TRUP - Polen U.S. 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.
• A broad-based selling of risk assets, high correlations and a preference for the types of companies that typically do not meet our investment criteria dominated market behavior during the first quarter of 2022.
• Over the first quarter, Polen U.S. Small Company Growth Composite Portfolio returned -21.98% gross and -22.18% net of fees, respectively, underperforming the -12.63% return of the Russell 2000 Growth Index.
• The top absolutecontributors to the Portfolio’s performance over the firstquarter included Bumble, Qualys, and Progyny.
• The most significant absolute detractors from performance includedFox Factory Holding, Goosehead Insurance, and Trupanion.

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