- During the second quarter of 2019, the Polen Global Growth Composite Portfolio (the “Portfolio”) returned 6.06% gross of fees versus 3.62% for the MSCI All Country World Index (the “Index”), outperforming the benchmark by 244 basis points during the quarter.
- Since inception on January 1, 2015, the Portfolio has delivered an annualized investment return of 15.06% gross of fees compared to a 7.34% annualized return from the Index. Thus, the Portfolio has on average outperformed the Index by 772 basis points per year since inception. The Portfolio’s cumulative return since inception is 87.95% gross of fees compared to 37.49% for the Index.
- During the quarter, higher weighting in and outperformance within the consumer discretionary and information technology sectors boosted returns from a sector perspective. Our
higher weighting in and outperformance within Europe was the most significant driver of outperformance from a geographic perspective. Strong stock selection was the primary underlying driver from both points of view.
- The three leading contributors during the quarter were each positions that we added to the portfolio and built up during the past couple of years, and they serve as good examples of what we are aiming for in the Global Growth portfolio. Each business is global, dominant in its respective industry, and very durable. In addition to these “safety” characteristics, we believe each also has strong ongoing growth opportunities that make them attractive investments.
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