SBUX - Polen Capital Global Growth Portfolio Manager Commentary Q4 2020

• Polen Capital is a global independently-owned growth equity boutique, led by an experienced team of investment professionals who are committed to preserving and growing the assets of our clients through.
• During the fourth quarter and full year of 2020, the Polen Global Growth Composite Portfolio returned 7.70% and 23.70% gross of fees, respectively.
• We believe that 2020 provided us with the opportunity to upgrade the quality of the Portfolio even further by selling four of our businesses and reallocating the proceeds into what we believe are four even higher quality, globally-scaled and dominant businesses.
• We purchased LVMH Moet Hennessy, Autodesk, PayPalHoldings, and Estee Lauder. We sold Novo-Nordisk, O’ReillyAutomotive, EssilorLuxottica, and Oracle.

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