2Q2022 – Global Emerging Markets Growth Commentary

We continue to see an exciting and attractive runway for our Portfolio companies over the long term

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  • During the second quarter of 2022, the Polen Global Emerging Markets Growth Composite Portfolio (the “Portfolio”) returned -8.94% gross and -9.27% net of fees, respectively, versus the -11.44% return for the MSCI Emerging Markets Index (the “Index”).
  • Heightened geopolitical uncertainty, persistent inflation, U.S. dollar strength, and concerns about slower global growth remained some of the main sources of volatility.
  • The top absolute contributors to returns over the second quarter included Autohome Inc., Phu Nhuan Jewelry JSC, and Prosus N.V. The top absolute detractors over the quarter included Mercado Libre, Inc., Karoooo Ltd., and Titan Company Limited.
  • We exited President Chain Store Corp. and added to Momo.com.
  • While we believe that share prices do not always reflect business fundamentals in the near term, we are confident in our Portfolio holdings’ long-term prospects and excited about the opportunities we see in emerging markets.
  • Despite the market’s short-term preferences and gyrations, we remain focused on finding companies with competitive advantages that we believe can compound earnings and cash flows over the long term

Read the full commentary & disclosures here →