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Polen Capital

Dec 2024 → Jun 2026 · Publishes quarterly · 20 funds

Our archive holds 54 letters from Polen Capital, behind 91 investment theses and positions in 70 companies. Every quote below is copied verbatim from the letter it came from.

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Polen Capital’s own letters page
54
Letters
70
Companies
43
Moves
91
Theses

20 strategies

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

What they bought and sold · 43 moves

  • New positionTokio Marine Holdings
    June 2026
    “During the quarter, we initiated positions in ASPEED Technology, Ryohin Keikaku, Mitsubishi UFJ Financial Group, Tokio Marine Holdings, AstraZeneca, Nokia, Rentokil, RWE AG, and Technoprobe, while exiting positions in Toho, Aviva, Celestica, LifeCo, and Rheinmetall.”
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  • ExitedToho
    June 2026
    “We exited the position because the next earnings inflection point was outside our investment time frame, and we identified more attractive opportunities elsewhere.”
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  • New positionRyohin Keikaku
    June 2026
    “During the quarter, we initiated positions in ASPEED Technology, Ryohin Keikaku, Mitsubishi UFJ Financial Group, Tokio Marine Holdings, AstraZeneca, Nokia, Rentokil, RWE AG, and Technoprobe, while exiting positions in Toho, Aviva, Celestica, LifeCo, and Rheinmetall.”
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  • New positionMitsubishi UFJ Financial Group
    June 2026
    “During the quarter, we initiated positions in ASPEED Technology, Ryohin Keikaku, Mitsubishi UFJ Financial Group, Tokio Marine Holdings, AstraZeneca, Nokia, Rentokil, RWE AG, and Technoprobe, while exiting positions in Toho, Aviva, Celestica, LifeCo, and Rheinmetall.”
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  • New positionTechnoprobe
    June 2026
    “During the quarter, we initiated positions in ASPEED Technology, Ryohin Keikaku, Mitsubishi UFJ Financial Group, Tokio Marine Holdings, AstraZeneca, Nokia, Rentokil, RWE AG, and Technoprobe, while exiting positions in Toho, Aviva, Celestica, LifeCo, and Rheinmetall.”
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  • ExitedAviva
    June 2026
    “We exited positions in Toho, Aviva, Celestica, LifeCo, and Rheinmetall.”
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  • New positionMorinaga Milk Industry
    June 2026
    “During the quarter, we initiated positions in Asta Energy Solutions, Morinaga Milk Industry, Tokyo Tatemono, TBS Holdings, and Bird Construction, while exiting positions in Sojitz Corporation, Rakuten Bank, Nippon Television Holdings, and Munters Group.”
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  • New positionTokyo Tatemono
    June 2026
    “During the quarter, we initiated positions in Asta Energy Solutions, Morinaga Milk Industry, Tokyo Tatemono, TBS Holdings, and Bird Construction, while exiting positions in Sojitz Corporation, Rakuten Bank, Nippon Television Holdings, and Munters Group.”
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  • New positionTBS Holdings
    June 2026
    “During the quarter, we initiated positions in Asta Energy Solutions, Morinaga Milk Industry, Tokyo Tatemono, TBS Holdings, and Bird Construction, while exiting positions in Sojitz Corporation, Rakuten Bank, Nippon Television Holdings, and Munters Group.”
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  • New positionBird Construction
    June 2026
    “During the quarter, we initiated positions in Asta Energy Solutions, Morinaga Milk Industry, Tokyo Tatemono, TBS Holdings, and Bird Construction, while exiting positions in Sojitz Corporation, Rakuten Bank, Nippon Television Holdings, and Munters Group.”
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  • ExitedSojitz Corporation
    June 2026
    “During the quarter, we initiated positions in Asta Energy Solutions, Morinaga Milk Industry, Tokyo Tatemono, TBS Holdings, and Bird Construction, while exiting positions in Sojitz Corporation, Rakuten Bank, Nippon Television Holdings, and Munters Group.”
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  • ExitedRakuten Bank
    June 2026
    “During the quarter, we initiated positions in Asta Energy Solutions, Morinaga Milk Industry, Tokyo Tatemono, TBS Holdings, and Bird Construction, while exiting positions in Sojitz Corporation, Rakuten Bank, Nippon Television Holdings, and Munters Group.”
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  • ExitedNippon Television Holdings
    June 2026
    “During the quarter, we initiated positions in Asta Energy Solutions, Morinaga Milk Industry, Tokyo Tatemono, TBS Holdings, and Bird Construction, while exiting positions in Sojitz Corporation, Rakuten Bank, Nippon Television Holdings, and Munters Group.”
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  • ExitedMunters Group
    June 2026
    “During the quarter, we initiated positions in Asta Energy Solutions, Morinaga Milk Industry, Tokyo Tatemono, TBS Holdings, and Bird Construction, while exiting positions in Sojitz Corporation, Rakuten Bank, Nippon Television Holdings, and Munters Group.”
    Read the letter
  • New positionRWE AG
    June 2026
    “During the quarter, we initiated positions in ASPEED Technology, Ryohin Keikaku, Mitsubishi UFJ Financial Group, Tokio Marine Holdings, AstraZeneca, Nokia, Rentokil, RWE AG, and Technoprobe, while exiting positions in Toho, Aviva, Celestica, LifeCo, and Rheinmetall.”
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  • New positionGE Aerospace
    June 2026
    “We initiated a new position in GE Aerospace, which we view as one of the highest-quality industrial businesses in the world.”
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  • New positionKeyence
    June 2026
    “We initiated a new position in Japan-based Keyence, one of the world's highest-quality industrial automation businesses.”
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  • ExitedGeneDx
    June 2026
    “We exited the position during the period as our process led us to redeploy capital into opportunities where we saw a more compelling combination of thematic tailwinds, fundamentals, and technical characteristics.”
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  • ExitedFastly
    June 2026
    “During the period, we exited the position as our process identified more attractive opportunities elsewhere and our conviction in the risk/reward profile diminished.”
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  • New positionNokia
    June 2026
    “During the quarter, we initiated positions in ASPEED Technology, Ryohin Keikaku, Mitsubishi UFJ Financial Group, Tokio Marine Holdings, AstraZeneca, Nokia, Rentokil, RWE AG, and Technoprobe, while exiting positions in Toho, Aviva, Celestica, LifeCo, and Rheinmetall.”
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  • TrimmedBroadcom
    June 2026
    “During the period we also added to our positions in ASML and Idexx Labs and trimmed our positions in Starbucks, Oracle, Shopify, Aon and Broadcom.”
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  • AddedASML
    June 2026
    “During the period we also added to our positions in ASML and Idexx Labs and trimmed our positions in Starbucks, Oracle, Shopify, Aon and Broadcom.”
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  • New positionRentokil Initial
    June 2026
    “During the quarter, we initiated positions in ASPEED Technology, Ryohin Keikaku, Mitsubishi UFJ Financial Group, Tokio Marine Holdings, AstraZeneca, Nokia, Rentokil, RWE AG, and Technoprobe, while exiting positions in Toho, Aviva, Celestica, LifeCo, and Rheinmetall.”
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  • ExitedZoetis
    June 2026
    “Lastly, we eliminated our position in Zoetis.”
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  • AddedIdexx Labs
    June 2026
    “During the period we also added to our positions in ASML and Idexx Labs and trimmed our positions in Starbucks, Oracle, Shopify, Aon and Broadcom.”
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  • TrimmedShopify
    June 2026
    “During the period we also added to our positions in ASML and Idexx Labs and trimmed our positions in Starbucks, Oracle, Shopify, Aon and Broadcom.”
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  • ExitedCelestica
    June 2026
    “We exited positions in Toho, Aviva, Celestica, LifeCo, and Rheinmetall.”
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  • New positionGE Vernova
    June 2026
    “We initiated a new position in GE Vernova, one of the few global companies capable of supplying the power generation equipment needed to meet rising electricity demand.”
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  • New positionRheinmetall
    June 2026
    “We initiated a new position in Rheinmetall, Germany's largest defense contractor and one of the leading suppliers of military vehicles, weapons, and ammunition in Europe.”
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  • ExitedRheinmetall
    June 2026
    “We exited positions in Toho, Aviva, Celestica, LifeCo, and Rheinmetall.”
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Showing the 30 most recent of 43 recorded moves.

