Argan (AGX) Shares Fall After Record Q2 Earnings as Backlog Dips to $2.5 Billion

Polen Capital, an investment management company, released its Q3 2026 investor letter for its "5Perspectives Growth Opportunities Strategy". The letter can be downloaded here. The Portfolio fell 6.2% in Q3 2026, underperforming the Russell 3000 Growth Index's 0.5% gain. Twist Bioscience, CrowdStrike, and an underweight in Micron helped relative performance, while Argan, an underweight in Microsoft, and Bloom Energy detracted. Despite market volatility, the team sees AI fundamentals as intact and is gradually shifting focus from AI infrastructure suppliers toward businesses applying AI to boost productivity and develop new offerings. Also, check the Fund's top five holdings to see its best picks for 2026.