Read the full commentary here →
- During the third quarter of 2021, the Polen Global Growth Composite Portfolio (the “Portfolio”) returned -3.03% gross of fees versus the MSCI All-Country World Index (the “Index”) return of -1.06%. Year to date, the Portfolio has returned 8.52% gross of fees versus 11.13% for the Index.
- Since inception on January 1, 2015, the Portfolio has delivered an annualized return of 16.55% gross of fees compared to a 10.26% annualized return for the Index. Cumulative returns since inception are 181.08% for the Portfolio gross of fees vs. 93.49% for the Index.
- A series of headwinds—including supply chain disruptions, signs of higher inflation, hawkish signals from central banks, and policy uncertainty from China—appeared to weigh on the market during the quarter.
- The Portfolio trailed the Index primarily due to the performance of Tencent and Alibaba, which we sold.
- Portfolio activity increased during the third quarter. In aggregate, we were able to increase expected earnings growth while reducing risk and the overall portfolio valuation.
- While an increase in interest rates in the coming years is likely to weigh broadly on equity valuations, we think favorable earnings growth will help the Portfolio overcome any challenges and make it less exposed to changes in the overall market valuation over the longer term.
Read the full commentary & disclosures here →