EDU - Polen Capital International 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 International Growth Composite Portfolio returned -1.14% gross of fees. The MSCI All Country World Index returned 3.49%.
• International markets saw a continuation of trends that took hold in November 2020. These trends seemed to benefit cyclical companies in industries to which we have less exposure.
• We exited our investments in Coloplast and Check Point Software during the quarter and initiated new positions in Keringand Evolution Gaming. We added to our investments in Aon, ICON, and New Oriental Education; and we trimmed our positions in Tencent, Nestle, Unilever, and SAP.

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