- During the fourth quarter of 2025, the Polen 5Perspectives Small-Mid Growth Composite Portfolio returned -0.1% gross and -0.3% net of fees, respectively, compared to the 0.3% return of the Russell 2500 Growth Index.
- The top contributors to relative performance in the period were Bloom Energy, Sandisk, and First Solar. The most significant detractors from the Portfolio’s relative performance in the quarter were Corcept Therapeutics, Nutanix, and Rocket Lab.
- After consecutive double digit returns in 2Q and 3Q, SMID caps – as defined by the Russell 2500 Growth Index – ended the year with a more modest 0.3% return in 4Q. Performance continued to broaden out beyond the AI theme, and Biotech in particular was a standout performer during the quarter.
