2Q2021 – Global Growth Commentary

Our Portfolio has delivered much stronger earnings growth than the Index, which has supported our strong investment returns.

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  • During the second quarter of 2021, the Polen Global Growth Composite Portfolio (the “Portfolio”) returned 10.37% gross of fees versus the MSCI All-Country World Index (the “Index”) return of 7.40%. Year to date, the Portfolio has returned 11.90% gross of fees versus 12.32% for the Index.
  • Since its inception on January 1, 2015, the Portfolio has delivered an annualized return of 17.80% gross of fees compared to a 10.86% annualized return for the Index.
  • After a period in which cyclical businesses and many of last year’s laggards generally saw a rebound, the market settled into what we view as more normalized behavior where quality and fundamentals were better reflected in share price performance.
  • The Portfolio’s leading contributors continued to benefit from favorable fundamentals enjoying pronounced secular shifts, while the leading detractors were the result of specific impacts to the individual businesses.
  • We purchased Aon, sold Inditex and Coloplast, added to Amazon, and trimmed Zoetis.
  • We feel confident that our disciplined and consistent investment approach will stand up well and that the Portfolio’s underlying earnings growth will drive the long-term investment outcome.

Read the full commentary & disclosures here →