CLVSF - Polen International Small Company Growth Strategy Portfolio Manager Commentary Q3 2020

• Polen Capital is a global independently-owned growth equity boutique, led by an experienced team of investment professionals who are committed to preserving and growing the assets of our clients through.
• During the third quarter of 2020, the Polen International Small Company Growth Composite Portfolio returned 12.42% gross of fees versus 10.50% for the MSCI ACWI ex-USA Small Capitalization.
• In our view, seeing companies in action when the world appears to be upside down is the best way to deeply understand a company’s potential greatness.
• In the third quarter, we initiated a position in CellaVisionand Benefit One. We sold our positions in CAE and Computershare.
• By applying our time-tested investment approach to the international small-cap universe, one of the least efficient categories in equity markets, we feel we can deliver compelling returns for our clients over the long-term.

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