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Polen Capital

Dec 2024 → Sep 2026 · Publishes quarterly · 20 funds

Our archive holds 67 letters from Polen Capital, behind 111 investment theses and positions in 179 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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67
Letters
179
Companies
126
Moves
111
Theses

20 strategies

Polen Capital publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 126 moves

  • ExitedMSCI
    September 2026
    “During the quarter, we exited our position in MSCI to help fund the addition to Meta Platforms.”
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  • New positionSeagate Technology
    September 2026
    “Lastly, we also acquired a new position in Seagate Technology , one of only two major suppliers in the hard disk drive market.”
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  • New positionQuanta Services
    September 2026
    “Additionally, we acquired a new position in Quanta Services , North America’s largest specialty infrastructure contractor, mostly focused on the electric power grid in North America.”
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  • ExitedRollins
    September 2026
    “We also sold our position in Rollins .”
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  • AddedEMCOR Group
    September 2026
    “In terms of existing positions, we added to EMCOR Group using proceeds from the Rollins sale.”
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  • AddedMeta Platforms
    September 2026
    “As mentioned earlier , we added to our Meta position following the launch of Meta Muse, its personal AI agent.”
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  • TrimmedStarbucks
    September 2026
    “Lastly, we trimmed our position in Starbucks to help fund the purchase of ASML.”
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  • TrimmedSAP SE
    September 2026
    “We also added to our existing positions in TSMC , Samsung Electronics , Tencent Holdings , and Mitsubishi Heavy Industries , while trimming Nu Holdings , Rheinmetall , Tokyo Electron, ASML , and SAP.”
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  • TrimmedShopify
    September 2026
    “We also trimmed Shopify following strong share price performance and used the proceeds to help fund the purchase of Adyen.”
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  • ExitedDisco
    September 2026
    “We exited positions in Disco, Kioxia Holdings, Halma, Rentokil, Nokia, Banco Bilbao Vizcaya Argentaria, Cameco, UCB, AstraZeneca and BE Semiconductor Industries.”
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  • TrimmedEli Lilly
    September 2026
    “At the same time, we trimmed Eli Lilly to right size the position to a more typical weight and help fund the purchase of Seagate Technology.”
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  • AddedTencent Holdings Limited
    September 2026
    “We also added to our existing positions in TSMC , Samsung Electronics , Tencent Holdings , and Mitsubishi Heavy Industries , while trimming Nu Holdings , Rheinmetall , Tokyo Electron, ASML , and SAP.”
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  • AddedMitsubishi Heavy Industries, Ltd.
    September 2026
    “We also added to our existing positions in TSMC , Samsung Electronics , Tencent Holdings , and Mitsubishi Heavy Industries , while trimming Nu Holdings , Rheinmetall , Tokyo Electron, ASML , and SAP.”
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  • TrimmedRheinmetall AG
    September 2026
    “We also added to our existing positions in TSMC , Samsung Electronics , Tencent Holdings , and Mitsubishi Heavy Industries , while trimming Nu Holdings , Rheinmetall , Tokyo Electron, ASML , and SAP.”
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  • TrimmedASML Holding N.V.
    September 2026
    “We also added to our existing positions in TSMC , Samsung Electronics , Tencent Holdings , and Mitsubishi Heavy Industries , while trimming Nu Holdings , Rheinmetall , Tokyo Electron, ASML , and SAP.”
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  • New positionNational Bank of Greece
    September 2026
    “During the quarter, we initiated positions in Asics, Aritzia, National Bank of Greece, Piraeus Bank, Argenx and Sandoz Group.”
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  • New positionAdyen
    September 2026
    “In Q3 2026, we initiated new positions in Adyen , ASML , Quanta Services , and Seagate Technology , while selling MSCI and Rollins .”
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  • TrimmedNVIDIA
    September 2026
    “We also added to our existing positions in Meta Platforms and Keyence , while trimming NVIDIA , Broadcom , Shopify , ServiceNow , Tencent , Aon , Adyen and Tokyo Electron .”
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  • AddedKeyence
    September 2026
    “We also added to our existing positions in Meta Platforms and Keyence , while trimming NVIDIA , Broadcom , Shopify , ServiceNow , Tencent , Aon , Adyen and Tokyo Electron .”
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  • TrimmedBroadcom
    September 2026
    “We also added to our existing positions in Meta Platforms and Keyence , while trimming NVIDIA , Broadcom , Shopify , ServiceNow , Tencent , Aon , Adyen and Tokyo Electron .”
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  • TrimmedTencent
    September 2026
    “We also added to our existing positions in Meta Platforms and Keyence , while trimming NVIDIA , Broadcom , Shopify , ServiceNow , Tencent , Aon , Adyen and Tokyo Electron .”
    Read the letter
  • TrimmedAon
    September 2026
    “We also added to our existing positions in Meta Platforms and Keyence , while trimming NVIDIA , Broadcom , Shopify , ServiceNow , Tencent , Aon , Adyen and Tokyo Electron .”
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  • TrimmedTokyo Electron
    September 2026
    “We also added to our existing positions in Meta Platforms and Keyence , while trimming NVIDIA , Broadcom , Shopify , ServiceNow , Tencent , Aon , Adyen and Tokyo Electron .”
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  • TrimmedServiceNow
    September 2026
    “We also added to our existing positions in Meta Platforms and Keyence , while trimming NVIDIA , Broadcom , Shopify , ServiceNow , Tencent , Aon , Adyen and Tokyo Electron .”
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  • ExitedCamtek
    September 2026
    “We exited positions in Kalmar, Camtek, Premium Brands Holdings, Vossloh, Ashtead Technology Holdings, Buzzi and Integra Resources.”
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  • New positionHiab
    September 2026
    “During the quarter, we initiated positions in Codan, Optima Bank, Hiab and Hill & Smith.”
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  • ExitedVossloh
    September 2026
    “We exited positions in Kalmar, Camtek, Premium Brands Holdings, Vossloh, Ashtead Technology Holdings, Buzzi and Integra Resources.”
    Read the letter
  • ExitedBanco Bilbao Vizcaya Argentaria
    September 2026
    “We exited positions in Disco, Kioxia Holdings, Halma, Rentokil, Nokia, Banco Bilbao Vizcaya Argentaria, Cameco, UCB, AstraZeneca and BE Semiconductor Industries.”
    Read the letter
  • ExitedRentokil
    September 2026
    “We exited positions in Disco, Kioxia Holdings, Halma, Rentokil, Nokia, Banco Bilbao Vizcaya Argentaria, Cameco, UCB, AstraZeneca and BE Semiconductor Industries.”
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  • ExitedUCB
    September 2026
    “We exited the position and reallocated the proceeds to an opportunity where we saw stronger expected earnings growth and a more favorable gap relative to consensus expectations.”
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Showing the 30 most recent of 126 recorded moves.

