- During the second quarter of 2020, the Polen Global Growth Composite Portfolio (the “Portfolio”) returned 20.58% gross of fees, versus the MSCI All Country World Index (the “Index”) return of 19.22%.
- Comparing this quarter’s market rebound and the first quarter’s swift market decline, the Portfolio delivered outperformance across both market environments. Year to date, the Portfolio is up 5.29% gross of fees versus a decline of -6.25% for the Index.
- Information technology was the largest absolute and relative contributor to returns, supported by our significant overweight to the sector. Higher exposure to and outperformance within communication services was also a key contributor during the quarter.
- From a geographic perspective, our outperformance in the U.S. was the most significant driver.
- During the month of May, we trimmed Nike, adidas, Coloplast and Visa, added to our position in SAP and purchased PayPal. In June, we added to our position in Autodesk, bringing it to an above-average weight.
- While we do not make macro-economic predictions or claim to know how markets will perform in the coming quarters, we continue to have conviction in the strength and durability of the businesses we own and believe that most, if not all of them, will emerge from this period stronger.
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