1Q2018 – International Growth Commentary

  • During the first quarter of 2018, the Polen International Growth Composite Portfolio (the “Portfolio”) returned -0.19% gross of fees. The MSCI All Country World Index (exU.S.A.)(the “Index”) returned -1.18%.
  •  Since its January 2017 inception date, the Portfolio has returned an annualized 27.12%, gross of fees. In the same five quarter period, the Index has returned an annualized 20.07%.
  • During the first quarter of 2018 our holdings in the healthcare sector and lack of exposure to the financials sector contributed most to Portfolio returns. Our holdings in the consumer staples sector were the largest detractor in the quarter.

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