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Your day-ahead look for March 20, 2026

Polen Growth POLRX, a onetime consistently strong-performing and highly rated concentrated growth fund, has had a rough go the past few years.Its institutional shares have trailed the Russell 1000 Growth for six straight calendar years, landing it in the lowest tenth of large-growth Morningstar Category peers over trailing one-, three-, five-, and 10-year periods through February 2026. The prolonged slump is out of character for the strategy whose thoughtful leaders and rigorous approach to investing in stocks with strong competitive positions had once produced strong results with less volatility than peers and its benchmark. Yet, there have been enough execution wobbles in recent years to warrant a Process Pillar downgrade to Above Average from High in February. Here’s the story behind that change and why we still think this is a compelling offering.Why It Has LaggedPolen Growth has fallen far behind. Though it posted a decent 10.9% annualized gain over the trailing 10 years through March 17, 2026, that looked meager beside the average large-growth fund’s 14.4% and the Russell 1000 Growth Index’s 17.5%. In fact, the strategy has lagged both measures over all trailing periods. At least three factors—market headwinds, portfolio and market concentration, and execution missteps—can explain this poor relative performance. The market has been unfavorable for Polen’s style. Momentum, or the tendency of fast-rising stocks to keep appreciating, has driven the stock market in recent years and hurt this strategy’s relative performance. The fund tends to have low exposure to high-momentum stocks, while its preference for quality, or stocks that the managers think can generate consistent and enduring profits, hasn’t set it apart from peers or the benchmark index, according to Morningstar’s Risk Model. While headwinds have detracted, single stock picks have been a bigger drag. The strategy’s 20-25 stock portfolio has exacerbated stock-picking errors, because each pick has more influence in a concentrated portfolio. And, like all large-growth peers, it has had to operate in an increasingly concentrated universe, which has raised the stakes on managers’ decisions to own or not own and to overweight or underweight a handful of names. The fund’s choices regarding those names—the so-called Magnificent Seven stocks of Alphabet GOOGL, Amazon.com AMZN, Apple AAPL, Meta META, Microsoft MSFT, Nvidia NVDA, and Tesla TSLA—have hampered performance. Only positions in Alphabet, Amazon, and Apple have helped. Not owning Nvidia from March 2019 to August 2025—a period of tremendous appreciation—was particularly painful. In fact, the managers’ preference for stocks with high margins and high recurring revenue led them to favor software rather than cyclical semiconductor stocks. So, it missed owning high-flying artificial intelligence winners like Nvidia and Broadcom AVGO while holding big stakes in software stocks like Adobe ADBE and ServiceNow NOW that have struggled amid fears that AI threatens their business models and growth (the managers sold Adobe in January 2026). Indeed, Morningstar’s equity research team lowered the Economic Moat Ratings of several software stocks in March, including Adobe and ServiceNow, whose moats dropped to narrow from wide. Meanwhile, the strategy has had its share of bad calls, such as overweighting the healthcare sector and making poor stock picks within it in recent years, including Illumina ILMN and Zoetis ZTS. The managers have been perhaps too patient with some poor-performing stocks, such as Thermo Fisher Scientific TMO, whose price languished over the roughly three years the fund owned it before the managers exited in September 2025. Why We Still Like This StrategyThe managers are more aware of momentum now. By tracking price and business momentum more closely, they can trim stocks that run ahead of fundamentals and add to those temporarily out of favor. The managers, however, have not increased turnover to chase momentum and still fall on the patient, deliberate end of the investing spectrum. Otherwise, the process remains intact. Companies still must clear strict hurdles before the managers consider owning their stocks. Those criteria include strong returns on equity, unencumbered balance sheets, consistent margins, and real organic growth. The concentrated portfolio also remains packed with stocks poised to continue to grow well into the future, such as Intuitive Surgical ISRG, which has a wide moat and an Exemplary Morningstar Capital Allocation Rating. Recent addition Idexx Laboratories IDXX, a pet and livestock healthcare company, has similar characteristics. Historically, stocks like these tend to reward investors over the long term.The team also remains strong. The firm saw unusually high turnover in the past year, with the departure of the former head of sustainability and three managers of other growth strategies. But the strategy’s thoughtful and experienced lead manager Dan Davidowitz and team leader Damon Ficklin, who once was a Morningstar equity analyst, remain. The addition of analyst Connor Carollo, who spent seven years at WCM Investment Management, also should help. The fund’s recent streak of underperformance has been disappointing. Still, this strategy’s combination of a disciplined process, experienced team, and more balanced positioning suggests it can post better results.

