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- The Polen U.S. SMID Company Growth Composite Portfolio (the “Portfolio”) returned 2.35% gross of fees during the first quarter 2021, roughly in line with the Russell 2500 Growth Index (the “Index”) return of 2.49%.
- The Portfolio has delivered a 110.06% return gross of fees since inception, compared to 87.46% for the Index.
- The end of the first quarter 2021 marks the one-year anniversary of Polen U.S. SMID Company Growth strategy. Throughout this period, market leadership seems to have alternated between speculative companies, highly cyclical companies, COVID-depressed companies and the higher quality growth companies that we seek.
- In the first quarter 2021, the consumer discretionary sector was the most notable contributor to the Portfolio. The healthcare sector also contributed positively to performance. Our biggest headwind for the first quarter came from information technology.
- During the quarter, we initiated positions in Duck Creek Technologies, Progyny, and The Trade Desk. We exited our positions in Pool Corporation, WD-40 Company, and LendingTree.
- We remain very excited about the results the Portfolio companies continue to deliver and continue to focus on companies that we believe can compound their intrinsic value over the long term.
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