CMXHF - Polen International 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, the Polen International Growth Composite Portfolio returned -13.94% gross and -14.17% net of fees, respectively, versus the -5.45% return of the MSCI All Country World ex-USA Index.
• The top absolute contributors to the Portfolio’s performance during the first quarter included Aon, Medtronic, and Wal-Mart de México.
• The most significant detractors from performance included ICON, Evolution AB, and Sage Group.
• We initiated a position in Shenzhou International Group, while exiting Nestlé . during the quarter.

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