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- During the second quarter of 2021, the Polen International Small Company Growth Composite Portfolio (the “Portfolio”) returned 8.00% gross of fees versus 6.35% for the MSCI ACWI ex-US Small Capitalization Index (the “Index”).
- The Portfolio’s outperformance in the quarter on both an absolute and relative basis was driven by stock selection and sector allocation. Stock selection has been positive in both the second quarter and year to date.
- We initiated new positions in Fevertree Drinks, Musti Group Oyj, and Pro Medicus and added to our position in Cybozu. To fund these purchases, we exited three positions, including Tecan Group, Simcorp, and Bolsa Mexicana de Valores, and trimmed CompuGroup Medical.
- We believe our companies are performing at a high level. We estimate that they are compounding their earnings and cash flow in excess of 20%.
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