Polen Capital
Polen International Growth
International Large-cap Growth
Dec 2024 → Jun 2026
Our archive holds 8 letters from this strategy, behind 22 investment theses and positions in 25 companies. Every quote below is copied verbatim from the letter it came from.
8 letters in 3 years — follow all of Polen Capital for every strategy.
What it bought and sold
We exited our position in InPost during the quarter as the date on which it will be acquired and delisted approaches.
We also sold our position in Medtronic .
Also held
Its investment theses
- Tokyo Electron LtdJun 2026Tokyo Electron is a leading semiconductor equipment supplier benefiting from AI-driven investment cycles and technology leadership.
- Siemens EnergyMar 2026Siemens Energy is a power infrastructure leader benefiting from AI-driven electricity demand and improving profitability.
- AIA GroupMar 2026AIA Group is a leading Asian insurer with a strong agent network and structural growth tailwinds.
- Mitsubishi Heavy IndustriesMar 2026Mitsubishi Heavy Industries is a Japanese industrial and defense conglomerate with AI power demand and defense tailwinds.
- TSMCMar 2026TSMC is the dominant global chip foundry benefiting from AI demand, leading-edge scale, and pricing power.
- SaabMar 2026Saab is a European defense leader benefiting from rising defense demand and margin expansion potential.
- ASM International N.V.Dec 2025ASM International N.V. dominates Atomic Layer Deposition for leading-edge chips and is poised for high-teens earnings growth as AI advances semiconductors.
- Disco CorporationDec 2025Disco Corporation is a leader in back-end semiconductor equipment critical for AI-era packaging, with potential for high-teens total return compounding.
- SAP SEDec 2025SAP SE maintains a resilient, mission-critical software model with strong cloud momentum and is positioned for at least mid-teens earnings growth.
- Tencent Holdings Ltd.Dec 2025Tencent Holdings Ltd. leverages its massive WeChat ecosystem and diversified tech assets to drive sustainable low double-digit revenue and mid-teens EPS growth.