2Q2022 – Global SMID Company Growth Commentary

We believe quality growth investing is an advantaged way of deploying capital over the long term

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  • Over the second quarter of 2022, Polen Global SMID Company Growth Composite Portfolio (the “Portfolio”) returned -25.08% gross and -25.14% net of fees, respectively, versus the -16.81% return of the MSCI ACWI SMID Capitalization Index (the “Index”).
  • The top absolute contributors to the Portfolio’s performance over the second quarter included Azenta US Inc., Dechra Pharmaceuticals PLC, and TMX Group Limited. The most significant absolute detractors from performance included Globant S.A., Revolve Group, and Endava PLC.
  • We initiated new positions in Tecan Group, Five Below Inc., Dechra Pharmaceuticals, Azenta, and Keyword Studios PLC, while exiting RH, Thule, and Etsy during the quarter.
  • We continue to research and own companies where we believe our flywheel framework is intact and risk-adjusted returns are compelling.
  • We are taking advantage of new opportunities in companies that we believe are attractive alternatives but did not previously meet our expected internal rate-of-return (IRR) hurdle. This includes some health care companies that have been on our watch list for years.

Read the full commentary & disclosures here →