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.Why we love this dealAnyone who wears jewelry knows that the right accessory can absolutely transform an outfit. Sometimes the perfect ensemble just needs a bit of extra sparkle, whether that’s with a set of bracelets, a dangling pendant necklace, or a truly gorgeous pair of earrings. For the people who love adding new pieces to their jewelry box but don’t love the expensive prices often associated with them, it can be hard to find new accessories that actually hold up after lots of wear but don’t hurt your wallet in the process. It shouldn’t be a choice between quality and cost, and at the right retailers, it doesn’t have to be. Macy’s offers so many incredible deals on luxury jewelry that make it easy to own some truly stunning pieces, and if you’re as accessory-obsessed as we are, you’re certainly going to want to check it out. For those who can’t resist a statement earring, the Belle de Mer Blush Pearl and White Sapphire Earrings are definitely hard to resist adding to cart, and now that the originally priced $300 studs are 76% off, you don’t have to. Save $229 and score your own pair for just $72 before it’s too late. Belle de Mer Blush Pearl and White Sapphire Earrings, $72 (was $301) at Macy’s

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Shop at Macy’sWhy do shoppers love it?Made with blush freshwater pearl and lab-created white sapphire, these earrings aren’t just any old studs. The pink-hued button pearls give the earrings a rosy sheen and serve as the center to which the white sapphire is arranged around. The lab-grown white sapphire, which in total for both earrings equals about 2 ct. t.w. is arranged in a petal-like cluster on one side, and a more uniform band on the other to give the earrings a simple but unique look. In between the pearls and white sapphire, you see small sterling silver elements which match the sterling silver post and backing.Sterling silver is often the ideal choice for jewelry because its hypoallergenic properties make it perfect for those with sensitive skin and sensitivities to other metals. Additionally, it also offers superior durability and can easily be cleaned and polished, so it’ll hold up in color and quality even after lots of wear.Each stud measures about 8 to 9 millimeters wide, and has about a ⅝ inch drop. The earrings use a push back closure, also known as a butterfly back or friction back, which means the back slides easily on and off of the post to keep them securely in place in your ear. That specific type of closure is ideal for everyday wear. And if you really love this pearl and white sapphire combo, you’ll love the matching necklace that goes along with it. The 18-inch long pendant has the same discount available right now. Instead of paying $301 for it, you can grab it for just $72. Related: Macy’s has a bestselling $40 flannel shirt on sale for $10 — it’s available in 7 spring-ready colorsOne of the best perks that Macy’s offers when it comes to jewelry is free in-store cleaning at select Macy’s. Call ahead to your local Macy’s to check if they are one of the participating stores. Details to knowMaterial: Sterling silver, blush freshwater pearls, lab-created white sapphire.Dimensions: 8 to 9 millimeters each with a ⅝ inch drop. Closure: Post back closure.Although small, these earrings are well received by shoppers who can’t say enough about how gorgeous they are. “These earrings are beautiful and will be a wonderful gift,” one shopper said. Others note that they got “many compliments” while wearing them and that they are chic and classy. Shop more deals On 34th Linked Mesh Multi-Row Flex Bracelet, $22 (was $40) at Macy’sMacy’s Birthstone Gemstone & Diamond Accent Heart Pendant Necklace, $113 (was $300) at Macy’sStyle & Co Two-Tone 3-Piece Set SCulptural Bangle Bracelets, $17 (was $30) at Macy’sJewelry might not be a necessity, but everyone deserves some new sparkle every now and again. The Belle de Mer Blush Pearl and White Sapphire Earrings is the perfect option for the shopper who doesn’t want to go overboard on price but still wants something pretty and unique.

BTC holds near $70,500 as derivatives turn defensive, macro risks weigh on sentiment and altcoins show pockets of strength.

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Sandro at 40 highlights the rise of ‘accessible luxury’ as the Paris fashion brand adapts to demand for premium fashion, sustainability and timeless style

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.Why we love this dealAfter a long, dreary winter, there’s nothing better than enjoying the sun and seeing the bright pops of color peak up out of the soil and blossom into gorgeous flowers. Even if you don’t have much of a green thumb you can agree that those springtime florals and fresh greenery are certainly something to look forward to, and if you are an avid gardener, we know you’re just waiting for the perfect spring day to get out and start planning your favorites in hopes they blossom soon. The only snag comes when you don’t have the space you want to have your flowers and plants grow to their full potential, and when that happens, you need to invest in some flower beds. Instead of feeling like your florals are arranged haphazardly, a raised bed can give them some organization and better growing potential when you consider all the benefits they offer. And the very best part? You don’t have to spend a fortune to get a quality set as Walmart’s latest sale proves. The bestselling Snugniture Raised Garden Beds are 51% off, meaning you can save $31 on the originally priced $61 set and get not one but two for just $30. Available in other shapes and colors, these raised beds have the potential to absolutely transform your garden this spring. Snugniture Raised Garden Beds, $30 (was $61) at Walmart

