Polen's AUM Plummets 60% in Four Years After Missing NVIDIA Rally Up 400%

According to Guru Club, asset manager Polen has seen its assets under management shrink 60% over four years, from approximately $830 billion to $330 billion—a loss of nearly $500 billion. The Florida-based firm's flagship Polen Growth Fund, which holds fewer than 30 stocks, did not buy NVIDIA (NVDA.O), instead maintaining positions in software stocks including Adobe (ADBE.O), Salesforce (CRM.N), and ServiceNow (NOW.N).

In June 2023, Polen wrote to clients that "nearly all visible upside" for NVIDIA had already been priced in. NVIDIA subsequently rallied approximately 400%, while a cloud software index declined 3% in the same period. Polen only reversed its stance and began purchasing AI chip stocks in late 2025, acknowledging its initial bearish view on semiconductor investments was incorrect.