1Q2022 – International Small Company Growth Commentary

We view market dislocations as opportunities to become owners of great businesses

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  • Over the first quarter of 2022, Polen International Small Company Growth Composite Portfolio (the “Portfolio”) returned -22.48% gross and -22.73% net of fees, respectively, versus the -6.51% return of the MSCI ACWI ex-US Small Capitalization Index (the “Index”).
  • The top absolute contributors to the Portfolio’s performance over the first quarter included Cochlear., TMX Group and Euronext. The most significant absolute detractors from performance included Fevertree Drinks, Netcompany, and Thule Group.
  • We initiated positions in Keywords Studios, Tecan Group, and Euronext, while exiting Cybozu, Inc. and Smaregi during the quarter.
  • While we are “macro aware” and monitor the impact of short-term market conditions on the companies we own (or seek to own), we base our investment decisions on a business’s underlying fundamentals and future growth prospects over the long-term.
  • We believe a company’s earnings growth is a critical factor that dictates long-term stock returns.

Read the full commentary & disclosures here →