Polen Capital's Trades and Holdings in Q3 2025

Breaking down the stocks Polen Capital bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Polen Capital's 13F filed on November 12, 2025.

Who is Polen Capital?

Polen Capital is a global investment management firm founded in 1979, specializing in high-conviction growth strategies across large-cap, small-cap, and emerging markets portfolios. Known for its disciplined approach and low turnover, Polen has established a strong track record of outperformance over multiple market cycles. The firm's investment philosophy centers on identifying businesses with sustainable competitive advantages, superior financial strength, and proven management teams that can deliver consistent, above-average earnings growth.

Polencapital.com
Wikipedia on Polen Capital
Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Polen Capital pivoted decisively toward semiconductor exposure in Q3 2025 after avoiding the sector for 2½ years, initiating positions in NVIDIA, Broadcom, Taiwan Semiconductor, Boston Scientific, and Uber while also adding Synopsys and Intuit to capture the generative AI wave and continued capital flows into AI-related infrastructure projects. The high-conviction growth manager exited Novo Nordisk in earlier 2025 after disappointing clinical trial data on its next-generation GLP-1 drug and trimmed various holdings to fund its aggressive repositioning toward AI semiconductors, while maintaining its disciplined approach of identifying businesses with sustainable competitive advantages despite near-term underperformance as market returns concentrated in AI-driven sectors.

New Investments

Broadcom AVGO

Polen Capital bought $1.48B of Broadcom in Q3 2025. Broadcom delivered a strong third quarter of 2025 with record revenue of $16.0 billion, representing 22% year-over-year growth, driven predominantly by accelerating AI semiconductor demand which surged 63% year-over-year to $5.2 billion. The company beat earnings expectations with non-GAAP EPS of $1.69, while demonstrating exceptional operational leverage with a 65.5% operating margin and generating robust free cash flow of $7.0 billion. With Q4 guidance of $17.4 billion in revenue (24% year-over-year growth) and AI revenue forecast at $6.2 billion (66% year-over-year growth), the company is gaining significant momentum as a dominant player in the high-growth AI semiconductor market.

• Q3 revenue reached $16.0 billion, up 22% year-over-year, with AI semiconductor revenue surging 63% year-over-year to $5.2 billion.
• Non-GAAP EPS of $1.69 beat consensus estimates by 1.81%, and free cash flow of $7.0 billion increased 47% year-over-year.
• Q4 guidance of $17.4 billion revenue (up 24% year-over-year) with AI revenue forecast at $6.2 billion (up 66% year-over-year) signals continued accelerating growth.

Boston Scientific BSX

Polen Capital bought $546.56M of Boston Scientific in Q3 2025. Boston Scientific delivered exceptional Q3 2025 results with 20.3% reported revenue growth to $5.065 billion, significantly outperforming guidance, while adjusted EPS of $0.75 grew 19% year-over-year. The company's strong performance was driven by robust demand for flagship products including Watchman and Therapulse technologies, combined with strategic expansion in Asia-Pacific markets. Management raised full-year 2025 adjusted EPS guidance to $3.02-$3.04, reflecting confidence in sustained above-market growth momentum.

• Adjusted EPS grew 19% year-over-year to $0.75, surpassing guidance range of $0.70-$0.72.
• Organic revenue growth of 15.3% exceeded guidance of 12-14%, with full-year organic growth guidance raised to approximately 15.5%.
• Adjusted operating margin expanded 80 basis points to 28%, demonstrating strong operational leverage and efficient cost management.

Synopsys SNPS

Polen Capital bought $515.49M of Synopsys in Q3 2025. Synopsys delivered 14% year-over-year revenue growth to $1.74 billion in Q3 2025 but disappointed the market with earnings per share of $3.39 missing analyst expectations of $3.80 by 10.79%, triggering a severe 36% stock price decline. The transformational Ansys acquisition, which closed in July 2025, successfully expanded the company's design automation capabilities with 23% segment growth, though Design IP business declined 8% amid customer concentration risks and foundry customer issues. Management is implementing strategic restructuring with a 10% global headcount reduction by end of fiscal 2026, while maintaining strong business fundamentals including $10.1 billion backlog and $632 million free cash flow in the quarter.

• Q3 2025 revenue increased 14% year-over-year to $1.74 billion, missing consensus forecast of $1.77 billion by 1.69%.
• Non-GAAP EPS of $3.39 fell 10.79% short of forecasted $3.80; GAAP EPS declined 45% year-over-year to $1.50.
• Design Automation segment grew 23% while Design IP declined 8%; stock experienced 36% single-day decline following earnings announcement.

