SAPGF - Polen Global Growth Q1 2022 Portfolio Manager Commentary

• Polen Capital is a high-conviction growth investment manager. We scour the globe in search of the highest quality, sustainable companies to invest in.
• With respect to individual companies, Aon, Visa, and Mastercard were the top absolute performers during the quarter.
• The three leading absolute detractors during the quarter were ICON, Align Technology, and Adobe.
• We took advantage of several short-term share price declines, which included initiating a new position in Netflix and adding to our positions in SAP, Amazon, Align Technologies, and Adobe.
• Short-term share price movements may not alwaysreflect fundamentals, but when markets eventuallybecome more discerning, robust fundamentals tend to provide ballast.

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