Will Spotify (SPOT) be Able to Deliver More Than 20% Annual Free Cash Flow Growth?

Polen Capital, an investment management company, released its fourth-quarter 2025 investor letter for “Polen Global Growth Strategy”. A copy of the letter can be downloaded here. The fourth quarter of 2025 seemed to be like the entire year. The stock market experienced a severe 5% sell-off in the fourth quarter but quickly recovered to all-time highs, mirroring the V-shaped recovery from April lows. In this environment, the Fund’s quality-heavy portfolio faced relative performance headwinds. The portfolio’s ...