Polen Capital Adjusts Portfolio with New Tech Investments in Q4 2025

Polen Capital made significant adjustments to its Global Growth Portfolio in the fourth quarter of 2025 by initiating new positions in Tencent Holdings and Spotify, while divesting from several companies, including Sage Group, Willis Towers Watson, ICON Plc, and Workday. These strategic moves reflect the firm’s ongoing commitment to adapting its investment strategy in a rapidly changing market.

In the same quarter, the Portfolio achieved a gross return of -2.5% (-2.7% net of fees), underperforming the MSCI All Country World Index, which recorded a return of +3.3%. The standout performer for the Portfolio was Eli Lilly, which contributed positively to the overall performance. Conversely, Oracle emerged as a significant detractor, accounting for nearly all of the Portfolio’s relative underperformance during this period.

Investment Focus and Market Analysis

The decision to invest in Tencent, a leading player in China’s technology sector, comes as the firm seeks to capitalize on the company’s strong positions in gaming, social media, and payment solutions. Polen Capital views the music industry as a largely under-monetized segment of digital entertainment, making Spotify an attractive addition to the Portfolio.

The divestments from Sage Group, Willis Towers Watson, ICON Plc, and Workday signify a shift in focus towards companies that align more closely with Polen Capital’s growth strategy. The firm aims to enhance returns by concentrating on sectors that exhibit robust growth potential.

Performance Overview and Strategic Outlook

The overall performance of the Polen Global Growth Portfolio in Q4 2025 highlights the challenges faced by investment firms in a fluctuating market environment. While the relative performance was disappointing, the firm remains committed to refining its strategy to better position itself for future growth.

Investors will be closely monitoring how these recent changes will impact overall performance in the coming quarters. With an emphasis on technology and innovative sectors, Polen Capital aims to leverage emerging opportunities while mitigating risks associated with underperforming assets.

As the firm continues to navigate the complex landscape of global investments, the focus will remain on identifying high-potential companies that can contribute positively to the Portfolio’s long-term objectives.