Polen Capital
Polen International Growth
International Large-cap Growth
Dec 2024 → Sep 2026
Our archive holds 9 letters from this strategy, behind 25 investment theses and positions in 34 companies. Every quote below is copied verbatim from the letter it came from.
9 letters in 3 years · follow all of Polen Capital for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD−4.2%index +14.2%
- 1Y−6.7%index +20.0%
- 3Y · /yr+1.9%index +20.5%
- 5Y · /yr−2.7%index +9.6%
- Inception · /yr−4.8%index +9.6%
Index: MSCI ACWI (ex-USA)
| YTD | 1Y | 3Yper year | 5Yper year | Since inceptionper year | |
|---|---|---|---|---|---|
| Polen International Growth | −4.2% | −6.7% | +1.9% | −2.7% | −4.8% |
| MSCI ACWI (ex-USA) | +14.2% | +20.0% | +20.5% | +9.6% | +9.6% |
Since inception: Inception (1-1-2017)
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 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.
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.
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.
During the quarter, we exited our position in On Holding , a Swiss premium athletic footwear and apparel brand, best known for its CloudTec cushioned running shoes.
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.
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.
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.
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.
In Q3 2026, we initiated new positions in Seagate Technology and Capcom , while selling On Holding .
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.
In Q3 2026, we initiated new positions in Seagate Technology and Capcom , while selling On Holding .
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.
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
- ShopifySep 2026Shopify has strong commerce infrastructure, accelerating growth, AI-driven demand opportunities, and room for further market-share gains.
- Disco Corp.Sep 2026Disco Corp. benefits from a hard-to-replicate role in semiconductor manufacturing, rising memory and packaging complexity, and strong margins and returns.
- Seagate TechnologySep 2026Seagate Technology benefits from growing data-storage demand, constrained supply, attractive HDD economics, and potential pricing power and operating leverage.
- CapcomSep 2026Capcom has a deep IP library, efficient proprietary development, and multiple avenues for continued revenue and earnings growth.
- 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.