Polen Capital International Growth Fund

Active Share
94.6%
Downside Capture
104.05%
Inception Date
31-Dec-2018

Investment Objective

Our International 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.

Why Invest in Polen International Growth?+

  • International growth strategy with a strong emphasis on sustainable earnings growth
  • Focus on companies with high returns on capital and double-digit earnings growth
  • Concentrated portfolio of approximately 30 high-quality growth companies
  • Low portfolio turnover with long-term holding periods

Company Characteristics

In seeking to achieve its investment objective the Fund may: Invest primarily in a focused portfolio of high quality common stocks of large capitalization companies listed on recognized exchanges globally. Invest in American Depositary Receipts. Hold ancillary liquid assets, including cash and cash equivalents (such as certificates of deposit) and Money Market Instruments (such as commercial paper, bankers acceptance and other short-term debt securities. The Fund may use a limited number of simple derivative instruments for hedging purposes (such as currency swaps and currency forwards.)

Product Profile

Number of holdings 20-30
Style Growth
Benchmark MSCI ACWI ex-USA

Experience in High Quality Growth Investing

Todd Morris
Portfolio Manager & Analyst, Large Company Growth
13 years of experience
Daniel Fields, CFA
Portfolio Manager & Analyst, Large Company Growth
16 years of experience

Fund Details

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 as well as increase and, therefore, the return on the investment in the Fund will be variable. Income may fluctuate in accordance with market conditions and taxation arrangements.

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.

Risk & Reward Profile

The SRRI represents the risk and reward profile as presented in the Key Investor Information Document (KIID). The lowest category does not imply that there is no risk. The SRRI is not guaranteed and may change over time.

Operational risk: management, business or administration processes, including those to do with the safekeeping of assets, may fail, leading to losses.
Counterparty risk: a counterparty may fail to deliver the proceeds related to the sale of securities by the Fund or in safekeeping of the securities purchased by the Fund.
Securities risk: some of the markets or exchanges on which the Fund may invest may go up and down, and the value of your investment may not increase.

Further information on the risks in respect of the Fund can be found in the Prospectus.

Performance (%)

Past performance does not predict future returns.

The performance data quoted represents past performance up to 31 July, 2022, 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 carry an annual investment management fee of 0,85%, with an annual Ongoing Charge based on the financial year ending 31 December, 2021 of 1,01% capped at 1,20%. 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

*Since inception

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 1,636 funds in the Global Equity Large Cap category, Institutional; based on risk adjusted returns; as of 30-09-2022.

Morningstar Sustainability Rating™ out of 7,780 Global Equity Large Cap funds as of 31-08-2022. Based on 100% 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. Global Equity Large Cap Category: category portfolios invest in companies domiciled in developed countries throughout the world. These portfolios tend to focus on those stocks that are in the top 70% of the capitalization of the stock’s representative regional equity market.

The 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.

©2022 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.

Share Class Details

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, 2021 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%. All other shares have no entry charge. The ongoing charge cap excludes all portfolio transaction charges. Performance for the various share 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 2021. 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.

Top 10 Holdings (% of Portfolio)

Active Share

GICS Sector Exposure (% of Portfolio)

Portfolio Characteristics+

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.

For the avoidance of doubt, the portfolio characteristics are based on the underlying assets of the Fund. This information along with all other information in the fact sheet is not intended to be construed or understood in any way to equate to the expected or projected future performance/returns of the Fund. The Investment Manager may at any time determine to divest from some or all of the holdings in the Fund and invest in other assets. The information contained in this fact sheet is not a guarantee or indication of the future performance/returns of the Fund. As a result, there is a risk of an investor losing all or part of their investment in the Fund.

 

Regional Allocation (% of Portfolio)

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, 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 MSCI ACWI ex USA Index is a market capitalization weighted equity index that measures the performance of large and mid-cap segments across developed and emerging market countries (excluding the U.S). The index is maintained by Morgan Stanley Capital International. 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.

Active Share: a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index. Alpha: the excess return of an investment relative to the return of the benchmark. Annual Turnover: percentage of the portfolio holdings that have been replaced in a given year. Beta: the measure of systemic risk of a portfolio in comparison to the market as a whole. Downside Capture: a statistical measure of overall performance relative to a benchmark during declining markets. Est. 3-5 year Earnings Growth: a Polen Capital estimate of projected long-term earnings growth rates. GICS Sectors: The Global Industry Classification Standard (GICS) is a system for categorizing every public company by economic sector and industry group. Information Ratio: a measurement of portfolio returns relative to a given benchmark. 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. Return on Total Capital / Total Debt: a return on investment ratio that quantifies how much return a company has generated through the use of its capital structure in relation to its total debt. 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. Standard Deviation: measurement of the dispersion or volatility of investment returns relative to its mean or average. Upside Capture: a statistical measure of overall performance relative to a benchmark during rising markets. Weighted Average Market Cap: a weighted average of the price of each security multiplied by the number of shares outstanding for all the securities in the portfolio.

The management company of Polen Capital International 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 de-notify arrangements made for marketing as regards shares of the fund 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.

Emerging Markets risk: countries where investment markets are considered to be less developed. Investments are generally riskier than those in developed markets because they: may not be as well regulated and laws may be less sophisticated, may be more difficult to buy and sell, may have less reliable arrangements for the safekeeping of investments, or may be more exposed to political and taxation uncertainties. The value of the Fund can go up and down more often and by larger amounts than funds that invest in developed countries, especially in the short term.

Investors should consider the investment objectives, risks, and expenses of any investment carefully before investing, as described in the Company’s Prospectus.

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”).

The Fund is considered to be actively managed in reference to MSCI ACWI (ex-USA) (the “Benchmark”) by virtue of the fact that it uses the Benchmark for performance comparison purposes. Certain of the Fund’s securities may be components of and may have similar weightings to the Benchmark. However the Benchmark is 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 Benchmark.

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).

Amounts shown are expressed in USD unless otherwise indicated.

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].

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

Please Read and Agree to the Following Conditions of Use

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 Funds described in the following pages are registered for sale only in the countries listed below:

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 1 George’s Quay Plaza, George’s Quay, Dublin 2, Ireland.

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