Polen's third-quarter commentary identified Tesla as a major relative drag as the Polen 5Perspectives Large Growth Composite Portfolio trailed the Russell 1000 Growth Index in the third quarter of 2026.
Polen reported a -0.04% return net of fees for the composite portfolio. The Russell 1000 Growth Index gained 0.92% during the same quarter.
Polen's report said scrutiny over planned AI and robotics spending came as Tesla faced margin pressure; the company also posted record revenue for the second quarter of 2026. The report noted progress on Robotaxi and Cybercab and described demand across Tesla's vehicle and energy-storage businesses as broadly healthy.
Polen's team described the quarter's volatility as a “pause that refreshes.” The portfolio shifted toward technology and away from some industrial exposure tied to electrification and AI infrastructure. The report said technology holdings included semiconductor and software companies. The team said its investments were moving toward companies that use AI inside current operations and in new products or services.
