4Q2021 – International Growth Commentary

In our experience, Portfolios positioned for double-digit earnings growth are likely to outpace their Indices in the long run

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  • During the fourth quarter of 2021, the Polen International Growth Composite Portfolio (the “Portfolio”) appreciated by 6.59%, outperforming the MSCI All Country World ex-USA Index (the “Index”) by 4.65% in the quarter. For the year, the Portfolio returned 7.10% versus the Index return of 7.82%.
  • International markets were volatile during the quarter, which we believe in part reflected monetary policy normalization from the extraordinary measures enacted post-COVID, a trend gaining momentum globally. As we move into 2022, monetary policy normalization could be a major factor affecting markets.
  • Across the full sweep of 2021, we added six new companies to the Portfolio and exited investments in five. At year-end, the Portfolio included 25 quality growth companies. We believe the Portfolio is positioned for faster earnings growth because of these changes.
  • Through its first five years, the Portfolio’s trailing five-year annualized returns of 15.32% are more than 5.2% ahead of the Index. Risk measures like beta and downside capture also compare favorably.

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