seekingalpha.com/article/4511494-polen-focus-growth-q1-2022-portfolio-manager-commentary
Summary Polen Capital is a high-conviction growth investment manager. We scour the globe in search of the highest quality, sustainable companies to invest in. During the first quarter of 2022, the Polen Focus Growth Composite Portfolio returned -13.39% and -13.56%, gross and net of fees, respectively. Though most of the Portfolio companies released solid earnings results, somewhat elevated valuations, rising interest rates, the invasion of Ukraine, and a general “risk-off” mentality created a very difficult start to the year for our style of investing, in our view. Our largest absolutedetractors in the quarter, like Meta Platforms and Netflix, currently have negative narratives attached to them,but we believe these narrativesand share prices have been disconnected from actual data and the underlying companyfundamentals. Zoetis was also a top absolute detractor in the quarter while Airbnb, Visa, and UnitedHealth Group were the top absolute contributors. Seeks Growth & Capital Preservation (Performance (%) as of 3-31-2022)

Polen Focus Growth (Gross)

-13.39

-13.39

6.10

19.89

20.80

16.64

15.28

Polen Focus Growth ((Net))

-13.56

-13.56

5.46

19.27

20.20

16.04

14.31

Russell 1000 Growth

-9.04

-9.04

14.98

23.60

20.89

17.05

11.57

S&P 500

-4.59

-4.59

15.66

18.93

15.99

14.64

11.10

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. Please reference the GIPS Report which accompanies this commentary.

The commentary is not intended as a guarantee of...

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