Courtesy of Walmart

Shop at WalmartWhy do shoppers love it?For those unfamiliar, elevated beds do more than just change the appearance of your landscapes — they actually can help your plants grow better. Raised flower beds offer superior soil quality control, better drainage, fewer weeds, and overall easier access for planting and harvesting. When you’re limited on your space, they help you plant more efficiently so that even folks with a smaller yard or area to plant in can still enjoy the outdoor activity. This set of two, which is made with thick galvanized steel, measures 2 feet long, 2 feet wide, and 1 foot high, providing 3.86 cubic feet of planting space for fruits, herbs, vegetables, flowers, and other plants. The circular design, which measures 0.70 millimeters thick, prevents sharp edges from cutting or injuring hands as you plant while also providing a simple yet elegant shape that transforms a yard or landscape area. The galvanized steel is weather-resistant and rust-resistant, so moisture from the soil or watering won’t break it down or cause it to decay in quality. It also is pest-resistant, since it serves as a very robust barrier against rodents, termites, and other burrowing pests that could easily destroy wood, and the smooth surface discourages slugs and snails which can also cause harm to your garden. Related: Walmart is selling a sturdy patio glider swing for only $130 that’s perfect for springWith the open-bottom design, the garden bed gets good drainage and allows plants to take root underground, absorbing more nutrients than they would get in a flower box. What to expect from $30 garden beds: Pros and consProsQuality construction: Made with galvanized steel, the elevated gardening bed is weather, rust, and pest-resistant. Versatile options: The beds come in two shapes, three different size packs, and three colors. Compact size: Shoppers find the beds great for small gardens or shrubs, perfect for gardeners with limited space. ConsAssembly required: Each garden bed comes in eight pieces and needs to be assembled with screws. Shoppers love the wood grain look that the planters have, finding them “so much nicer than the usual raised garden beds.” They do a great job of protecting plants, flowers, and more from weed eaters and pests. Assembly is required and although it is fairly straightforward, many shoppers note that they each use a lot of screws to put together, which reinforces the flower bed and makes it sturdy but can be a bit of a pain in the assembly process. “Cheaper than ceramic pots and more versatile,” one shopper said. Shop more deals Workpro 7-Piece Garden Tools Set, $29 (was $37) at WalmartKotto 50-Foot Expandable Garden Hose, $28 (was $45) at WalmartEasy Up 80-Gallon Lockable Outdoor Deck Box, $55 (was $145) at WalmartIt still might feel a bit too chilly in some areas to get out and get gardening, but before you know it the sun will be high in the sky and the temperatures will be up in the 60s and 70s. And when that happens, you’re going to want the Snugniture Raised Garden Beds so you can start planting. 

The featured sing from BTS’s comeback album “Arirang” soared to the top of YouTube’s trending chart shortly after its release on Friday.

