2Q2022 – U.S. Small Company Growth Commentary

The short-term lens is often influenced by fear and uncertainty, but we believe the long-term picture is far clearer than the market would suggest

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  • In the second quarter, the Polen U.S. Small Company Growth Composite Portfolio (the “Portfolio”) returned -25.52% gross and -25.81% net of fees, respectively, underperforming the -19.25% return of the Russell 2000 Growth Index (the “Index”).
  • The top absolute contributors to the Portfolio’s performance in the second quarter were AMN Healthcare Services, Inc., Bumble and Azenta. The most significant absolute detractors from performance were Warby Parker, Revolve Group, Inc., and Progyny.
  • One of the key tenants of our Flywheel investment criteria is identifying businesses with strong balance sheets that can self-fund growth. We believe the underlying health of our businesses remains robust, even amidst a worsening economic outlook.
  • With a long-term view, we believe opportunities in our investment universe are better than they have been in several years and offer attractive prospects for long-term investors.

Read the full commentary & disclosures here →