SAP - Polen Capital International 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 of 2020, the Polen International Growth Composite Portfolio returned 4.79% gross of fees. The MSCI All Country World Index (ex-US) returned 17.02%.
• Beginning in November, investor favor seemed to shift toward cyclical industries like banks, semiconductors, technology hardware, autos, energy, materials, and industrials.
• During the quarter, we exited our investment in RELX and initiated a new position in Temenos. We added to our investments in Alibaba Group and Sage Group, and we trimmed our positions in Accenture and Dassault Systemes.
• During the fourth quarter, the leading contributors to performance were New Oriental Education & Technology Group, LVMH Moet Hennessy Louis Vuitton, and Accenture.

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