Companies held · 179

Every company Polen Capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 111

  • Advanced Micro Devices
    September 2026

    Advanced Micro Devices has a large opportunity in AI and server compute thanks to share gains in CPUs, growing GPU adoption, and a large addressable market.

    Read the full thesis
  • Shopify
    September 2026

    Shopify still benefits from agentic commerce tailwinds and remains complementary to emerging AI-driven shopping experiences.

    Read the full thesis
  • Nippon Avionics
    September 2026

    Nippon Avionics is a Japanese controls-and-displays provider with accelerating orders and defense-spending tailwinds.

    Read the full thesis
  • Adyen
    September 2026

    Adyen is a global payments platform with strong technology and enterprise relationships that should keep taking share from fragmented legacy providers.

    Read the full thesis
  • Disco Corp.
    September 2026

    Disco Corp. benefits from a hard-to-replicate role in semiconductor manufacturing, rising memory and packaging complexity, and strong margins and returns.

    Read the full thesis
  • Microsoft
    September 2026

    Microsoft provides cloud computing, productivity software, and AI services, with Azure strength and demand exceeding capacity supporting the stock.

    Read the full thesis
  • Tokyo Electron
    September 2026

    Tokyo Electron is a dominant semiconductor equipment supplier with leading positions and strong demand exposure to advanced logic, DRAM, and AI.

    Read the full thesis
  • ASML
    September 2026

    ASML is a uniquely advantaged lithography leader whose EUV tools are critical to advanced chip scaling and whose services add recurring revenue.

    Read the full thesis
  • NVIDIA
    September 2026

    NVIDIA is viewed as a highly competitively advantaged AI infrastructure company with exceptional growth and further product-cycle upside.

    Read the full thesis
  • SK Hynix
    September 2026

    SK Hynix is the HBM leader with strong AI-driven pricing power, supply tightness, and potential for more durable earnings and valuation support.

    Read the full thesis
  • Capcom
    September 2026

    Capcom has a deep IP library, efficient proprietary development, and multiple avenues for continued revenue and earnings growth.

    Read the full thesis
  • Mitsui Kinzoku
    September 2026

    Mitsui Kinzoku is a Japanese high-grade copper alloy producer with a durable competitive position and strong earnings trajectory.

    Read the full thesis

Showing the 48 most recent of 111 theses. Browse them by company to see the rest.

Letter archive · 67

2026

2025

2024

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