- 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.
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