Polen Capital
Polen Capital International Small Cap Equity
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 3 investment theses and positions in 11 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+17.6%index +11.4%
- 1Y+14.2%index +14.7%
- 3Y · /yr+16.3%index +17.9%
- 5Y · /yr+0.0%index +6.8%
- 10Y · /yr+9.8%index +8.5%
- Inception · /yr+10.0%index +8.6%
Index: MSCI ACWI ex USA Small Cap
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Polen Capital International Small Cap Equity | +17.6% | +14.2% | +16.3% | +0.0% | +9.8% | +10.0% |
| MSCI ACWI ex USA Small Cap | +11.4% | +14.7% | +17.9% | +6.8% | +8.5% | +8.6% |
Since inception: Inception (1-1-2016)
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
- ExitedCamtekSep 2026
We exited positions in Kalmar, Camtek, Premium Brands Holdings, Vossloh, Ashtead Technology Holdings, Buzzi and Integra Resources.
- New positionHiabSep 2026
During the quarter, we initiated positions in Codan, Optima Bank, Hiab and Hill & Smith.
- ExitedKalmarSep 2026
We exited positions in Kalmar, Camtek, Premium Brands Holdings, Vossloh, Ashtead Technology Holdings, Buzzi and Integra Resources.
- ExitedBuzziSep 2026
We exited positions in Kalmar, Camtek, Premium Brands Holdings, Vossloh, Ashtead Technology Holdings, Buzzi and Integra Resources.
- ExitedAshtead Technology HoldingsSep 2026
We exited positions in Kalmar, Camtek, Premium Brands Holdings, Vossloh, Ashtead Technology Holdings, Buzzi and Integra Resources.
- ExitedPremium Brands HoldingsSep 2026
We exited positions in Kalmar, Camtek, Premium Brands Holdings, Vossloh, Ashtead Technology Holdings, Buzzi and Integra Resources.
- New positionHill & SmithSep 2026
During the quarter, we initiated positions in Codan, Optima Bank, Hiab and Hill & Smith.
- ExitedIntegra ResourcesSep 2026
We exited positions in Kalmar, Camtek, Premium Brands Holdings, Vossloh, Ashtead Technology Holdings, Buzzi and Integra Resources.
- ExitedVosslohSep 2026
We exited positions in Kalmar, Camtek, Premium Brands Holdings, Vossloh, Ashtead Technology Holdings, Buzzi and Integra Resources.
- New positionOptima BankSep 2026
During the quarter, we initiated positions in Codan, Optima Bank, Hiab and Hill & Smith.
- New positionCodanSep 2026
During the quarter, we initiated positions in Codan, Optima Bank, Hiab and Hill & Smith.
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.
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.
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.
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.
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.
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.
- New positionAsta Energy SolutionsJun 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.
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.
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.
Also held
- Pfisterer Holding
- Hokuhoku Financial Group
- Mitsui Kinzoku
- Nippon Avionics
- Happinet
- Nextage
- IHI Corporation
- NexGen Energy
Its investment theses
- Nippon AvionicsSep 2026Nippon Avionics is a Japanese controls-and-displays provider with accelerating orders and defense-spending tailwinds.
- Mitsui KinzokuSep 2026Mitsui Kinzoku is a Japanese high-grade copper alloy producer with a durable competitive position and strong earnings trajectory.
- Pfisterer HoldingSep 2026Pfisterer Holding is a German grid-components maker exposed to long-term electrification and infrastructure growth drivers.