Polen Small-Cap Growth Fund Beats Russell Growth in Q3 With Powell, Joby Among Top Drivers

The letter emphasizes stock-specific catalysts, with data-center buildouts standing out as a key tailwind.

Overview

Polen U.S. Small Cap Growth Strategy returned 21.4% gross (21.1% net) in Q3 2025 versus 12.2% for the Russell 2000 Growth, according to its investor letter.
Top contributors were Bloom Energy, Joby Aviation, and Powell Industries, with Powell benefiting from rising data-center capital spending and demand for switchgear.
Key detractors were Oddity Tech, Carpenter Technology, and TransMedics after results missed elevated expectations or revenue growth came in slightly below forecasts.
Polen said Joby shares were helped by excitement around longer-range flight testing and the announced acquisition of Blade Air Mobility’s passenger business.
As of November 19, Powell closed at $285.29 and Oddity at $37.16, and Insider Monkey reported increased hedge-fund ownership in both compared with the prior quarter.