2Q2019 – Focus Growth Commentary

  • During the second quarter of 2019, the Polen Focus Growth Composite Portfolio (the “Portfolio”) returned 6.18% gross of fees compared to 4.64% for the Russell 1000 Growth Index and 4.30% for the S&P 500. Over the trailing 12 months, the Portfolio has returned 20.18% gross of fees versus 11.57% for the Russell 1000 Growth and 10.42% for the S&P
    500.
  • U.S. equity indices continued their upward march in the second quarter as interest rates declined amid expectations of a rate cut by the Federal Reserve and an accommodative policy that seems likely to us to continue for some time into the future.
  • Some of our top performers this quarter were similar to those in the first quarter and were also some of our largest positions, including Microsoft, Facebook and Visa. The only significant detractors this quarter were Alphabet and Regeneron.
  • We had a bit more trading activity in the Portfolio this quarter, mostly due to valuation-driven weighting adjustments. We discuss valuations more broadly herein.

Read the full article here.