In its second-quarter 13F filing, Polen Capital Management reported a portfolio value of $11.61 billion as of June 30, 2026. The firm's largest positions remained concentrated in large-cap growth names, with top holdings including Eli Lilly (LLY), NVIDIA (NVDA), Microsoft (MSFT), and Alphabet (GOOG). However, the filing reveals what the firm called its most active quarter of portfolio changes in recent memory, driven by a narrow, AI-focused market rally.
Polen initiated several new positions, signaling a move to redeploy capital towards companies with stronger current business momentum. The most significant new buys were in the industrial and aerospace sectors, including GE Aerospace (GE), GE Vernova (GEV), ATI Inc. (ATI), and Howmet Aerospace (HWM). The firm also made a high-conviction addition to its Taiwan Semiconductor (TSM) stake. According to the firm's commentary, these new holdings are in concentrated, supply-constrained industries with multi-year demand visibility from trends like data center construction and aerospace cycles.
The capital for these new investments was sourced from significant reductions in several long-held positions. Polen nearly exited its entire stakes in AON PLC, Uber (UBER), Zoetis (ZTS), Accenture (ACN), and Synopsys (SNPS). The firm's commentary noted it was selling holdings where near-term growth had slowed to sharpen its focus on business momentum and opportunity cost. This strategic shift follows a period where software, IT services, and healthcare companies have lagged behind the market's rally in AI infrastructure beneficiaries.