UCITS

Polen Focus U.S. Growth Fund

  • Active Share

    76%

    As of 31-Mar-2024

  • Downside Capture

    102.96%

    As of 31-Mar-2024

  • Inception Date

    08-Mar-2013

Investment Objective

Our Focus U.S. Growth strategy seeks to achieve long-term growth by building a concentrated portfolio of outstanding businesses with competitive advantages and the potential for sustained growth.

Performance

Performance (%)
1 Mo Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Institutional Class (Net) -0.49 7.53 7.53 26.95 2.74 11.90 14.23 14.27
S&P 500 Index 3.22 10.56 10.56 29.88 11.50 15.03 12.96 13.78
Russell 1000 Growth Index 1.76 11.41 11.41 39.00 12.51 18.50 15.98 16.66
Performance (%)
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Institutional Class (Net) 35.14 -38.61 23.91 35.61 37.82 7.03 27.53 1.61 13.61 15.92
S&P 500 Index 26.29 -18.11 28.71 18.40 31.49 -4.38 21.83 11.96 1.38 13.69
Russell 1000 Growth Index 42.68 -29.14 27.60 38.49 36.39 -1.51 30.21 7.08 5.67 13.05

The performance data quoted represents past performance, does not guarantee future results, and there is a risk of an investor losing all or part of their investment in the Fund. Current performance may be lower or higher. Periods over one-year are annualized. Performance figures shown are for the USD I share class (Institutional), which carries an annual investment management fee of 0.75%, with an annual Ongoing Charge of 0.80% capped at 1.25%. The performance data is net of fees and does not take account of the commissions and costs incurred on the issue and redemption of units.

Portfolio Statistics*
Institutional Class (Net) S&P 500 Index
Alpha -0.18 -
Beta 1.03 1.00
Sharpe Ratio 0.78 0.87
Upside Capture 103.33% -
Downside Capture 102.96% -
Information Ratio 0.03 -
Standard Deviation 16.62% 14.71%
*Since inception. As of 31-Mar-2024

Morningstar

Overall Morningstar Rating™ among 767 funds in the US Large-Cap Growth Equity category; based on risk adjusted returns; as of 2024-03-31.

Morningstar Sustainability Rating™ out of 1,590 US Equity Large Cap Growth funds as of 2024-02-29. Based on 100.00% of AUM. Data is based on long positions only.

The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Polen Capital compensates Morningstar with a subscription fee that enables Polen Capital to access Morningstar databases; however, Polen Capital does not specifically pay Morningstar to obtain the ratings set forth above. US Equity Large Cap Growth Category: US large-growth portfolios invest in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large-cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these portfolios focus on companies in rapidly expanding industries.

Portfolio

Top 10 Holdings (% of Portfolio)
Amazon.com Inc 9.17
Microsoft Corp 8.95
Alphabet Inc 7.64
Netflix Inc 6.33
Visa Inc 5.76
Mastercard Inc 4.81
Salesforce Inc 4.68
Airbnb Inc 4.67
Abbott Laboratories 4.67
ServiceNow Inc 4.67
Total 61.35
As of 31-Mar-2024
Portfolio Characteristics
Weighted Average Market Cap $797.60B
Polen Long Term EPS Growth Estimate 17.00%
Net Debt/FCF ex lease 0.50%
P/E Forward (12m) 30.10x
Return on Invested Capital ex Cash 33.20%
Active Share 76.00%

In an effort to avoid distorting aggregate portfolio characteristics, the weighted average portfolio calculations exclude an individual financial ratio that has a negative denominator or an outlier value (e.g., greater than 100x or 100%, less than 0%) which we view as not representative of the ongoing underlying economics of the business, likely due to transitory issues or GAAP accounting limitations. Additional information is available upon request.

As of 31-Mar-2024

GICS Sector Exposure (% of Portfolio)
Information Technology 33.57
Health Care 22.43
Consumer Discretionary 16.72
Communication Services 13.96
Financials 10.57
Industrials 1.10
Cash 1.64
As of 31-Mar-2024

Fund Information

Fund Details
Liquidity Daily
Management Company Amundi Ireland Ltd. (as of 8 October, 2021)
Custodian CACEIS Investor Services Bank S.A.
Investment Manager Distributor Polen Capital Management, LLC
Cut Off 2pm (Irish Time)
Fund Umbrella Polen Capital Investment Funds PLC
Registered For Sale Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Singapore, Spain, Sweden, Switzerland, United Kingdom
UK Reporting Status Yes
Accounting Year End 31-December
SFDR Classification Article 8
Recomended Holding Period 5 Years
Performance Fees None

This Sub-Fund integrates ESG criteria into its investment process. For full details, please refer to the Pre-Contractual Annex, the Polen Sustainable Investment Policy, and the Polen Capital ESG Policy Statement. The decision of the investor to invest in the promoted fund should consider all the characteristics or objectives of the fund.
An investment in the Fund concerns the acquisition of shares in the Fund and not in any underlying asset of the Fund. As a result, shares held in the Fund do not confer any interest or share in any particular part of the assets of the Fund. The value of the investment in the Fund can reduce and increase; therefore, the return on the investment in the Fund will be variable. Income may fluctuate in accordance with market conditions and taxation arrangements.

