2023.
News
iM Global Partner (iMGP) and Polen Capital (Polen) will launch two new actively managed, fully transparent exchange-traded funds (ETFs) on March 8, 2024. The new offerings, Polen Capital International Growth (PCIG) and Polen Capital China Growth (PCCE), will list on the New York Stock Exchange (NYSE) alongside Polen Capital Global Growth (PCGG), Polen's inaugural ETF launched in 2023.
Pensions & Investments Includes Polen Capital among “Best Places to Work in Money Management” for Eighth Consecutive Year
Polen Capital is pleased to announce that Pensions & Investments has recognized the firm as one of the “Best Places to Work in Money Management” for the eighth consecutive year. Polen Capital is a global asset manager delivering active, high-conviction, and competitively advantaged growth equity and high-yield credit strategies to clients worldwide. Polen ranked among top firms in the category for asset managers with 100-499 employees.
Polen Capital Launches Inaugural Credit Interval Fund
Polen Capital, a global asset manager, today announced the launch of the Polen Credit Opportunities Fund (“Fund”) (PCOFX), Polen’s first interval fund offering. The Fund, a flexible and high-conviction credit product that aims to provide investors with high current income, attractive risk-adjusted returns, and diversified credit exposure, pursues a strategy that has been managed by Polen since 2010.
Rice University students design congenital hypothyroidism test for newborns
HOUSTON - (May 8, 2023) - For newborns with congenital hypothyroidism, early diagnosis spells the difference between a normal, healthy life and lifelong disability. Credit: (Photo by Hailee Adams/Rice University) HOUSTON - (May 8, 2023) - For newborns with congenital hypothyroidism, early diagnosis spells the difference between a normal, healthy life and lifelong disability.
Portfolio changes to the Polen Capital Global Growth Fund in the March quarter
During the early days of what Royal Caribbean called its "Royal Comeback," the return to sailing after the Centers for Disease Control (CDC) dropped its no-sail order, cruises were both sparsely filled and inexpensive. The crowds were partially dictated by social distancing rules, but that wasn't the full story. Few people take a cruise on a whim.
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