Intuit INTU

Polen Capital bought $451.9M of Intuit in Q3 2025. Intuit delivered a strong Q3 2025 with 15% revenue growth to $7.8 billion and 18% non-GAAP EPS growth to $11.65, significantly exceeding market expectations and driving an 8.19% aftermarket stock surge. The company raised its full-year fiscal 2025 guidance, projecting 15% total revenue growth and raising operating income growth expectations to 35% GAAP and 18% non-GAAP. Key drivers included an outstanding tax season with 47% TurboTax Live revenue growth and strong momentum in Global Business Solutions Group, which expanded 19%, alongside Credit Karma's impressive 31% growth.

• Q3 2025 non-GAAP EPS grew 18% to $11.65, beating consensus estimates by 6.9%.
• Revenue increased 15% year-over-year to $7.8 billion, with Global Business Solutions Group revenue up 19% and Credit Karma up 31%.
• GAAP operating income guidance raised to 35% growth, up significantly from prior guidance of 28-30%.

Taiwan Semiconductor TSM

Polen Capital bought $49.45M of Taiwan Semiconductor in Q3 2025. Taiwan Semiconductor delivered exceptional Q3 2025 results driven by surging demand for AI chips, with revenue reaching $33.1 billion (up 40.8% YoY) and earnings per share of $2.92 (up 39% YoY), significantly outperforming analyst estimates. The company expanded gross margins to 59.5% and operating margins to 50.6%, driven by strong execution in advanced process technologies where 74% of wafer revenue came from leading-edge nodes. With a $1.21 trillion market capitalization and stock up 55% year-to-date, the company is well-positioned to capitalize on accelerating AI and high-performance computing demand, supported by $90 billion in cash and strategic capex expansion.

• Revenue surged 40.8% YoY to $33.1 billion with EPS increasing 39% YoY to $2.92, beating Zacks consensus estimates by 12.74%.
• Gross margin expanded 170 basis points YoY to 59.5%, while operating margin increased 310 basis points to 50.6%.
• Advanced technologies represented 74% of wafer revenue with strong sequential growth in smartphone (+19%), IoT (+20%), and automotive (+18%) segments.

S&P 500 Equal Weight RSP

Polen Capital bought $8.49M of S&P 500 Equal Weight in Q3 2025. The S&P 500 Equal Weight ETF delivered strong performance in Q3 2025, gaining 10.5% to substantially outperform the cap-weighted S&P 500's 5.6% return by 4 percentage points. Despite this quarterly recovery, the fund remains underperforming year-to-date through September, having climbed only 15.2% versus the broader index's 22.1% gain. The equal-weight methodology's characteristic high turnover and volatility were offset in Q3 by sector diversification benefits, with six of eleven sectors outperforming their cap-weighted counterparts.

• Q3 2025 return of 10.5%, outperforming S&P 500 by 4 percentage points.
• 12-month trailing return of 12.81% through September 2025.
• Year-to-date underperformance of 6.9 percentage points (up 15.2% vs S&P 500's 22.1%) through Q3 2025.

Amprius Technologies AMPX

Polen Capital bought $3.57M of Amprius Technologies in Q3 2025. Amprius Technologies delivered a strong Q3 2025, significantly beating both revenue and earnings expectations with robust demand for its silicon-anode battery technology across the aviation and drone sectors. The company achieved $21.43 million in revenue while narrowing net losses to $3.89 million, demonstrating operational leverage as it scales production toward over 1.8 GWh of contracted manufacturing capacity. Strategic initiatives including a newly appointed CFO and a collaboration with ESAero for advanced UAV batteries position the company for accelerated commercialization, though production scale-up execution and customer concentration risks warrant monitoring.

• Q3 revenue of $21.43 million beat consensus estimates by 27.48% with net loss improving materially from prior year.
• Earnings per share of -$0.03 beat forecast of -$0.05, delivering a 50% earnings surprise.
• Revenue projected to reach $306.6 million by 2028 at 89.8% annual growth rate with fair value estimate of $15.33 implying 36% upside potential.

First Trust QQEW

Polen Capital bought $3.18M of First Trust in Q3 2025. As of November 10, 2025, the fund is up 7.78% over the last year and 12.6% year-to-date in 2025, benefiting from strength in its 40.5% allocation to technology stocks. It is outperforming the S&P 500 on a year-to-date basis but lagging on 1-year returns, with a 27.18 P/E ratio indicating premium valuation. The equal-weighted structure provides diversification across 102 holdings in the NASDAQ-100 with a 1.08 beta and 0.55% expense ratio.

