1Q2022 – U.S. Small Company Growth Commentary

Taking a long-term view, we believe that compounding is a multi-year process

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  • A broad-based selling of risk assets, high correlations, and a preference for the types of companies that typically do not meet our investment criteria dominated market behavior during the first quarter of 2022.
  • Over the first quarter, Polen U.S. Small Company Growth Composite Portfolio (the “Portfolio”) returned -21.98% gross and -22.01% net of fees, respectively, underperforming the -12.63% return of the Russell 2000 Growth Index (the “Index”).
  • The top absolute contributors to the Portfolio’s performance over the first quarter included Bumble Inc., Qualys, Inc., and Progyny, Inc. The most significant absolute detractors from performance included Fox Factory Holding Corp., Goosehead Insurance, Inc., and Trupanion, Inc.
  • While the first quarter’s uncertain and volatile macroeconomic environment could result in slower near-term economic growth, we continue to see an exciting and attractive runway for our Portfolio companies over the long term, particularly in the context of current valuations.

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