2Q2018 – International Growth Commentary

  • During the second quarter of 2018, the Polen International Growth Composite Portfolio (the “Portfolio”) returned 4.62% gross of fees. The MSCI All Country World Index (ex-US)
    (the “Index”) returned -2.61%.
  •  Since inception on January 3, 2017, the Portfolio returned 25.76% annualized gross of fees versus 14.42% annualized for the Index.
  • During the second quarter, holdings in the health care and information technology sectors contributed to Portfolio returns, as did a complete lack of exposure to financials, the largest single sector weighting of the Index.
  •  We don’t see negative implications from trade policy for the Portfolio’s holdings today. Should we find trade policy changes impairing the competitive position of a business in our portfolio, we will reconsider our investment thesis.

Read the full article here.