NOW - Polen Focus Growth Q4 2023 Commentary
2024-02-23 04:50:00 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.
- The Polen Focus Growth Composite Portfolio (the “Portfolio”) outpaced the Russell 1000 Growth Index (the “Index”) and the S&P 500 Index for the fourth quarter.
- For the full year, the Portfolio trailed the Russell 1000 Growth Index and outperformed the S&P 500 Index.
- We can’t predict what policymakers will do, but webelieve that the years of policy-driven returns couldbe largely behind us when looking ahead the next fiveyears and that fundamental factors should becomethe bigger driver of returns.
Seeks Growth & Capital Preservation (Performance (%) as of 12-31-2023)
| Qtr |
| YTD |
| 1 Yr |
| 3 Yr |
| 5 Yr |
| 10 Yr |
| Inception |
| Polen Focus Growth (Gross) |
| 14.66 |
| 40.05 |
| 40.05 |
| 2.96 |
| 15.32 |
| 14.69 |
| 14.50 |
| Polen Focus Growth (Net) |
| 14.43 |
| 38.99 |
| 38.99 |
| 2.24 |
| 14.62 |
| 14.05 |
| 13.53 |
| Russell 1000 Growth |
| 14.16 |
| 42.68 |
| 42.68 |
| 8.88 |
| 19.51 |
| 14.86 |
| 11.29 |
| S&P 500 |
| 11.69 |
| 26.29 |
| 26.29 |
| 10.02 |
| 15.70 |
| 12.03 |
| 10.76 |
| The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Periods over one-year are annualized. Performance figures are presented gross and net of fees and have been calculated after the deduction of all transaction costs and commissions, and include the reinvestment of all income. Please reference the GIPS Report which accompanies this commentary. The commentary is not intended as a guarantee of profitable outcomes. Any forward-looking statements are based on certain expectations and assumptions that are susceptible to changes in circumstances. Opinions and views expressed constitute the judgment of Polen Capital as of the date herein, may involve a number of assumptions and estimates which are not guaranteed, and are subject to change. Contribution to relative return is a measure of a securities contribution to the relative return of a portfolio versus its benchmark index. The calculation can be approximated by the below formula, taking into account purchases and sales of the security over the measurement period. Please note this calculation does not take into account transactional costs and dividends of the benchmark, as it does for the portfolio. Contribution to relative return of Stock A = (Stock A portfolio weight (%) - Stock A benchmark weight (%)) x (Stock A return (%) - Aggregate benchmark return (%)). All company-specific information has been sourced from company financials as of the relevant period discussed. |