Polen U.S. Small Company Growth Fund

A summary of information about investors’ rights and collective redress mechanisms can be found in English in the Materials section on 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, 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 2000® Growth Index is a market capitalization weighted index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes Russell 2000® Index companies with higher price/book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The volatility and other material characteristics of the indices referenced may be materially different from the performance achieved by an individual investor.  In addition, an investor’s holdings may be materially different from those within the index.  Indices are unmanaged and one cannot invest directly in an index.

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.       
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: assesses a company’s efficiency at allocating the capital and is measured by operating profit after taxes divided by investment capital.     
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 U.S. Small Company 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.

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 2000 Growth (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.  

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).

Amounts shown are expressed in USD unless otherwise indicated.

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, 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.

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.

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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.

Notice to HK Investors: In Hong Kong, this content is only being made available to persons falling within the “Professional Investors” category defined in the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (SFC).  By entering this site, you confirm that you fall within the Professional Investors category and you are accessing the website on your own initiative without any solicitation to do so by Polen Capital HK Limited 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 authorized by the SFC and is not publicly offered to all investors in Hong Kong.