Odaily, citing Jinshi, reported that asset manager Polen has become a clear case of how missing a single major winner during the artificial intelligence boom can reshape an institution’s trajectory. Over four years, the firm’s assets under management fell by 60%, declining by nearly $50 billion. Polen now manages about $33 billion in assets.
A concentrated growth strategy without Nvidia
Most of Polen’s six equity mutual funds follow a concentrated portfolio approach, holding a limited number of growth stocks. Its flagship Polen Growth Fund owns fewer than 30 stocks. The fund did not buy Nvidia (NVDA.O). Instead, it continued to hold software names including Adobe (ADBE.O), Salesforce (CRM.N) and ServiceNow (NOW.N).
In a June 2023 letter to clients, Polen wrote about Nvidia: “We believe almost all of the upside opportunities currently visible for the company have already been priced in by the market.” That assessment became a defining point for the firm’s positioning. After that letter, Nvidia’s share price surged by nearly 400%.
Software holdings lagged Nvidia’s rally
During the same period, the relevant index tracking cloud software companies fell by 3%. The contrast between Nvidia’s sharp rally and the decline in cloud software stocks created a clear performance gap for portfolios that stayed with software names while avoiding the AI chip leader.
By late 2025, after Nvidia had already generated substantial gains for many investors, Polen changed its stance. The company acknowledged that its earlier pessimistic view on artificial intelligence chips had been wrong and began buying related stocks. The shift marked a reversal from its previous approach toward the AI chip segment.