3Q2018 – International Growth Commentary

  • During the third quarter of 2018, the Polen International Growth Composite Portfolio (the “Portfolio”) returned 3.27% gross of fees. The MSCI All Country World Index (Ex-US) (the “Index”) returned 0.71%.
  • Year to date the Portfolio returned 7.84% versus -3.08% for the Index. Since inception on January 3, 2017, the Portfolio returned 24.10% annualized gross of fees versus 12.76% annualized for the Index.
  •  During the third quarter of 2018, our holdings in the information technology, healthcare and consumer staples sectors contributed most to Portfolio returns. Holdings domiciled in China were a headwind. Our underweight to emerging markets was a benefit in the quarter.

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