BABA - Polen Capital Global Growth Portfolio Manager Commentary Q1 2021

• 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 a prudent and disciplined long-term investment approach.
• During the first quarter of 2021, the Polen Global Growth Composite Portfolio returned 1.39% gross of fees. The MSCI All-Country World Index returned 4.58% during the same period.
• Turnover was modest during the quarter. We purchased Amazon, added to Alibaba, and trimmed ADP, PayPal, and Align Technology.
• The market favored more cyclical and earnings-depressed businesses and businesses with higher levels of debt and lower levels of profitability during the last three months. This contrasts with the types of businesses we seek to own.

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