Mutual Fund

Polen Growth Fund — Institutional

  • Active Share

    65.22%

    As of 12-31-2023

  • Downside Capture

    96.69%

    As of 12-31-2023

  • Inception Date

    09-15-2010

Investment Objective

Our Growth Fund objective seeks to achieve long-term growth of capital. The advisor identifies a concentrated portfolio of competitive advantaged businesses with sustainable, above-average earnings growth.

Performance

Fund Performance – Institutional Shares (%)
Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Polen Growth Fund (Net) 14.50 39.17 39.17 1.95 14.13 13.49 14.23
Russell 1000 Growth Index 14.16 42.68 42.68 8.88 19.51 14.86 16.06
S&P 500 Index 11.69 26.29 26.29 10.02 15.70 12.03 13.67

Returns are presented net of management fees and include the reinvestment of all income. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained by calling 1-888-678-6024. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance would have been lower without fee waivers in effect. Data shown (%) as of recent calendar quarter end. Periods over one-year are annualized. Gross expense ratios as of the most recent prospectus are 0.98% for Institutional and 1.23% for Investor Shares. Polen Capital Management has contractually agreed to reduce its fees or reimburse the Fund’s operating expenses in order to limit the total annual operating expenses. Total returns would be lower had such fees and expenses not been waived and/or reimbursed. This agreement will terminate on 08-31-2024, unless the Board of Trustees approves an earlier termination.

Portfolio Statistics*
As of 12-31-2023
Polen Growth Fund - Institutional Russell 1000 Growth Index
Alpha -1.62 -
Beta 0.94 1.00
Sharpe Ratio 0.83 0.98
Upside Capture 88.72% -
Downside Capture 96.69% -
Information Ratio -0.48 -
Standard Deviation 15.98% 16.05%
*Since inception. As of 12-31-2023

Morningstar

Overall Morningstar Rating™ among 1,118 funds in the Large Growth category; based on risk adjusted returns; as of 2023-12-31.

Morningstar Sustainability Rating™ out of 1,575 US Equity Large Cap Growth funds as of 2023-11-30. 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)
As of 12-31-2023
Amazon.com Inc 14.78
Microsoft Corp 9.27
Alphabet Inc 6.91
ServiceNow Inc 6.87
Adobe Inc 6.04
Netflix Inc 5.06
Salesforce Inc 5.06
Mastercard Inc 4.73
Visa Inc 4.49
Accenture PLC 3.87
Total 67.08
As of 12-31-2023
Portfolio Characteristics

As of 12-31-2023

Weighted Average Market Cap $778.40B
Polen Long Term EPS Growth Estimate 18.00%
Net Debt/FCF ex lease 0.10%
P/E Forward (12m) 29.00x
Return on Invested Capital ex Cash 28.90%
Active Share 65.20%
Annual Turnover (Since Inception) 25.70%

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 12-31-2023

GICS Sector Exposure (% of Portfolio)
As of 12-31-2023
Information Technology 38.70
Consumer Discretionary 20.17
Health Care 15.50
Financials 12.61
Communication Services 11.97
Cash 1.05
As of 12-31-2023

Fund Information

Share Class Details
Institutional Investor
Ticker POLIX POLRX
CUSIP 360873657 360873665
Inception Date 9/15/2010 12/30/2010
Minimum Investment $100,000 $3,000
Expense Ratio Net 0.98% 1.23%
Expense Ratio Gross 0.98% 1.23%

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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. 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.

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. Sharpe Ratio: a ratio of the return on an investment relative to its risk.       
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 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.

ESG Risk: The Adviser integrates material environmental, social, and governance (ESG) factors into research analysis as part of a comprehensive evaluation of a company’s long-term financial sustainability. The risk that the investment techniques and risk analyses applied by the investment adviser, including but not limited to the Adviser’s integration of ESG factors into its research analysis, will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

Mutual fund investing involves risk, including possible loss of principal. The Fund is non-diversified, which means that a large portion of the Fund’s assets may be invested in one or few companies or sectors. The Fund could fluctuate in value more than a diversified fund.

Investors should consider the investment objectives, risks, charges, and expenses of the Polen Growth Fund carefully before investing. A prospectus with this and other information about the Fund may be obtained by calling 1-888-678-6024 or visiting the Materials tab. It should be read carefully before investing.

All performance is calculated in US Dollars. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Returns are presented net of management fees and include the reinvestment of all income.

1The 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 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; (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.

Polen Funds are distributed by Foreside Funds Distributors LLC., not affiliated with Polen Capital Management.