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- Markets were volatile in the third quarter of 2021, reflecting challenges seemingly related to COVID-19 variants, broad-based supply chain issues, the resulting impacts of inflation, and cracks in the Chinese economy.
- For the third quarter, the Polen U.S. Small Company Growth Composite Portfolio (the ”Portfolio”) returned 1.94% and 1.74% gross and net of fees, outperforming the Russell 2000 Growth Index (the “Index”) return of -5.64%.
- The top relative contributors during the quarter were Globant, Goosehead Insurance, and Endava. The bottom three relative detractors were Trupanion, Simulations Plus, and Olo.
- During the quarter, we initiated a position in Olo and sold Euronet Worldwide and Envestnet. We added to Progyny and trimmed Etsy, Revolve, and Paylocity.
- The direction of interest rates, inflation, and supply chain shortages can drive market volatility over the shorter term. That said, we believe our Portfolio companies are well-positioned to manage through these challenges and become at least two to five times larger over time.
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