Missed NVIDIA, Polen's AUM Evaporates Nearly $50 Billion in Four Years

Odaily Planet Daily News Asset management firm Polen has become a textbook case of how missing out on a single superstar during the AI boom can alter a firm's fortunes. In just four years, its assets under management (AUM) have shrunk by 60%, a decline of nearly $50 billion, leaving it at roughly $33 billion.

Most of the company's six equity mutual funds employ a concentrated portfolio strategy, holding a small number of growth stocks. Its flagship product, the Polen Growth Fund, holds fewer than 30 stocks. This fund did not buy NVIDIA (NVDA.O), instead sticking with 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 company's visible upside opportunities have already been priced into the market." Since then, NVIDIA's stock price has surged nearly 400%.

During the same period, an index tracking cloud software companies fell by 3%. It wasn't until late 2025, after NVIDIA had already made fortunes for countless investors, that Polen finally changed its stance. The firm acknowledged its previous pessimistic view on AI chips was a misjudgment and began buying related stocks.