- During the fourth quarter of 2019, the Polen International Growth Composite Portfolio (the “Portfolio”) returned 10.09% gross of fees. The MSCI All Country World Index ex-US (the “Benchmark”) returned 8.92%.
- Our holdings in the health care, information technology, and consumer discretionary sectors contributed most to Portfolio returns in the fourth quarter while the consumer staples sector detracted.
- For the full year of 2019, the Portfolio returned 27.89% versus 21.50% for the Index. For the full year of 2019, the Portfolio outperformed the Index by a 6.39% margin.
- Our holdings in the information technology, consumer discretionary and health care sectors contributed most to Portfolio returns for the full year while the communications services sector detracted from relative performance.
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