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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.
- In the third quarter, the Polen U.S. SMID Company Growth Composite Portfolio (“the Portfolio”) returned 1.71% and 1.42% gross and net of fees, respectively, and outperformed the Russell 2500 Growth Index (the “Index”) return of -3.53%.
- The top relative contributors during the quarter were Paycom, Globant, and Dynatrace. The bottom three relative detractors were Trupanion, Farfetch, and FICO.
- During the quarter, we initiated a position in Olo, added to Farfetch and Progyny and trimmed Generac and EPAM.
- The direction of interest rates, inflation, and supply chain shortages can drive market volatility over the shorter term. That said, we believe the companies we own are well-positioned to manage these challenges and become two to five times larger than they are today.
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