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- During the first quarter of 2021, the Polen International Growth Composite Portfolio (the “Portfolio”) returned -1.14% gross of fees. The MSCI All Country World Index (ex-US) (the “Index”) returned 3.49%.
- International markets saw a continuation of trends that took hold in November 2020. These trends seemed to benefit cyclical companies in industries to which we have less exposure.
- In the first quarter, as markets appeared to anticipate inflation and the impact that could have on equities, we found they were less interested in growth equities.
- We strived to tune the Portfolio for higher, long-term earnings growth than what we think the Index can deliver.
- We exited our investments in Coloplast and Check Point Software during the quarter and initiated new positions in Kering and Evolution Gaming. We added to our investments in Aon, ICON, and New Oriental Education; and we trimmed our positions in Tencent, Nestle, Unilever, and SAP.
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