Overview

• The Polen Focus Growth Strategy returned 3.34% gross and 3.14% net in Q3 2025, trailing the Russell 1000 Growth at 10.51% and the S&P 500 at 8.12%.
• The team re‑entered Nvidia and Broadcom in early August after roughly 2½ years out, citing fresh data that supports sustained demand for AI chips and related hardware.
• Managers acknowledged the cyclical risk in semiconductor hardware but said the new evidence raises confidence in multi‑year earnings trajectories for the positions.
• The fund sold its remaining Thermo Fisher stake to fund a purchase of Uber, pointing to persistent macro, policy, and funding headwinds in life‑sciences services.
• A new ~2% position in Boston Scientific reflects confidence in Farapulse PFA and Watchman growth drivers, with the manager targeting mid‑teens earnings growth over 3–5 years and noting broad investor interest in AI leaders such as Nvidia, which appeared in 235 hedge fund portfolios and ranked fifth by popularity.