Polen Global Growth Composite Portfolio faced relative performance headwinds during the fourth quarter of 2025, with the portfolio returning -2.5% gross of fees against the MSCI All Country World Index’s +3.3% return.
“Our software holdings were market laggards, especially Oracle, even though virtually all of them are growing their revenue and earnings at or above our expectations,” said Polen Global Growth in its fund letter.
The fund initiated a new position in Tencent Holdings (TCEHY) (TCTZF) and Spotify Technology (SPOT) in Q4 2025.
Polen Global Growth added to its holdings in Taiwan Semiconductor Manufacturing Company (TSM) (TSMWF), MercadoLibre (MELI), Siemens Healthineers (SEMHF) (SMMNY), L’Oréal (LRLCF) (LRLCY) (LOR:CA), NVIDIA (NVDA) (NVDA:CA), Alphabet (GOOG) (GOOGL) (GOOG:CA), and Boston Scientific (BSX).
To fund these investments and optimize portfolio positioning, the fund sold its stake in Sage Group (SGGEF) (SGPYY), Willis Towers Watson (WTW), ICON (ICLR), and Workday (WDAY).
“The majority of Global Growth’s exposure intentionally resides in sectors, industries, and companies outside of the Gen AI and datacenter capex themes, and that we believe can perform well regardless of underlying market driver,” said the fund letter.
