3Q2020 – International Growth Commentary

Consistency is an antidote to uncertainty, and we will continue to seek to optimize the Portfolio for both superior growth and resilience.

  • During the third quarter of 2020, the Polen International Growth Composite Portfolio (the “Portfolio”) returned 10.33% gross of fees. The MSCI ACWI ex-USA (the “Index”) returned 6.25%.
  • Through the first nine months of 2020, the Portfolio returned 7.60% gross of fees while the Index returned -5.44%.
  • Holdings in the consumer discretionary, information technology and healthcare sectors contributed the most to Portfolio returns during the third quarter.
  • During the quarter, we initiated a position in Aon and trimmed our positions in the following companies: RELX, Experian, Bunzl, and Coloplast.
  • Given the day’s uncertainty, our emphasis on quality in the Portfolio is more important now than ever. The Portfolio has ample exposure to industry-leading companies. In our opinion, each holding enjoys competitive advantages enabling management to drive consistent long-term earnings growth.

Read the full commentary here →