The media in recent weeks has rightly paid a lot of attention to signs of stress within private credit and heightened redemption requests from semiliquid funds devoted to the asset class. But all this attention runs the risk of obscuring the underlying dynamics and inherent trade-offs of these vehicles, which are more likely to surface in turbulent markets, like the present.Advisors and investors trying to navigate the headlines should keep the following points in mind.Morningstar Calls Them ‘Semiliquid Funds’ for a ReasonSince these funds intentionally limit how much money investors can redeem in an effort to harvest an illiquidity premium, the amount each individual investor receives back is a function of how much other investors asked for in aggregate during a given redemption window. In periods of stress and negative headlines, it won’t be unusual to see redemption requests exceed the limit, which will result in each investor only getting back a portion of what they asked for. Redemption Amounts Aren’t FlexibleOnce a board-approved redemption percentage has been set and the tender offer is sent to investors, that percentage cannot be changed, regardless of investor demand or the fund’s available liquidity. The industry standard redemption amount and cadence is 5% every quarter, and firms can also buy back an additional 2 percentage points, no matter the tender offer window’s preset amount. Thus, a 10% tender offer could flex upward to 12%. But even if a fund with the 5% standard has enough liquidity to redeem, say, 14%, it is technically not allowed to go beyond 7% because that would violate the previously authorized limit. Criticizing a manager for delivering the promised liquidity may say more about the critic than the manager. Whether investors want to redeem 2% or 20%, the best Cliffwater Corporate Lending could legally do this quarter, for instance, is 7%. The amount a fund offers to buy back can only be changed by the board between redemption windows, and these changes are infrequent for good reasons. Proration Has a PurposeWhen investors ask for more money back than a semiliquid fund is offering, the redemptions will be prorated. Assume investors tried to redeem 14% from Cliffwater Corporate Lending, but the fund only bought back 7%. Every investor who asked for their money back would only receive half of what they asked for (7 divided by 14). Capping redemptions through proration allows the manager to own assets with limited or no liquidity. There should be strong alignment between fund liquidity (its redemption amount and frequency) and the liquidity of the fund’s underlying assets. The industry doesn’t have a perfect track record here, though, as the experience of Bluerock Total Income + Real Estate Fund can illustrate. Proration also protects investors from other investors. In daily liquid vehicles like mutual funds and exchange-traded funds, investors who stay the course can be punished by those who pull their money at the first change in market weather. When this happens, managers can be forced to return cash to investors exactly when they should instead be using it to buy attractively priced assets. It may also force managers to sell their better assets—the ones that can be sold in a downturn—to pay back those redeeming investors, leaving the committed investors with a portfolio of worse ideas. Limiting redemptions eases both problems, albeit only to a degree.The Agreement Between Manager and InvestorSemiliquid funds come with an implicit agreement: The investor gives up some liquidity, and in return, the asset manager attempts to offer returns above what’s available in mutual funds or ETFs. The investors are limiting themselves to 5% quarterly liquidity, expecting some benefit in exchange. The onus is on the manager to deliver returns above what an investor can get elsewhere in more liquid products, while providing the promised liquidity, however limited. A manager who promises 5% and delivers 5%, even when investors want more, is delivering on the second half of that promise. But a manager who promises 5% and can’t deliver it has failed. Consider the following: The manager, with the consultation and approval of the fund’s board, sets the level of liquidity available to investors. The manager, not the investor, chose 5% per quarter, and so the manager knows every quarter that the fund must come up with cash at most equal to 5% of net assets. The manager has perfect visibility into potential outflows, a luxury that no mutual fund or ETF manager can claim. The manager also understands, hopefully better than any other party, the assets purchased for the portfolio—whether good or bad, the amount of cash those assets should generate, if they’re tradable or not, whether they can be used as collateral, and so on. School of Hard KnocksPublic markets experience redemption cycles often. For example, according to forthcoming Morningstar research, roughly 80% of mutual funds and ETFs that have existed for at least five years have experienced a 20% redemption within a 12-month period. In other words, what might be the worst-case scenario for semiliquid funds—maximum redemptions for a year or more—is normal in liquid public markets. The risk to semiliquid funds is not if they can meet elevated redemptions for one or two quarters, but if they can meet them for a year or more. Until the advent of semiliquid funds, private credit was mostly held in drawdown funds and listed business development companies, neither of which must meet periodic redemptions, and so this is the first true outflow cycle for these products. It’s up to asset managers to prove they can handle that pressure.The experience also puts investors to the test, especially those who bought these funds expecting all the upside and none of the downside. Assuming semiliquid funds experience the same 80% number cited above, then prorating is a likely outcome, not an outlier, and investors need to prepare for that. Is 5% Too Low?Investors in mutual funds and ETFs can withdraw all their money in a single day. While this can pressure the asset manager, it also means the fund quickly sheds investors who are no longer happy. Semiliquid funds don’t benefit from a similar dynamic; when proration kicks in, investors must wait until the next redemption window to try again.Forcing investors to wait may cool the desire to redeem, and there’s copious evidence (at least for public markets) that time in the market leads to better outcomes than timing the market. On the other hand, investors might remain disgruntled and continue asking for their money back, turning what in public markets is a short-term shakeout into a slow but inexorable push for the exits. The current outflow cycle may reveal that investors prefer funds that don’t prorate or have higher redemption amounts. Of course, the trade-off is that those funds are less likely to offer the higher returns driven by illiquid assets. That might be a trade some investors discover they are willing to make, though. Wrapping UpAdvisors and investors should buy semiliquid funds with the understanding that, at some point, proration is an expected outcome, not an unexpected one. Proration serves a purpose, but not every investor is willing to bear that restriction. Managers should be held accountable for the level of liquidity they offer to investors. Finally, there is an onus on asset managers, advisors, and firms such as Morningstar to educate their clients, offer fair and transparent opinions and data, and encourage behavior that leads to better investor outcomes. This article aims to do just that.

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