3Q2021 – International Small Company Growth Commentary

We believe the companies we own continue to perform at a high level amid exceptional circumstances.

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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.

Read the full commentary & disclosures here →