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- During the quarter, global equities were mixed, depending on the region, as multiple crosscurrents affected markets worldwide.
- In its inaugural quarter, the Polen Global SMID Company Growth Composite Portfolio (the “Portfolio”) returned 5.47% both gross and net of fees versus -1.18% for the MSCI ACWI SMID Capitalization Index (the “Index”). The Portfolio outperformed the Index, driven mostly by favorable stock selection.
- The top three relative contributors were Benefit One, Paycom, and CTS Eventim. The bottom three relative detractors were Koh Young Technology, FICO, and Temenos.
- Over short periods, many factors can contribute to performance. Still, our experience tells us that stock prices are highly correlated with companies’ underlying earnings growth over the long term.
- Looking ahead, we remain focused on finding and investing in what we believe are the most premier smaller companies globally.
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