Polin Capital, an investment management firm, has released its fourth quarter 2025 investor letter for “Polin Global Growth Strategy.” A copy of the letter can be downloaded here. The fourth quarter of 2025 seems like a whole year. The stock market experienced a 5% sharp sell-off in the fourth quarter but quickly rebounded to all-time highs, reflecting a V-shaped recovery from the April lows. In this environment, the fund’s quality-heavy portfolio suffered relative performance violations. Holdings portfolio software continues to track market-wide gains despite revenue and earnings growth. The portfolio returned -2.5% gross fees (-2.7% net fees) in Q4 2025, trailing the 3.3% gain for the MSCI All-Country Global Index (the “Index”). Please review the top five properties of the strategy to gain insight into their key choices for 2025.
In its fourth quarter 2025 investor letter, Pauline Global Growth Strategy highlighted stocks like Spotify Technologies SA (NYSE: SPOT ). Spotify Technologies SA (NYSE:SPOT) is a leading audio streaming subscription service provider that monetizes through paid premium subscriptions and an ad-supported model. On March 09, 2026, Spotify Technologies SA (NYSE:SPOT) stock closed at $544.88 per share. Spotify Technologies SA (NYSE:SPOT)’s one-month return was 14.47%, and its dividend yielded 7.17% over the past twelve months. Spotify Technologies SA (NYSE:SPOT) has a market capitalization of $112.188 billion.
Pauline’s global growth strategy outlined the following regarding Spotify Technologies SA (NYSE:SPOT) in its fourth quarter 2025 investor letter:
“We also initiated a position in Spotify which we believe continues to perform at a high level. Spotify Technologies SA’s (NYSE: SPOT) business is a scalable two-way network that is enjoying secular growth as streaming and smartphone proliferation are now the global norm. We believe that music is the most undervalued form of digital entertainment and as the largest streaming network in the world, Spotify serves more than 600 million active users, many of whom use the service with ad-supported content. A large and growing paying user base of over 250 million regularly consumes content from the platform. As an entertainment destination in the pockets of many users, we look forward to continued engagement growth. Improvements in adding new users, converting ad-supported listeners to paid subscribers and driving higher engagement with new offerings such as podcasts, audiobooks and videos all enable increased profitability and free cash flow. We believe these drivers can generate annual free cash flow growth of more than 20% for the next five years.
