4Q2019 – International Growth Commentary

In the fourth quarter, the Portfolio outperformed the Index and our holdings in the information technology, consumer discretionary, and health care sectors contributed most to Portfolio returns.

  • 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.

Read the full commentary here