EUXTF - Polen Global SMID Company 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.
• Over the first quarter of 2022, Polen Global SMID Company Growth Composite Portfolio returned -22.37% gross and -22.48% net of fees, respectively, versus the -6.41% return of the MSCI ACWI SMID Capitalization Index.
• The top absolute contributors to the Portfolio’s performance over the first quarter included Cochlear, FICO, and Euronext.
• The most significant absolute detractors from performance included Etsy, Inc., Floor & Decor Holdings, and Fevertree Drinks.
• We initiated a new position in Euronext, while exiting Cybozu, and Blackline during the quarter.

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