Commentary

1Q2024 - Global SMID Company Growth Commentary

Amid improving market sentiment, uncertainty persists, underscoring our long-term focus on competitively advantaged, financially flexible businesses.

Greg McIntire, CFA, Rayna Lesser Hannaway, CFA, Angel Ortiz, Shane Smith, CFA

Read the full commentary and disclosures here

  • Over the first quarter of 2024, the Polen Global SMID Company Growth Composite Portfolio (the “Portfolio”) returned 0.00% gross and -0.11% net of fees, versus the 4.99% return of the MSCI ACWI SMID Capitalization Index (the “Index”).
  • Optimism over cooling inflation and stabilizing interest rates boosted sentiment.
  • The top contributors to the Portfolio’s relative performance over the first quarter were Topicus.com, CTS Eventim, and Core & Main.
  • The most significant detractors from relative performance were Endava, Shift, and Globant.
  • Portfolio turnover remains above normal levels, reflecting the restructuring of the strategy.
  • We remain focused on our Portfolio companies' long-term value propositions, competitive advantages, growth opportunities, and potential earnings power.

Read the full commentary and disclosures here

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