Polen Capital
Polen Capital International Equity Strategy
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 2 investment theses and positions in 35 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year · follow all of Polen Capital for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD+15.3%index +14.2%
- 1Y+18.1%index +20.0%
- 3Y · /yr+24.1%index +20.5%
- 5Y · /yr+7.2%index +9.6%
- 10Y · /yr+11.1%index +9.3%
- Inception · /yr+11.1%index +9.4%
Index: MSCI ACWI ex-USA
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Polen Capital International Equity Strategy | +15.3% | +18.1% | +24.1% | +7.2% | +11.1% | +11.1% |
| MSCI ACWI ex-USA | +14.2% | +20.0% | +20.5% | +9.6% | +9.3% | +9.4% |
Since inception: Inception (4-1-2016)
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We exited positions in Disco, Kioxia Holdings, Halma, Rentokil, Nokia, Banco Bilbao Vizcaya Argentaria, Cameco, UCB, AstraZeneca and BE Semiconductor Industries.
We exited positions in Disco, Kioxia Holdings, Halma, Rentokil, Nokia, Banco Bilbao Vizcaya Argentaria, Cameco, UCB, AstraZeneca and BE Semiconductor Industries.
We exited positions in Disco, Kioxia Holdings, Halma, Rentokil, Nokia, Banco Bilbao Vizcaya Argentaria, Cameco, UCB, AstraZeneca and BE Semiconductor Industries.
During the quarter, we initiated positions in Asics, Aritzia, National Bank of Greece, Piraeus Bank, Argenx and Sandoz Group.
During the quarter, we initiated positions in Asics, Aritzia, National Bank of Greece, Piraeus Bank, Argenx and Sandoz Group.
During the quarter, we initiated positions in Asics, Aritzia, National Bank of Greece, Piraeus Bank, Argenx and Sandoz Group.
During the quarter, we initiated positions in Asics, Aritzia, National Bank of Greece, Piraeus Bank, Argenx and Sandoz Group.
During the quarter, we initiated positions in Asics, Aritzia, National Bank of Greece, Piraeus Bank, Argenx and Sandoz Group.
We exited positions in Disco, Kioxia Holdings, Halma, Rentokil, Nokia, Banco Bilbao Vizcaya Argentaria, Cameco, UCB, AstraZeneca and BE Semiconductor Industries.
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.
During the quarter, we initiated positions in Asics, Aritzia, National Bank of Greece, Piraeus Bank, Argenx and Sandoz Group.
We exited positions in Disco, Kioxia Holdings, Halma, Rentokil, Nokia, Banco Bilbao Vizcaya Argentaria, Cameco, UCB, AstraZeneca and BE Semiconductor Industries.
We exited positions in Disco, Kioxia Holdings, Halma, Rentokil, Nokia, Banco Bilbao Vizcaya Argentaria, Cameco, UCB, AstraZeneca and BE Semiconductor Industries.
We exited the position as our assessment of the timing and magnitude of the earnings inflection weakened and concluded that market expectations had not fully adjusted for the possibility of slower or more limited adoption.
We exited positions in Disco, Kioxia Holdings, Halma, Rentokil, Nokia, Banco Bilbao Vizcaya Argentaria, Cameco, UCB, AstraZeneca and BE Semiconductor Industries.
We exited positions in Disco, Kioxia Holdings, Halma, Rentokil, Nokia, Banco Bilbao Vizcaya Argentaria, Cameco, UCB, AstraZeneca and BE Semiconductor Industries.
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.
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.
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.
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.
We exited the position because the next earnings inflection point was outside our investment time frame, and we identified more attractive opportunities elsewhere.
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.
We exited positions in Toho, Aviva, Celestica, LifeCo, and Rheinmetall.
We exited positions in Toho, Aviva, Celestica, LifeCo, and Rheinmetall.
Also held
Its investment theses
- Samsung ElectronicsJun 2026Samsung Electronics is held as a NAND and DRAM memory manufacturer benefiting from AI-driven demand, tight supply, and stronger pricing.
- Taiwan Semiconductor Manufacturing CompanyJun 2026Taiwan Semiconductor Manufacturing Company is benefiting from AI demand running ahead of capacity, supporting pricing power and margin expansion.