4Q2018 – International Growth Commentary

  • During the fourth quarter of 2018, the Polen International Growth Composite (the “Portfolio”) returned -11.54% gross of fees. The MSCI All Country World Index (ex-US) (the “Index”) returned -11.46%.
  • Our holdings in the industrials sector and a lack of exposure to the Financials, Materials and Energy sectors contributed most to Portfolio returns in the fourth quarter, while our holdings in the Communications Services and Information Technology sectors were detractors.
  • For the full year of 2018, the Portfolio returned -4.60% versus -14.19% for the Index.
  • Our holdings in the Healthcare and Industrials sectors and a lack of exposure to the Financials and Energy sectors contributed most to Portfolio returns for the full year, while our holdings in the Communications Services and Information Technology sectors were detractors.

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