Polen Capital, an investment management firm, released its Q4 investor letter on the “Polen 5Perspectives Small Growth Strategy.” A copy of the letter can be downloaded here. The Polen 5Perspectives Small Growth Composite Portfolio returned -1.3% gross and -1.5% net of fees in Q4 2025, compared to a 1.2% return for the Russell 2000 Growth Index. After double-digit returns in the second and third quarters, small caps ended the year with a return of 1.2% in the fourth quarter. Biotechnology stood out as one of the main players during the quarter, expanding beyond the topic of AI. The small-cap asset class has drawn attention due to falling interest rates and improving earnings growth, but the company is most excited about its structural tailwinds, including the rapid pace of innovation and the opportunity it presents for disciplined investors. During the fourth quarter, the Strategy nearly doubled its exposure to biotech due to opportunities presented by rising interest rates, mergers and acquisitions, and AI tailwinds. The strategy name changed from Polen US Small Cap Growth to Polen 5Perspectives Small Growth, to emphasize the importance of the five perspectives framework and the influence of perspective on investing. Plus, check out the strategy’s top five holdings for your best picks in 2025.
In its Q4 2025 investor letter, Polen 5Perspectives Small Growth Strategy highlighted Corcept Therapeutics Incorporated (NASDAQ:CORT). Corcept Therapeutics Incorporated (NASDAQ:CORT) is a pharmaceutical company focused on the development of medicines for the treatment of serious endocrinological, oncological, metabolic and neurological disorders. On February 23, 2026, shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) closed at $35.34 per share. Corcept Therapeutics Incorporated (NASDAQ:CORT)’s monthly performance was -22.56% and its stock lost 42.82% in the past 52 weeks. Corcept Therapeutics Incorporated (NASDAQ:CORT) has a market cap of $3.724 billion.
Polen 5Perspectives Small Growth Strategy stated the following regarding Corcept Therapeutics Incorporated (NASDAQ:CORT) in its Q4 2025 investor letter:
“Built-in therapeutic corcept (NASDAQ:CORT) is a biopharmaceutical company focused on the development of drugs that modulate cortisol activity, with its flagship product Korlym approved for Cushing’s syndrome and a growing pipeline in oncology and metabolic disorders. We believe Corcept is at an inflection point as it expands beyond its core indication, driven by promising Phase 3 data for relacorilant in adrenal cancer and other indications. However, during the quarter, shares came under pressure due to concerns about slower Korlym sales growth and uncertainty over the timing of pipeline approvals.”
