- During the fourth quarter of 2019, the Polen International Small Company Growth Composite Portfolio (“the Portfolio”) returned 15.18% gross of fees. This compares with a return of 11.01% for the MSCI ACWI ex-USA Small Capitalization Index (the “Index”) in the same period. For the full year 2019, the Portfolio returned 42.81% gross of fees versus the Index return of 22.42%.
- By applying our time-tested investment approach to the international small cap universe, one of the least efficient categories in equity markets, we feel we can deliver compelling returns for our clients over time.
- In the fourth quarter, we initiated a position in Technology One and sold our position in Nice Ltd. We also added to our position in SanneGroup PLC and trimmed our position in TechnoProHoldings. Turnover in 2019 was 20%, which is consistent with our time horizon.
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