Please see the Prospectus for further information on the SFDR classification of the fund.

Risk Indicator

What Are the Risks and What Could I Get in Return?

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Risk Scale 5/7

The risk indicator assumes you keep the product for five years.

The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.

We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level, and poor market conditions will likely impact our capacity to pay you.

Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. Other risks materially relevant to the product which are not taken into account in the summary risk indicator are: operational risk, counterparty risk, and securities risk.

The main risks of the fund are: market risk, sector risk, and equity risk. All investments involve risks. The risk information in this page is intended to give an idea of the main and material risks associated with this fund. Any of these risks could cause the fund to lose money, perform less well than similar investments, experience high volatility (ups and downs in NAV), or fail to meet its objective over any period of time. Please refer to the Prospectus, the Supplement, and the KID for further information on risks. See all fund documents here

Share Class Details
Shareclass Currency Distribution Policy CUSIP Bloomberg ISIN Investment Management Fee KIID Ongoing Charge* Minimum Investment (USD)
Institutional USD Acc G7154L105 PCFUGUI IE00B8DDPY03 0.75% 0.81% $250,000
Institutional USD D Inc - POCPUSD IE00035DZ9R0 0.65% 0.70% $250,000,000
Institutional USD D Acc G7154L345 PCFUDUI IE00BDC40F56 0.65% 0.70% $250,000,000
Institutional GBP D (UH) Inc G7154L394 PCFUGDI IE00BG0RDH01 0.65% 0.70% £250,000,000
Institutional GBP Dist. Inc G7154L329 PCUIGDU IE00BD058W30 0.75% 0.81% £250,000
Institutional GBP Hedged Acc G7154L147 PCFUGSI IE00B7WMPB80 0.75% 0.80% £250,000
Institutional GBP UH Acc G7154L303 PCFUGGI IE00BYYP0W07 0.75% 0.81% £250,000
Institutional EUR D UH Acc G7154L378 PCFUDIE IE00BG0RDG93 0.65% 0.69% €250,000,000
Institutional EUR Hedged Acc G7154L121 PCFUGEI IE00B99L8M46 0.75% 0.81% €250,000
Institutional EUR UH Acc G7154L360 PCFUDIN IE00BF5FQ519 0.75% 0.81% €250,000
Institutional CHF Hedged Acc G7154L170 PCFUGFI IE00B9C5QC99 0.75% 0.81% CHF 250,000
Investor USD A Acc G7154L188 PCFUGAR IE00BGK04N24 1.50% 1.56% $1,000
Investor USD C Acc G7154L196 PCFUGCR IE00BGK04P48 1.75% 1.81% $1,000
Investor USD E Acc G7154L386 PCFUUER IE00BG0RDJ25 1.50% 1.55% $100,000
Investor USD N Acc G7154L766 PCFUGNU IE00BKX8JF86 1.90% 1.96% $1,000
Investor USD R Acc G7154L113 PCFUGUR IE00B99FTC33 1.50% 1.56% $1,000
Investor GBP Acc G7154L154 PCFUGSR IE00B99KWY19 1.50% 1.56% £1,000
Investor EUR Hedged Acc G7154L139 PCFUGER IE00B99MMG94 1.50% 1.55% €1,000
Investor EUR UH Acc G7154L352 PCFUGRE IE00BF5FQ626 1.50% 1.56% €1,000
Investor CHF Hedged Acc G7154L162 PCFUGFR IE00B9C4BF45 1.50% 1.57% CHF 1,000

Minimum investment: U.S.$250,000,000 for Class D shares, U.S.$250,000 for all other institutional shares, U.S.$100,000 for Class E shares, U.S.$1,000 for all other investor shares (or foreign currency equivalent). *KIID Ongoing Charge is as of December 31, 2022 and may be higher or lower and where applicable, the KIID Ongoing Charge is equal to the Max Ongoing Charge because such share class has not yet launched. **USD A shares carry an entry charge of up to 5%. ***USD N shares carry an entry charge of up to 3%. All other shares have no entry charge. The ongoing charge cap excludes all portfolio transaction charges. Performance for the various shares classes will be more or less depending on differences in fees and ongoing charges. Fees, charges and costs may increase or decrease as a result of currency exchange rate fluctuations.

