AVAH - Polen Capital Q1 2024 Credit Opportunities Full Discretion Composite Commentary

2024-05-12 10:00:00 ET

Summary

• Polen Capital is a high-conviction growth investment manager. We scour the globe in search of the highest quality, sustainable companies to invest in.
• During the first quarter of 2024, the Polen Credit Opportunities Full Discretion Composite returned 3.66% gross and 3.38% net of fees versus the 1.51% return of the ICE BofA U.S. High Yield Index (the “Index”).
• High yield bond and leveraged loan markets tightened in the face of increasing U.S. Treasury yields and continued domestic and geopolitical angst.
• The top contributors to the Portfolio’s absolute performance over the first quarter were Aveanna Healthcare and Duravant.
• The most significant detractors from absolute performance were American Tire Distributors and Asurion.

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