• Up 7.78% over the last 12 months and 12.6% year-to-date in 2025.
• Trading between $106.81 and $146.24 over the past 52 weeks with price near $144.20 as of late October.
• P/E ratio of 27.18, expense ratio of 0.55%, and trailing 12-month dividend yield of 0.38%.

First Solar FSLR

Polen Capital bought $2.47M of First Solar in Q3 2025. First Solar delivered strong operational results in Q3 2025, with $1.59 billion in revenue representing a 44% sequential increase and 79% year-over-year growth, though earnings per share of $4.24 slightly missed the $4.34 consensus estimate. The company's net income surged 45.6% year-over-year to $455.9 million, demonstrating significant operational leverage despite the EPS shortfall. However, management's revised full-year guidance of $4.95-5.20 billion—below the $5.38 billion analyst consensus—suggests caution about market conditions, though this is partially offset by a strengthened balance sheet with $1.5 billion in net cash and record sales.

• Q3 revenue of $1.59 billion grew 44% sequentially and 79% year-over-year, exceeding analyst estimates.
• Net income increased 45.6% year-over-year to $455.9 million, while EPS improved 33.3% sequentially to $4.24.
• Net cash position strengthened to $1.5 billion from $0.6 billion in Q2, driven by advance customer payments and improved working capital.

Howard Hughes HHH

Polen Capital bought $1.96M of Howard Hughes in Q3 2025. Howard Hughes delivered a strong Q3 2025 performance, significantly rebounding from a Q2 earnings miss with revenue of $390.24 million, up 19.3% year-over-year, and earnings per share of $2.02, up from $1.95 in the prior year. The company substantially beat consensus estimates with a 17.71% revenue surprise and 29.49% EPS surprise, driven by robust Master Planned Communities land sales of $248.47 million, up 25.3% year-over-year. The company's strong execution and increased capital from a $900 million equity raise from Pershing Square demonstrates investor confidence and positions it favorably for future growth.

• Q3 revenue grew 19.3% year-over-year to $390.24 million, exceeding Zacks consensus estimate by 17.71%.
• Diluted EPS of $2.02 beat consensus estimate of $1.56 by 29.49%, representing a dramatic recovery from Q2's -56.44% earnings miss.
• Master Planned Communities segment revenue reached $271.58 million, up 27.7% year-over-year, with strategic land sales driving profitability and segment EBT of $205.01 million.

Abcellera Biologics ABCL

Polen Capital bought $1.35M of Abcellera Biologics in Q3 2025. AbCellera delivered a mixed Q3 2025 quarter with revenue beating estimates by 35.31% to $9.0 million, but disappointing investors with a wider net loss of $57.1 million and EPS of -$0.19 versus the expected -$0.17, causing the stock to decline 27.49% over the past month. While the company shows promising operational progress with 18 molecules now in clinical trials (up from 14 in the prior year) and a strong liquidity position of approximately $682 million, the deteriorating bottom-line performance from Q2's -$0.12 EPS reflects elevated R&D spending of $55.0 million and concerning cash burn despite strong top-line momentum. The stock's negative momentum suggests the market is prioritizing near-term profitability concerns over the company's clinical pipeline expansion and manufacturing facility completion.

• Revenue beat estimates by 35.31% at $9.0 million (up 38% year-over-year), but net loss widened significantly to $57.1 million.
• EPS deteriorated to -$0.19, missing consensus of -$0.17, with stock down 27.49% over the past month and trading 38.6% below the 52-week high.
• Pipeline expanded with 18 molecules in clinical trials (up from 14 prior year), yet company maintains $682 million total available liquidity to fund development.

Clear Secure YOU

Polen Capital bought $963.71K of Clear Secure in Q3 2025. Clear Secure delivered robust Q3 2025 results with 15.5% year-over-year revenue growth to $229.2 million and beat consensus estimates on both earnings (7.41% surprise) and revenue (1.85% surprise), reflecting strong execution in its secure identity platform business. Operating profitability expanded meaningfully with adjusted EBITDA margins reaching 30.6%—a 610 basis point improvement from the prior year quarter—while net income grew 18.8% to $45.1 million, demonstrating the company's ability to convert top-line growth into bottom-line results. The market responded favorably with shares rallying 7.9% in pre-market trading, and management raised full-year free cash flow guidance by $10 million to at least $320 million, while projecting accelerating Q4 bookings growth of 16.8% driven by expanding international CLEAR+ availability across 40 countries.

