2Q2020 – International Small Company Growth Commentary

We will continue to seize opportunities where short-term noise allows us to identify and purchase what we think are great businesses with bright futures.

  • During the second quarter of 2020, the Polen International Small Company Growth Composite Portfolio (the “Portfolio”) returned 26.40% versus 22.82% for the MSCI ACWI ex-USA Small Capitalization Index (the “Index) by a 3.58% margin. Year to date, the Portfolio returned -1.38% versus the Index return of -12.81% for an outperformance of 11.43%.
  • In the second quarter, we purchased Vitrolife and Poya International, and sold Pigeon Corp.
  • The Portfolio has delivered compelling upside and downside returns since inception—the Portfolio’s downside capture is 65.03%, and its upside capture is 128.09%. We believe this is a supportive statement of effectively executing the Polen investment philosophy in the international small company growth asset class.
  • As 2020 continues, it is probable that the markets will be volatile once again. We will continue to seize opportunities where short-term noise allows us to identify and purchase what we think are great businesses with bright futures.

Read the full commentary here →