As we close out 2022, we reflect on an extraordinary year that has posed myriad challenges for investors. In this mid-quarter update webinar, Polen Focus Growth portfolio manager Dan Davidowitz explains the factors impacting the Portfolio, trends to watch for, and what’s giving him comfort as he looks ahead to 2023.
Webinar Q&A Highlights
- Opening remarks & introduction (0:32)
- Thoughts on the current market environment given the headwinds facing the quality growth space (1:40)
- Examples of why the team is investing in software-as-service & what they consider to be “safety like” companies (5:31)
- How has any recent trading activity impacted the balance of safety & growth in the Polen Focus Growth Portfolio? (8:35)
- Insight into the current valuation of the Portfolio & expectations for long-term earnings growth potential (11:52)
Download the Polen Equity Heat Map: Degrees of Expected Return →
- Despite a decline in earnings, what’s the research rationale for adding weight to the Amazon holding? (13:36)
- Explanation of the sell discipline for Meta, a recent position the Polen Focus Growth Portfolio decided to exit (16:37)
- Thoughts on the negative market reaction to Adobe’s acquisition & whether the investment case has changed (19:47)
- How has headline news about Netflix influenced Polen’s analysis related to ad supported network models? (23:43)
- Visa, Mastercard & PayPal views related to the payment services sub-industry & shift to digital (30:37)
- Key takeaway & single most important message we’re sharing with clients during unprecedented volatility (34:32)
See an analysis of Quality’s Performance Across the Business Cycle →
It feels like everything & nothing has changed–almost all of our Portfolio companies are on the same long-term trajectory we would’ve expected 2 or 3 years ago.
—Dan Davidowitz, CFA & Portfolio Manager
Important Disclosures
This is being provided for informational purposes only. Opinions and views expressed constitute the judgment of Polen Capital as of November 11, 2022, may involve a number of assumptions and estimates which are not guaranteed, and are subject to change without notice. Although the information and any opinions or views given have been obtained from or based on sources believed to be reliable, no warranty or representation is made as to their correctness, completeness, or accuracy. Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice, including any forward-looking estimates or statements which are based on certain expectations and assumptions. The views and strategies described may not be suitable for all clients. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations. This document does not identify all the risks (direct or indirect) or other considerations which might be material when entering any financial transaction.
Past performance is not indicative of future results and profitable results cannot be guaranteed. This information should not be construed as a recommendation to purchase, hold, or sell any particular security. Specific securities described may or may not be held in portfolios managed by Polen Capital. There is no assurance that any securities discussed herein will be in the portfolio at the time you review this video or that any securities sold have not been repurchased. The securities discussed do not necessarily represent the entire portfolio. It should not be assumed that any of the securities, transactions or holdings discussed were or will prove to be profitable or that any investment recommendations we make in the future will equal the investment performance of the securities discussed herein. For a complete list of Polen Capital’s past specific recommendations for the last year, please contact [email protected].