The difference at any one time between the sale and repurchase price of shares in the Fund means that the investment should be viewed as medium term to long term. Entry fees charged will lower returns. The ongoing charges figures shown here are based on expenses for the year ending 31 December 2022. This figure may vary from year to year and the Fund’s annual report for each financial year will include details on the exact charges made. It excludes all portfolio transaction charges and performance fees. Please consult the prospectus for a comprehensive explanation of all fees.

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A summary of information about investors’ rights and collective redress mechanisms can be found in English in the Materials section of this website.

Holdings are subject to change. The top holdings, as well as other data, are as of the period indicated and should not be considered a recommendation to purchase, hold, or sell any particular security. There is no assurance that any of the securities noted will remain in a portfolio at the time you view this webpage. It should not be assumed that any of the holdings discussed were or will prove to be profitable or that the investment recommendations or decisions we make in the future will be profitable. For a complete list of all securities held in this Fund in the prior year, please contact [email protected].

All performance is calculated in U.S. Dollars. Past performance is no indication of current or future performance. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units.

The Russell 1000® Growth Index is a market capitalization weighted index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The S&P 500® Index is a market capitalization weighted index that measures 500 common equities that are generally representative of the U.S. stock market. The index is maintained by S&P Dow Jones Indices. It is impossible to invest directly in an index. The performance of an index does not reflect any transaction costs, management fees, or taxes.

Neither past experience nor the current situation are necessarily accurate guides to future growth in value or rate of return.

Alpha: is the excess return of an investment relative to the return of the benchmark.        
Beta: the measure of systemic risk of a portfolio in comparison to the market as a whole.     
Downside Capture: is a statistical measure of overall performance relative to a benchmark during declining markets.        
Information Ratio: a measurement of portfolio returns relative to a given benchmark.        
Sharpe Ratio: a ratio of the return on an investment relative to its risk.        
Standard Deviation: measurement of the dispersion or volatility of investment returns relative to its mean or average.        
Upside Capture: is a statistical measure of overall performance relative to a benchmark during rising markets.  

Active Share: Active share is a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index.        
Annual Turnover: percentage of the portfolio's holdings that have been replaced in a given year.        
GICS Sectors: The Global Industry Classification Standard (GICS) is a system for categorizing every public company by economic sector and industry group.      
Net Debt / FCF ex lease: a measure of a company’s ability to pay its obligations with free cash flow excluding leases.    
P/E Forward: denotes the weighted harmonic average of all the P/E’s of the securities in the fund’s portfolio.        
Polen Long Term EPS Growth Estimate: a Polen Capital estimate of projected long-term earnings growth rates (Earnings Growth is not a measure of future performance).        
Total Debt/ Total Capital: measures the total amount of outstanding company debt as a percentage of the firm’s total capitalization.       
Return on Invested Capital ex Cash: assesses an investee company’s efficiency at allocating the capital and is measured by operating profit after taxes divided by investment capital excluding cash.  
Risk-Adjusted Return: a calculation of the profit or potential profit from an investment that considers the degree of risk that must be accepted in order to achieve it.  
SFDR: Sustainable Finance Disclosure Regulation.  
Weighted Average Market Cap: a weighted average of the price of each security multiplied by the number of shares outstanding all the securities in the portfolio. 

The management company of Polen Capital Focus U.S. Growth Fund is Amundi Ireland Limited, 1 George’s Quay Plaza, George’s Quay, Dublin 2, Ireland. Amundi Ireland Limited is authorised and regulated by the Central Bank of Ireland. Please note that the management company may decide to terminate the arrangements made for the marketing of its collective investment undertakings in a Member State of the EU in respect of which it has made a notification.

Risk factors you should consider before investing: The value of investments and any income will fluctuate and investors may not get back the full amount invested. Where the Fund’s Investment Manager has expressed views and opinions in this fact sheet, these may change. The Fund’s investments are concentrated in the U.S. This means the Fund may become more susceptible to fluctuations in value resulting from adverse economic or business conditions in the U.S., including legal, regulatory, and taxation changes. All performance data on this fact sheet are in USD currency. Changes in exchange rates may have an adverse effect on the value, price, or income of the product. Whilst the Company aims to ensure the accuracy of the data contained in the factsheet, it is provided for information purposes only. It should not be relied on as the basis for making an investment decision. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing as described in the Company’s Prospectus.

