EDU - Polen Capital International Growth Portfolio Manager Commentary Q3 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 third quarter of 2021, the Polen International Growth Composite Portfolio returned -3.72% gross of fees. The MSCI All Country World Index returned -2.99%. Year to date, the Portfolio returned 0.48% versus 5.89% for the Index.
• Since its inception on January 1, 2017, the Portfolio has delivered an annualized return of 14.05% gross of fees compared to a 9.72% annualized return for the Index.
• We exited our investments in Inditex and New Oriental Education, trimmed LVMH Moet Hennessey, Tencent, and Alibaba, and used the proceeds to increase our positions in Evolution AB, Temenos, ASML Holding, Siemens Healthineers, and Amadeus IT Group.
• We remain optimistic about the future and expect normalized economic conditions to return as the health crisis improves.

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