SHOP - Polen Capital International Growth Portfolio Manager Commentary Q2 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 second quarter of 2021, the Polen International Growth Composite Portfolio returned 5.57% gross of fees. The MSCI All Country World Index (ex-US) returned 5.47%.
• Pro-cyclical factors—which contrast the Portfolio’s focus on secular, durable growth—drove market returns higher since November 2020 but seemed to subside during the quarter.
• During the quarter, we initiated new positions in ASML, MercadoLibre, and Shopify. We added to our investment in Adidas, and we trimmed our positions in Accenture, CSL, Walmart de Mexico, Bunzl, and Inditex.
• Ultimately, we seek to invest in companies that contribute to consistent earnings growth across market cycles. This philosophy, in our view, results in a Portfolio built to compound earnings growth faster than the Index.

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