Polen Capital Investment Funds Plc has not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended (1933 Act). No shares may be offered or sold, directly or indirectly in the United States or to any U.S. person unless the securities are registered under the 1933 Act, or an exemption from the registration requirements of the 1933 Act is available. A “U.S. person” is defined as (a) any individual who is a citizen or resident of the United States for federal income tax purposes; (b) a corporation, partnership or other entity created or organized under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business. In the United States, this material may be distributed only to a person who is a “distributor,” or who is not a “U.S. person,” as defined by Regulation S under the U.S. Securities Act of 1933 (as amended).

The Fund is considered to be actively managed in reference to the Russell 1000 Growth Index and the S&P 500 Index (the “Benchmarks”) by virtue of the fact that it uses the Benchmarks for performance comparison purposes. Certain of the Fund’s securities may be components of and may have similar weightings to the Benchmarks. However, the Benchmarks are not used to define the portfolio composition of the Fund or as a performance target and the Fund may be wholly invested in securities which are not constituents of the Benchmarks.

For more product-specific information, please refer to the Sustainable Investing section of the Prospectus available at PolenCapital.com. The Sub-Fund promotes environmental and/or social characteristics and invests in companies which follow good corporate governance practices. Please see the Prospectus and the Pre-Contractual Annex available on the Global Distributor website for further information on the SFDR classification of the fund. The decision of the investor to invest in the promoted fund should consider all the characteristics or objectives of the fund.

None of the shares may be offered or sold in the U.S. or to any U.S. person (as such term is defined in Rule 902(k) under the Securities Act).

UK Investors: Investors should read the prospectus, key investor information document, the memorandum and articles of association as well as the annual and semi-annual reports of the Company before investing, copies of which are available free of charge from the fund’s UK Facilities Agent, Polen Capital UK LLP, 1st Floor, 15-18 Austin Friars, London EC2N 2HE, United Kingdom, Tel: 442080570457, email: [email protected].

Swiss Investors: This is an advertising document. The state of the origin of the fund is Ireland. In Switzerland, the representative is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, whilst the paying agent is NPB Neue Privat Bank AG, Limmatquai1 / am Bellevue, CH-8024 Zurich. The prospectus, the key information documents or the key investor information documents, the articles of association as well as the annual and semi-annual reports may be obtained free of charge from the representative.

A decision may be taken at any time to terminate the arrangements made for the marketing of the Company in any EEA Member State in which it is currently marketed. In such circumstances, Shareholders in the affected EEA Member State will be notified of this decision and will be provided with the opportunity to redeem their shareholding in the Company free of any charges or deductions for at least 30 working days from the date of such notification.

1The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10- year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The Morningstar Rating is for the share class specified only; ratings for the other share classes will vary. Past performance does not guarantee future results.

The Morningstar Sustainability Rating calculation is a three-step process. First, each fund with at least 67% of assets covered by a company-level ESG score from Sustainalytics receives a Morningstar Portfolio Sustainability Score. The Morningstar Portfolio Sustainability Score is an asset-weighted average of normalized company-level ESG scores with deductions made for controversial incidents by the issuing companies, such as environmental accidents, fraud, or discriminatory behavior. The Portfolio Sustainability Score ranges between O to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies that score well after normalization and controversy-level deductions are applied. Second, the Historical Sustainability Score is an exponential weighted moving average of the Portfolio Sustainability Scores over the past 12 months. The process rescales the current Portfolio Sustainability Score to reflect the consistency of the scores. The Historical Sustainability Score ranges between O to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies that score well after normalization and controversy-level deductions are applied, on a consistent historical basis. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Global Categories in which at least thirty (30) funds receive a Historical Sustainability Score and is determined by each fund’s Morningstar Sustainability Rating Score rank within the following distribution: High (highest 10%); Above Average (next 22.5%); Average (next 35%); Below Average (next 22.5%); and Low (lowest 10%). The Morningstar Sustainability Rating is depicted by global icons where High equals 5 globes and Low equals 1 globe. The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Since a Sustainability Rating is assigned to all funds that meet the above criteria, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. Portfolios receive a Morningstar Portfolio Sustainability Score and Sustainability Rating one month and six business days after their reported as-of date based on the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics’ ESG scores from the same month as the portfolio as-of date. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm and is not an affiliated company of Morningstar, Inc. Past performance does not guarantee future results.

©2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The Sub-Fund (or Fund) promotes environmental and/or social characteristics and invests in companies which follow good corporate governance practices. Please see the Prospectus and the Pre-Contractual Annex available on the Global Distributor website for further information on the SFDR classification of the fund. The decision of the investor to invest in the promoted fund should consider all the characteristics or objectives of the fund.

This webpage is a marketing communication. Please see the Prospectus for additional information on the investment policy, objectives, and strategy of the Fund.