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- Over the first quarter of 2022, Polen Global SMID Company Growth Composite Portfolio (the “Portfolio”) returned -22.37% gross and -22.48% net of fees, respectively, versus the -6.41% return of the MSCI ACWI SMID Capitalization Index (the “Index”).
- The top absolute contributors to the Portfolio’s performance over the first quarter included Cochlear Ltd., Fair Isaac Corp. and Euronext N.V. The most significant absolute detractors from performance included Etsy, Inc., Floor & Decor Holdings, Inc. and Fevertree Drinks PLC.
- We initiated a new position in Euronext, while exiting Cybozu, Inc. and Blackline Inc. during the quarter.
- While we are “macro aware” and monitor the impact of short-term market conditions on the companies we own and seek to own, we base our investment decisions on a business’s underlying fundamentals and future growth prospects.
- We believe a company’s earnings growth is a critical factor that dictates long-term stock returns.
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