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Polen Capital, an funding administration firm, launched its fourth-quarter 2025 investor letter for “Polen International Development Technique”. A replica of the letter will be downloaded right here. The fourth quarter of 2025 appeared to be like the whole 12 months. The inventory market skilled a extreme 5% sell-off within the fourth quarter however rapidly recovered to all-time highs, mirroring the V-shaped restoration from April lows. On this setting, the Fund’s quality-heavy portfolio confronted relative efficiency headwinds. The portfolio’s software program holdings trailed the broader market beneficial properties regardless of income and earnings development. The Portfolio returned -2.5% gross of charges (-2.7% internet of charges) in This fall 2025, lagging 3.3% acquire for the MSCI All Nation World Index (the “Index”). Please assessment the Technique’s prime 5 holdings to achieve insights into their key alternatives for 2025.
In its fourth-quarter 2025 investor letter, Polen International Development Technique highlighted shares like Spotify Know-how S.A. (NYSE:SPOT). Spotify Know-how S.A. (NYSE:SPOT) is a number one audio streaming subscription service supplier monetizing via paid premium subscriptions and an ad-supported mannequin. On March 09, 2026, Spotify Know-how S.A. (NYSE:SPOT) inventory closed at $544.88 per share. One-month return of Spotify Know-how S.A. (NYSE:SPOT) was 14.47%, and its shares gained 7.17% over the previous twelve months. Spotify Know-how S.A. (NYSE:SPOT) has a market capitalization of $112.188 billion.
Polen International Development Technique said the next relating to Spotify Know-how S.A. (NYSE:SPOT) in its fourth quarter 2025 investor letter:
“We additionally initiated a place in Spotify which continues to execute at a excessive degree in our opinion. Spotify Know-how S.A.’s (NYSE:SPOT) enterprise is a scaled two sided community having fun with secular development as streaming and smartphone proliferation at the moment are a worldwide norm. We consider music is probably the most under-monetized type of digital leisure and because the largest streaming community on the planet, Spotify serves greater than 600 million lively customers, a majority of whom use the service with ad-supported content material. A big and rising paying person base of greater than 250 million commonly devour content material from the platform. As an leisure vacation spot in most customers’ pockets, we see continued engagement development forward. Progress in including new customers, changing ad-supported listeners to paid subscribers and driving larger engagement with new choices like podcasts, audio books and movies all allow revenue and free money move development. We consider these drivers can ship higher than 20% annual free money move development for the following 5 years.”
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