After missing Nvidia, Polen asset management shrinks by nearly $50 billion in four years

Glonghui, June 17 — Florida-based asset management company Polen serves as a typical case, demonstrating how missing a super winner amid the AI boom can be enough to change an institution's fate. In just four years, its assets under management have shrunk by 60%, decreasing by nearly $50 billion, leaving it with only about $33 billion. Most of the company’s six equity mutual funds adopt a concentrated holding strategy, holding only a few growth stocks. The flagship product, the Polen Growth Fund, holds fewer than 30 stocks. The fund did not buy Nvidia (NVDA.O), instead insisting on holding software stocks such as certain exchanges. In a June 2023 letter to clients discussing Nvidia, Polen wrote: “We believe nearly all the visible upside opportunities for the company are already priced in by the market.” Subsequently, Nvidia's share price soared nearly 400%. Meanwhile, the relevant index tracking cloud software enterprises fell by 3% over the same period. It was not until the end of 2025, after Nvidia had already delivered bountiful profits to countless investors, that Polen finally changed its position. The company admitted its previous pessimistic outlook on AI chips was an error in judgment and began to buy related stocks.