KYYWY - Polen International Small 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 International Small Company Growth Composite Portfolio (the “Portfolio”) returned -22.48% gross and -22.73% net of fees, respectively, versus the -6.51% return of the MSCI ACWI ex-US Small Capitalization Index (the “Index”).
• The top absolute contributors to the Portfolio’s performance over the first quarter included Cochlear, TMX Group, and Euronext.
• The most significant absolute detractors from performance included Fevertree Drinks, Netcompany, and Thule Group.
• We initiated positions in Keywords Studios, and Euronext, while exiting Cybozu, and Smaregi during the quarter.

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