3Q2021 – International Growth Commentary

While pockets of volatility can appear and impact short-term performance, our focus remains on maintaining a Portfolio geared for long-term earnings growth.

Read the full commentary here →

  • During the third quarter of 2021, the Polen International Growth Composite Portfolio (the “Portfolio”) returned -3.72% gross of fees. The MSCI All Country World Index (ex-US) (the “Index”) returned -2.99%. Year to date, the Portfolio returned 0.48% versus 5.89% for the Index.
  • Since its inception on January 1, 2017, the Portfolio has delivered an annualized return of 14.05% gross of fees compared to a 9.72% annualized return for the Index.
  • Unprecedented regulatory shifts in China and prospects of a higher interest-rate environment due to elevated inflationary pressures were performance headwinds during the quarter.
  • We exited our investments in Inditex and New Oriental Education, trimmed LVMH Moet Hennessey, Tencent, and Alibaba, and used the proceeds to increase our positions in Evolution AB, Temenos, ASML Holding, Siemens Healthineers, and Amadeus IT Group.
  • We remain optimistic about the future and expect normalized economic conditions to return as the health crisis improves.
  • In the interim, we draw confidence from the robust results the Portfolio’s companies are reporting. Further, we note that the Portfolio’s prospective earnings growth is currently higher than at any point over the last five years.

Read the full commentary & disclosures here →