3Q2019 – International Growth Commentary

  • During the third quarter of 2019, the Polen International Growth Composite Portfolio (the “Portfolio”) returned -1.63% gross of fees. The MSCI All Country World Index ex-US (the “Index”) returned -1.80%.
  • Over the trailing twelve-month period, the Portfolio returned 2.76% gross of fees while the Index returned -1.23%.
  • Market trends toward defensive sectors, which we discussed in last quarter’s commentary letter, continued in the third quarter.
  • During the third quarter of 2019, our holdings in the healthcare and consumer staples sectors contributed most to Portfolio returns. Holdings in the information technology and communication services sectors were a headwind.

Read the full article here.