1Q2022 – Global Emerging Markets Growth Commentary

We seek to invest in companies with solid balance sheets and long runways for growth

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  • Over the first quarter of 2022, the Polen Global Emerging Markets Growth Composite Portfolio (the “Portfolio”) returned -14.68% gross and -14.96% net of fees, respectively, versus the -6.97% return for the MSCI Emerging Markets Index (the “Index”).
  • The top relative and absolute contributors to returns over the first quarter included Phu Nhuan Jewelry JSC, Mobile World Investment Corp., and Discovery, Inc. The top relative and absolute detractors over the quarter included Yandex N.V., VK Company Ltd., and Prosus N.V.
  • We initiated positions in Taiwan Semiconductor Manufacturing Company and Wizz Air Holdings, while exiting TAL Education Group, Vitasoy International Holdings., Ping An Healthcare, and Britannia Industries. The top absolute contributors to returns during the quarter were Karooooo, Titan, and Zhejiang. For the full year, the top contributors were Mobile World, Titan, and United Spirits.
  • Even with heightened macroeconomic uncertainty and market volatility, we expect our holdings to deliver favorable earnings growth over the remainder of 2022 and beyond.
  • Valuations are at the most attractive levels we’ve seen in some time, providing us with opportunities to buy into high-quality companies, while maintaining our long-term view.
  • While we acknowledge continued macroeconomic challenges, we’re excited about the opportunities they could present for investors like us–meaning those with a longer-term investing mindset.

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