3Q2020 – Global Emerging Markets Growth Commentary

Rather than concerning ourselves with market timing, we’re happy to add to our position and keep our eyes on the horizon.

  • Market momentum continued in the third quarter with emerging markets equity indices building on their strong rebound in the second quarter.
  • The Polen Global Emerging Markets Growth Composite Portfolio (the “Portfolio”) returned 9.59% gross of fees for the period, broadly in line with the MSCI Emerging Markets Index (the “Index) return of 9.57%. Year to date, the Portfolio has returned 3.00% gross of fees compared to -1.14% for the Index.
  • During the quarter, we added to our stakes in Mercado Libre, Raia Drogasil, Alibaba, FEMSA, and President Chain Store. We reduced our weighting in United Spirits and eliminated our position in Emami.
  • The Portfolio’s performance reflects encouraging results for the third quarter as reported by our holdings, which we believe again demonstrates their resilience in tough economic environments.

Read the full commentary here →