• Total bookings reached $260.1 million, up 14.3% year-over-year, with Q4 guidance indicating further acceleration to 16.8% growth.
• Active CLEAR+ membership base expanded to 7.7 million members supported by international expansion and increased adoption of credential authentication solutions.
• Stock performance up 19.9% over the prior month, with analyst fair value estimates ranging from $20.05 to $73.71 per share.

Axos Financial AX

Polen Capital bought $777K of Axos Financial in Q3 2025. Axos Financial's Q3 2025 results beat consensus estimates with adjusted EPS of $2.07 (10.3% above consensus) and revenue of $323.4 million, though year-over-year revenue remained flat and full-year 2025 earnings declined 3.80% despite 13.59% revenue growth, indicating margin compression headwinds. The company demonstrated operational resilience through $700+ million in net loan growth and meaningfully improved credit quality with lower nonaccrual loans, while strategic investments in AI and proprietary technology platforms position the firm for future efficiency gains and cost leverage. Stock performance has lagged with -2.0% returns over the past 12 months versus 12.9% for the broader market, yet analysts maintain a Strong Buy rating with a $96.57 price target implying 21.75% upside potential.

• Adjusted EPS beat consensus by 10.3% in Q3 2025 at $2.07 per share; full-year 2025 revenue grew 13.59% to $1.20 billion but earnings fell 3.80%.
• P/E ratio of 10.68 with forward P/E of 9.84 offers valuation discount relative to banking sector; stock underperformed US Banks by 14.6% and the broader market by 14.9% over 12 months.
• Net loan growth of $700+ million in Q3 with improved credit metrics and strong pipelines in commercial and multifamily lending support management's guidance for high-single-digit to low-teens annual growth.

RealReal REAL

Polen Capital bought $766.29K of RealReal in Q3 2025. RealReal delivered record Q3 2025 sales demonstrating strong top-line momentum, but reported a wider-than-expected net loss driven by warrant liability adjustments, causing the stock to decline over 12% in after-hours trading despite management raising full-year 2025 guidance. The company showed operational strength with significantly improved Adjusted EBITDA margins and expanded customer base growth, indicating underlying business momentum. However, investor focus remains fixated on the path to profitability, as the sharp market sell-off following earnings suggests that strong operational metrics cannot yet offset profitability concerns.

• Stock declined over 12% in after-hours trading immediately following Q3 earnings release despite record revenue.
• Adjusted EBITDA margin expanded significantly demonstrating improved operational efficiency and cost management.
• Full-year 2025 guidance raised in multiple areas, indicating management confidence in continued momentum through year-end.

Procter & Gamble PG

Polen Capital bought $745.2K of Procter & Gamble in Q3 2025. Procter & Gamble delivered a challenging Q3 2025 with both EPS of $1.54 and revenue of $19.78 billion missing expectations, though 1% organic sales growth and 90 basis points of core operating margin expansion demonstrated operational resilience amid consumer volatility. The stock declined 4.53% following the miss, reflecting investor concerns about revenue shortfalls and global consumption headwinds, though management maintained confidence with 2-4% core EPS growth guidance for fiscal 2025 and a commitment to return $16-17 billion to shareholders. Analysts rate the stock as Buy with a 12-month price target of $174.43, implying 18.11% upside potential despite near-term headwinds.

• Core EPS increased 1% year-over-year to $1.54 in Q3, with full-year fiscal 2025 core EPS growth guidance of 2-4% and earnings projected between $6.72 to $6.82.
• Organic sales growth of 1% in Q3 was offset by 2% net sales decline year-over-year; company faces $1-1.5 billion in tariff headwinds and $200 million commodity cost pressures.
• Core operating margin improved 90 basis points in Q3 despite 30 basis points of core gross margin compression, reflecting strong operational efficiency.

Coca-Cola KO

Polen Capital bought $695.7K of Coca-Cola in Q3 2025. Coca-Cola has gained 13.67% over the past 52 weeks, trading near its 52-week high despite Q3 headwinds from sluggish volume trends that decelerated momentum. While Q2 financial results exceeded analyst forecasts driven by improved pricing power, the current quarter emerged as a relative detractor as the broader beverage industry experienced weakening sentiment and market rotation away from defensive names. The company maintains solid financial health with a 2.80 Financial Health Score and continues to generate strong profitability metrics in a challenging operating environment.

