Polen Capital Management Llc released its "Polen Focus Growth Strategy" Q2 2026 investor letter. A copy of the letter can be downloaded here. Polen Focus Growth returned 6.33% (net of fees) in the second quarter of 2026, significantly underperforming the Russell 1000 Growth Index's 16.74% gain, as the market rally remained narrowly focused on AI infrastructure and semiconductor stocks.
During the quarter, Polen Capital repositioned the portfolio toward companies benefiting from structural growth in AI infrastructure, power demand, and aerospace. Looking ahead, the managers remain confident in the long-term earnings potential of the portfolio but acknowledge that changing market dynamics and the rising opportunity cost of patience require a more nimble approach. They remain focused on competitively advantaged businesses with durable growth prospects, while selectively participating in AI infrastructure, commercial aerospace, and power infrastructure opportunities where supply constraints and long-term demand could support sustained earnings growth.
In addition, please check the Fund's top five holdings to know its best picks in 2026. In its second-quarter 2026 investor letter, Polen Focus Growth Strategy highlighted stocks like Accenture plc (NYSE:ACN). Accenture plc (NYSE:ACN) is a global professional services company providing consulting, technology, and outsourcing solutions to businesses and governments.
The one-month return of Accenture plc (NYSE:ACN) was 24.32% while its shares traded between $118.15 and $291.09 over the last 52 weeks. On August 13, 2026, Accenture plc (NYSE:ACN) stock closed at approximately $180.14 per share, with a market capitalization of about $109.23 billion. Polen Focus Growth Strategy stated the following regarding Accenture plc (NYSE:ACN) in its Q2 2026 investor letter: Turning to sales, we exited our long-held position in Accenture (NYSE:ACN).
We think Accenture remains an excellent business with strong competitive advantages, but revenue growth has been modest and below our expectations for roughly the past year as discretionary IT budgets remain under pressure. We believe the company can reaccelerate over time, particularly as enterprise customers move from AI experimentation to broader implementation. However, that transition is taking longer than we expected.
In the current market environment, where timing and business momentum matter more than they have historically, we believe the opportunity cost of continuing to wait has increased. We used the proceeds to fund our new position in EMCOR, where we see stronger current business momentum and a more compelling near-term growth setup. Accenture plc (NYSE:ACN) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026.
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