Polen Capital Focus U.S. Growth Fund

Active Share
73.5%
Downside Capture
91.62%
YTD Return
-14.10%
As of 31/03/2020
Inception Date
8/3/2013
  • Overview
  • Performance
  • Portfolio
  • Materials

Investment Objective

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

Why Invest in Polen Focus Growth?

  • U.S. growth strategy with a strong emphasis on sustainable earnings growth
  • Focus on companies with high returns on capital and double-digit total returns
  • Concentrated portfolio of approximately 20 high-quality growth companies
  • Low portfolio turnover with long-term holding periods

A High Conviction & Quality Approach

We believe that consistent earnings growth is the primary driver of intrinsic value and long-term stock appreciation. We seek to invest in companies with a durable earnings profile driven by a sustainable competitive advantage, superior financial strength, proven management teams and powerful products/services. By thinking and investing like a business owner and taking a long-term investment approach, we believe we can preserve capital and provide stability across market cycles.

Product Profile

Number of holdings 15-25
Style Growth
Benchmark Russell 1000 Growth

Experience in High Quality Growth Investing

Dan Davidowitz, CFA
Co-Head of Team, Portfolio Manager & Analyst
21 years of experience
Brandon Ladoff
Portfolio Manager & Director of Research
7 years of experience

Related Perspectives

Performance (%)

The performance data quoted represents past performance and does not guarantee future results. 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 carry an annual management fee of 0.75%, with a capped annual Ongoing Charge of 1.25%.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher.  Data shown (%) as of recent calendar quarter end. Periods over one-year are annualized. 

Portfolio Statistics*

*Since inception

Attractive Risk-Adjusted Returns (%)*

*Since inception

Long-Term Performance Strength

The chart pictured above depicts how an investment of $10,000 would have grown from inception through the recent calendar quarter end, based on the actual performance of the strategy over the same period. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher.

Morningstar

Overall Morningstar Rating™ among 559 funds in the U.S. Equity Large Cap Growth category, Class I; based on risk adjusted returns; as of 31-03-2020.

Morningstar Sustainability Rating™ out of 1,423 Large Growth funds as of 29-02-2020. Based on 100% of AUM. Data is based on long positions only.

The Morningstar Rating™ for the funds, or “star rating”, is calculated for managed products (including mutual funds, variable life subaccounts, exchange-traded funds, cost-end funds, and separate accounts) with at least three-year history. Exchange-traded funds and open-ended funds are considered a single population for competitive 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 got 60-119 months of total returns, and 50% 10- 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 specified only; ratings for the other share classes will vary. Past performance does not guarantee future results.

The Morningstar® Sustainability Rating is intended to measure how well the issuing companies of the securities within a fund’s portfolio are managing their environmental, social, and governance (“ESG”) risks and opportunities relative to the fund’s Morningstar category peers.

© 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (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.

Fund Details

Share Class Details

Top 10 Holdings (% of Portfolio)

Active Share

GICS Sector Exposure (% of Portfolio)

Portfolio Characteristics

Annual turnover since inception

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 receive this fact sheet. Actual holding and percentage allocation in individual client portfolios may vary and are subject to change. 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. A list of all securities held in this portfolio in the prior year is available upon request.

Active Share: Active share is a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index. Average Weighted Market Cap: a weighted average of the price of each security multiplied by the number of shares outstanding all the securities in the portfolio. Estimated 3-5 Year EPS Growth: a Polen Capital estimate of projected long-term earnings growth rates. Long-Term Debt/Capital: denotes the weighted average of each security’s long-term debt divided by the total capital of the security. P/E Forward: denotes the weighted harmonic average of all the P/E’s of the securities in the fund’s portfolio. Return on Invested Capital: assesses a company’s efficiency at allocating the capital and is measured by operating profit after taxes divided by investment capital. 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. Sharpe Ratio: a ratio of the return on an investment relative to its risk. Information Ratio: a measurement of portfolio returns relative to a given benchmark. Upside Capture: is a statistical measure of overall performance relative to a benchmark during rising markets. Downside Capture: is a statistical measure of overall performance relative to a benchmark during declining markets. Standard Deviation: measurement of the dispersion or volatility of investment returns relative to its mean or average. 

The S&P 500® Index is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. The Russell 1000® Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Growth Index companies with higher price-to-book ratios and higher forecasted growth values. It is impossible to invest directly in an index. The performance of an index does not reflect any transaction costs, management fees, or taxes. Returns are presented net of management fees and include the reinvestment of all income.

Minimum investment: US$250,000,000 for Class D shares, US$250,000 for all other institutional shares, US$100,000 for Class E shares, US$1,000 for all other investor shares (or foreign currency equivalent). *Expense limitation: Polen Capital has agreed to reduce its fees or reimburse the Fund’s operating expenses in order to limit the total annual operating expenses.**USD A shares carry an entry charge of up to 5%. All other shares have no entry charge.

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 manager has expressed views and opinions, these may change. 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. Current performance may be lower or higher than the performance data quoted. Whilst Polen Capital Investment Funds plc 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.

The Fund has not been registered under the U.S. Investment Company Act of 1940, as amended, nor the Securities Act of 1933, as amended (the “Securities Act”). 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 and key investor information document before investing, copies of which are available free of charge from the fund’s UK Facilities Agent, Cadwyn Capital LLP, 13 Lansdowne Gardens, London SW8 2EQ United Kingdom Tel: +44 (0)2076228673, email: ghh@cadwyn-capital.com. This fact sheet is issued by Polen Capital Investment Funds plc. Polen Capital Investment Funds plc was incorporated in Ireland on 17 January 2013 under registration number 522617 and is authorized by the Central Bank of Ireland as a UCITS pursuant to the UCITS Regulations. Polen Capital Investment Funds plc is authorized for distribution in the U.K. by the Financial Conduct Authority.

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By entering this site, you confirm that you are an investor accessing the website on your own initiative without any solicitation to do so by Polen Capital or one of the funds described herein (each, a “Fund”) and that no law or regulation prohibits you from accessing the information on this website.

The Fund is not publicly offered to all investors in all jurisdictions. Certain share classes of the Fund described in the following pages are registered for sale only in Finland, France, Germany, Ireland, Italy, Norway, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Further information is available in the prospectus, relevant country supplement and/or other Fund documents.

The information made accessible within this site is made available for informational purposes only and is published in good faith, but Polen Capital makes no representation or warranty, either expressed or implied, to the accuracy or completeness of the information, and it should not be relied on as such. Investors should read the information in the relevant KIID before deciding that an investment in a Fund is suitable to meet their needs. Investors should also read the information in the full Prospectus before investing.

The value of investments in the Fund and the income from them may fall as well as rise and investors may not get back the full value of capital invested. Returns will depend on market conditions, including variation in currency exchange rates and your personal tax circumstances. Past performance is not a reliable guide to future returns.

The Funds are within an umbrella type investment company with variable capital and segregated liability between funds incorporated under the laws of Ireland under registration number 522617. The Fund is authorised by the Central Bank of Ireland pursuant to the European Union (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and has its registered office at 4th Floor, One George’s Quay Plaza, George’s Quay, Dublin 2, Ireland.

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