1Q2023 – Global SMID Company Growth Commentary

In market uncertainty, we continue to take advantage of new compelling opportunities

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  • Over the first quarter of 2023, the Polen Global SMID Company Growth Composite Portfolio (the “Portfolio”) returned 9.05% gross and 8.89% net of fees, respectively, versus the 4.28% return of the MSCI ACWI SMID Capitalization Index (the “Index”).
  • Interest rate expectations, the global economic growth trajectory, and events in the banking sector were the sources of volatility.
  • The top absolute and relative contributors to the Portfolio’s performance over the first quarter included Goosehead Insurance, Floor & Décor and CompuGroupMedical. The most significant detractors from performance included Azenta, Netcompany and Endava.
  • We initiated one new position and sold out of four holdings, largely due to changes in our risk/reward projections.
  • We are still focused on the long-term value propositions, competitive advantages, growth opportunities, and potential earnings power of our Portfolio companies.
  • We continue to research and own companies where we believe our flywheel framework is intact and risk-adjusted returns are compelling.

Read the full commentary & disclosures here →