Polen Capital International Growth Portfolio: Q1 2026 Activity Review
Finance

Polen Capital International Growth Portfolio: Q1 2026 Activity Review

authorBy David Rubenstein
DateMay 10, 2026
Read time2 min
Polen Capital's International Growth Portfolio experienced significant activity and strategic adjustments during the first quarter of 2026. This period saw a considerable reshuffling of holdings, reflecting a dynamic response to market conditions and a long-term investment philosophy focused on quality growth.

Navigating the Evolving Global Investment Landscape

First Quarter 2026 Performance Overview

During the first quarter of 2026, the Polen International Growth Portfolio recorded a net return of -14.4%. This performance contrasted with the broader market index, which saw a modest decline of -0.7% over the same period, indicating a challenging quarter for the portfolio's specific investment strategies.

Strategic Portfolio Adjustments: New Investments

The first quarter was characterized by a higher-than-average portfolio turnover as the management team implemented several strategic changes. Notably, new positions were initiated in a diverse range of companies. These included Taiwan Semiconductor Manufacturing Company (TSMC), a global leader in semiconductor manufacturing; Rheinmetall, a prominent European defense contractor; Saab, a Swedish aerospace and defense company; Mitsubishi Heavy Industries, a Japanese multinational engineering, electrical equipment, and electronics company; AstraZeneca, a global pharmaceutical and biopharmaceutical company; AIA Group, a major pan-Asian life insurance group; Siemens Energy, a German energy technology company; Samsung Electronics, a South Korean multinational electronics corporation; and Keyence, a Japanese direct sales organization that develops and manufactures automation sensors, vision systems, barcode readers, laser markers, measuring instruments, and digital microscopes.

Strategic Portfolio Adjustments: Divestitures

Concurrently with the new acquisitions, the portfolio divested from several holdings. These included Nintendo, a Japanese multinational consumer electronics and video game company; MakeMyTrip, an Indian online travel company; Adidas, a German multinational corporation that designs and manufactures shoes, clothing, and accessories; Globant, a Luxembourg-based IT and software development company; Amadeus IT Group, a Spanish multinational technology company dedicated to the global travel and tourism industry; Monday.com, an Israeli software company; ICON plc, an Irish-headquartered contract research organization; and HDFC Bank, a major Indian financial services company. These sales were part of a broader strategy to rebalance the portfolio and align it with emerging opportunities and long-term growth prospects.

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