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- During the fourth quarter of 2021, the Polen Global Growth Composite Portfolio (the “Portfolio”) returned 7.08% and 6.86% gross of fees and net of fees, respectively. The MSCI All-Country World Index (the “Index”) returned 6.67%.
- For the full year, the Portfolio appreciated 17.90% and 17.07% gross and net of fees, versus 18.54% for the MSCI All-Country World Index.Since its inception on January 1, 2015, the Portfolio has delivered an annualized return of 17.46% and 16.53% gross and net of fees, compared to a 10.89% annualized return for the Index. Therefore, the Portfolio has outperformed the Index by more than 500 basis points per year on average.
- New virus variants, additional lockdowns in some parts of the world, disruptive supply chain issues, a sharp increase in inflation, monetary policy shifts, the expectation for rising interest rates, and regulatory changes in China were some of the most significant headwinds to emerge in 2021.
- Despite these challenges, the Portfolio was broadly in line with the Index during the year. We remained focused on the long-term and have aimed for balance, leaning into secular growth opportunities, as has always been the case.
- While our steady and disciplined approach may not stand out during value rotations or periods of ebullience, we remain steadfast in our belief that it will continue to produce solid absolute and relative returns over the long term.
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