Missing Nvidia, Polen's AUM Shrinks by Nearly $50 Billion in Four Years

According to Odaily, asset management firm Polen has become a textbook case of how missing out on a single AI boom winner can reshape a firm's destiny. In just four years, its assets under management (AUM) have plummeted by 60%, a decline of nearly $50 billion, leaving it with roughly $33 billion.

Most of the company's six equity mutual funds employ a concentrated portfolio strategy, holding a limited number of growth stocks. Its flagship product, the Polen Growth Fund, holds fewer than 30 stocks. The fund did not buy Nvidia (NVDA.O), instead sticking to software stocks like Adobe (ADBE.O), Salesforce (CRM.N), and ServiceNow (NOW.N). In a June 2023 letter to clients discussing Nvidia, Polen wrote: "We believe that almost all of the upside opportunities we can currently see for the company are already priced into the market." Following that, Nvidia's stock price surged nearly 400%.

During the same period, an index tracking cloud software companies fell 3%. It wasn't until late 2025, after Nvidia had already generated massive profits for countless investors, that Polen finally changed its stance. The firm acknowledged its previous pessimistic view on AI chips was a mistake and began buying related stocks. (Jin Shi)