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In Q1 2026, Polen International Growth Portfolio returned -14.4% (net of fees) compared to -0.7% for the Index. We initiated new positions in TSMC, Rheinmetall, Saab, Mitsubishi Heavy Industries, AstraZeneca, AIA Group, Siemens Energy, Samsung Electronics, and Keyence. We sold our holdings in Nintendo, MakeMyTrip, Adidas, Globant, Amadeus IT Group, Monday.com, ICON plc, and HDFC Bank.

My 'Buy' rating for Keyence stays unchanged following my evaluation of its 4QFY2025 results and future capital allocation. The company's bottom line jumped 25% YoY to JPY553/share in the recent quarter, thanks to further penetration in Europe, new high-ASP products, and good cost management. Keyence has substantial cash and investments equivalent to a high-teens percentage of market capitalization; it is encouraging…