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- International equities were flat during the quarter as companies continued to recover during the ongoing pandemic.
- During the third quarter of 2021, the Polen International Small Company Growth Composite Portfolio (the “Portfolio”) returned 5.05% and 4.79% gross and net of fees, respectively, versus -0.01% for the MSCI ACWI ex-US Small Capitalization Index (the “Index”).
- The Portfolio’s outperformance on both an absolute and relative basis was driven by favorable stock selection.
- The top three relative contributors were Endava, Globant, and CTS Eventim. The bottom three relative detractors were Koh Young Technology, Cochlear, and Scout 24.
- During the quarter, we purchased Temple & Webster and sold our position in Poya International. We added to Musti Group and Fever-Tree. We trimmed Vitrolife, Netcompany, and Endava.
- As digital transformation accelerates the rate of change globally and across industries, it’s presenting prime opportunities for smaller companies to establish themselves as change agents and the leaders of tomorrow.
- As we look across today’s investment landscape, we see exciting small-cap investment opportunities everywhere.
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