2Q2020 – International Growth Commentary

Quality companies, in our view, are well capitalized, profitable, and generate better-than-average returns on capital. We think owning a Portfolio of such businesses allows us to ride out the occasional storm.

  • During the second quarter of 2020, the Polen International Growth Composite Portfolio (the “Portfolio”) returned 16.21% gross of fees versus the MSCI All Country World Index (ex-US) (the “Index”) return of 16.12%.
  • For the year-to-date period, the Portfolio returned -2.48% gross of fees versus the Index’s -11.00% return.
  • During the second quarter of 2020, all Portfolio holdings appreciated. Our holdings in the information technology and healthcare sectors contributed most to the Portfolio’s absolute returns.
  • We trimmed our positions in Amadeus IT Group and Coloplast. There were no additions to the Portfolio during the period.
  • We believe that our International Growth strategy is well-positioned, even given the uncertain conditions.
  • Polen’s enduring philosophy of seeking to invest in only the highest-quality companies that are positioned for long-term growth serves as a steady hand on the tiller when rough weather sets in.

Read the full commentary here →