• Up 13.67% over the last 52 weeks and 6.75% in the last month as of November 11, 2025.
• Q2 beat analyst expectations on pricing strength, but Q3 became a relative detractor due to volume deceleration and industry rotation.
• Financial Health Score of 2.80 (GOOD) with a robust 4.15 Profit Score supporting fundamental strength.

Scholar Rock SRRK

Polen Capital bought $672.55K of Scholar Rock in Q3 2025. Scholar Rock is a late-stage biopharmaceutical company with strong analyst support (unanimous Strong Buy ratings) trading at a significant discount to price targets (16.77%-61.73% upside potential). The company demonstrated EPS improvement in Q3 2025 with an expected consensus of -$0.88 per share versus -$0.98 in Q2 2025, though it remains unprofitable as it advances apitegromab for spinal muscular atrophy and explores adjacent indications. Recent positive Phase 2 data in obesity combination therapy and a strong cash position of $295 million supporting operations into 2027 provide near-term catalysts, though manufacturing challenges have delayed SMA approval.

• EPS improved approximately 10% sequentially from Q2 2025 (-$0.98 per share) to expected Q3 2025 consensus (-$0.88 per share).
• Analyst price target of $45.25-$46.55 implies 16.77%-61.73% upside from current levels with unanimous Strong Buy consensus from 13 analysts.
• Cash balance of $295 million funds operations into 2027, providing 15+ months of runway without requiring external financing.

SES AI SES

Polen Capital bought $666.55K of SES AI in Q3 2025. SES AI demonstrated strong momentum in Q3 2025 with revenue reaching $7.1 million, representing a 102% quarter-over-quarter increase driven primarily by the acquisition of UZ Energy and the launch of its Molecular Universe MU-1.0 platform, while improving its net loss to $20.9 million from $22.7 million in Q2 and maintaining robust liquidity of $214 million. The company has strategically expanded its energy storage systems footprint through both the UZ Energy acquisition and a joint venture with Hisun New Materials, positioning itself for accelerated commercialization and potential profitability in 2026. Despite ongoing operational losses, the company's asset-light business model, expanding gross margins, and strategic partnerships suggest a company in transition from early-stage commercialization to scaling revenue.

• Revenue surged 102% QoQ to $7.1 million in Q3 2025, with UZ Energy acquisition contributing approximately 45% of quarterly revenue.
• Net loss improved to $20.9 million ($(0.06) per share) from $22.7 million ($(0.07) per share) in Q2 2025, while EPS improved 14%.
• Strong balance sheet with $214 million in liquidity and 51% gross margin supporting projected path to profitability in 2026.

PepsiCo PEP

Polen Capital bought $635.91K of PepsiCo in Q3 2025. PepsiCo delivered stronger-than-expected Q3 2025 results with core EPS of $2.29 beating the $2.26 forecast and revenue of $23.94 billion exceeding expectations, while significantly outperforming beverage peers with shares rallying 3.7% post-earnings and 10.7% over the past three months versus industry declines. Strong international expansion and aggressive cost optimization initiatives are driving momentum, though near-term headwinds include North American food volume declines and supply chain pressures. Management projects 5.5% EPS growth for 2026 and emphasizes returning to the company's historical growth algorithm through continued margin expansion and portfolio transformation.

• Core EPS beat forecasts by 1.33% with $2.29 versus $2.26 expected, and revenue exceeded forecast by $340 million to $23.94 billion.
• Stock outperformed peers significantly, rallying 10.7% over the past three months versus industry decline of 1.7%, while beating Coca-Cola's 3.5% decline and Keurig Dr Pepper's 22.3% decline.
• International business posted 18 consecutive quarters of mid-single-digit organic revenue growth with 5.5% projected EPS growth for 2026 driven by margin expansion and cost optimization actions.

Chef's Warehouse CHEF

Polen Capital bought $553.73K of Chef's Warehouse in Q3 2025. The Chefs' Warehouse demonstrated strong operational momentum in Q3 2025, with net sales growing 9.6% to $1,021.3M and adjusted EBITDA expanding 19.4% to $65.1M, driven primarily by specialty category strength and market share gains despite strategic exits from non-core programs. The company's adjusted earnings per share increased 38.9% to $0.50 year-over-year, reflecting improved profitability, while gross profit expanded 10% to $247.2M with specialty margins improving 59 basis points. Management's decision to raise full-year guidance—projecting net sales of $4.085B–$4.115B and adjusted EBITDA of $247M–$253M—signals confidence in sustained momentum heading into the holiday season.