Companies held · 70

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

Theses · 91

  • Howmet Aerospace
    June 2026

    Howmet Aerospace is a mission-critical aerospace components supplier with scarce competitive positioning and upside from production and aftermarket demand.

    Read the full thesis
  • Meridian Arc
    June 2026

    Meridian Arc is a data center developer with contracted AI/cloud demand, Google-backed lease support, and strong structural protections that underpin attractive risk-adjusted returns.

    Read the full thesis
  • Taiwan Semiconductor Manufacturing Company
    June 2026

    Taiwan Semiconductor Manufacturing Company is benefiting from AI demand running ahead of capacity, supporting pricing power and margin expansion.

    Read the full thesis
  • GE Vernova
    June 2026

    GE Vernova supplies critical power generation equipment and has a long demand runway from electrification, AI infrastructure, and grid modernization.

    Read the full thesis
  • Keyence
    June 2026

    Keyence is a leading industrial automation company with strong technology leadership, recovering end markets, and long-term earnings compounding potential.

    Read the full thesis
  • Rheinmetall
    June 2026

    Rheinmetall is a leading European defense contractor positioned to benefit from rising defense spending and a growing order backlog.

    Read the full thesis
  • SK hynix
    June 2026

    SK hynix is held as a NAND and DRAM memory manufacturer benefiting from AI-driven demand running ahead of supply and strong pricing power.

    Read the full thesis
  • Samsung Electronics
    June 2026

    Samsung Electronics is held as a NAND and DRAM memory manufacturer benefiting from AI-driven demand, tight supply, and stronger pricing.

    Read the full thesis
  • Tokyo Electron
    June 2026

    Tokyo Electron is a leading semiconductor equipment supplier positioned to benefit from AI-driven investment cycles and strong customer relationships.

    Read the full thesis
  • Hermès International
    June 2026

    Hermès is a highly exclusive luxury brand with pricing power, a wide moat, and a long runway for compounding growth.

    Read the full thesis
  • Siemens Healthineers
    June 2026

    Siemens Healthineers is a high-quality healthcare franchise with leading positions, but near-term growth was seen as more modest.

    Read the full thesis
  • Tokyo Electron Ltd
    June 2026

    Tokyo Electron is a leading semiconductor equipment supplier benefiting from AI-driven investment cycles and technology leadership.

    Read the full thesis

Showing the 48 most recent of 91 theses. Browse them by company to see the rest.

Letter archive · 54

2026

2025

2024

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