2Q2022 – International Small Company Growth Commentary

We seek to opportunistically seize on market inefficiencies to strengthen the Portfolio for the long term

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  • Over the second quarter of 2022, Polen International Small Company Growth Composite Portfolio (the “Portfolio”) returned -25.01% gross and -25.20% net of fees, respectively, versus the -17.55% return of the MSCI ACWI ex-US Small Capitalization Index (the “Index”).
  • The top absolute contributors to the Portfolio’s performance over the second quarter included Dechra Pharmaceuticals PLC and Vitrolife AB. The most significant absolute detractors from performance included Endava PLC, Globant S.A., and Temple & Webster Group Limited.
  • We initiated a position in Dechra Pharmaceuticals and Tecan Group Ltd., while exiting Vitrolife during the quarter.
  • 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.

Read the full commentary & disclosures here →