• Adjusted EPS increased 38.9% to $0.50 in Q3 2025 from $0.36 in Q3 2024.
• Q3 net sales reached $1,021.3M, up 9.6% year-over-year, with specialty sales growing 7.7% and organic specialty case growth at 3.2%.
• Gross profit expanded 10% to $247.2M with specialty category margins improving 59 basis points, offsetting a 49 basis point decline in center-of-the-plate margins.

Added, Trimmed, and Exited

Added

Polen Capital dramatically increased its position in Nvidia (NVDA), adding 6.28 million shares to transform what was a $2.7M stake into a massive $1.17B position—representing a staggering 43,537% increase in value. The firm also substantially increased Uber (UBER), adding 4.55 million shares to grow the position from $1.7M to $448M, a 25,806% increase.
What it means: These massive additions signal Polen Capital's strong conviction in AI infrastructure and the platform economy. The Nvidia build represents one of the most aggressive moves by the firm, positioning it to capitalize on continued AI semiconductor demand that drove Broadcom's 63% AI revenue growth. Meanwhile, the Uber expansion reflects confidence in the resilience of ridesharing and delivery platforms despite macro uncertainty. The scale of these additions—turning tiny positions into top holdings—suggests Polen is making a concentrated bet on secular technology trends rather than maintaining its historically diversified approach.

Trimmed

Polen Capital reduced 18 existing positions during Q3 2025, with the largest reductions in Shopify (SHOP) (-3.6M shares), Airbnb (ABNB) (-3.4M shares, -50% value), Abbott (ABT) (-3.2M shares), Oracle (ORCL) (-2.7M shares), Amazon (AMZN) (-2.7M shares), Thermo Fisher (TMO) (-2.1M shares, -94% value), Alphabet (GOOG) (-1.9M shares), Workday (WDAY) (-1.7M shares), Adobe (ADBE) (-1.5M shares), and Visa (V) (-1.3M shares). Additional trims included Nu Holdings (NU), Zoetis (ZTS), Starbucks (SBUX), Gartner (IT) (nearly completely exited), CoStar (CSGP), Accenture (ACN), Tencent Music (TME), and Microsoft (MSFT).
What it means: The extensive trimming across major technology and consumer holdings reveals a fundamental portfolio repositioning by Polen Capital. The near-complete exit from Thermo Fisher (down 94%) and Gartner (down 99%), combined with substantial reductions in once-core positions like Airbnb, Adobe, and Workday, suggests the firm is rotating away from companies facing near-term growth headwinds or valuation concerns. The simultaneous reduction of mega-cap tech stalwarts (Amazon, Microsoft, Alphabet, Oracle) alongside the massive Nvidia addition indicates Polen is becoming more selective within technology, favoring pure-play AI beneficiaries over diversified cloud platforms. The broad-based nature of these trims—spanning software, e-commerce, life sciences, payments, and enterprise IT—provided capital for the concentrated bets on Nvidia, Uber, Broadcom, and other new AI-focused positions.

Exited

Polen Capital completely liquidated 20 positions, led by Novo Nordisk (NVO) ($12.3M), Loma Negra (LOMA) ($2.1M), Core & Main (CNM) ($2.1M), Enovix (ENVX) ($2.0M), and Grupo Financiero Galicia (GGAL) ($2.0M). Other exits included ExlService Holdings (EXLS), Goosehead (GSHD), Paylocity (PCTY), Samsara (IOT), Hamilton Lane (HLNE), Progyny (PGNY), Insight Enterprises (NSIT), Shake Shack (SHAK), Rambus (RMBS), Belden (BDC), Fabrinet (FN), Itron (ITRI), Fiverr (FVRR), Supervielle (SUPV), and Ollie's Bargain Outlet (OLLI).
What it means: The complete exit from Novo Nordisk—the largest liquidation—is particularly notable given the obesity drug market's continued momentum, suggesting Polen may have concerns about competitive dynamics or valuation despite the sector's growth trajectory. The wholesale elimination of Argentine exposure (Loma Negra, Grupo Financiero Galicia, Supervielle) indicates a strategic retreat from emerging market volatility. The exits from numerous small and mid-cap technology and industrial names (Paylocity, Samsara, Enovix, Rambus, Belden, Itron) reflect a clear shift toward portfolio concentration in larger, more liquid positions. Combined with the extensive trimming activity, these exits demonstrate Polen Capital is dramatically reducing portfolio diversification—liquidating 20 positions while adding 20 new ones—to make room for concentrated, high-conviction bets on AI infrastructure and select technology leaders.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.