FTCH - Polen U.S. SMID Company Growth Commentary Q2 2021

• 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 a prudent and disciplined long-term investment approach.
• The portfolio returned 12.02% gross of fees versus 6.04% for the Russell 2500 Growth Index.
• On a sector basis, industrials, financials, and consumer discretionary had the largest relative impact during the quarter. There were no sectors that significantly detracted from performance.
• We initiated positions in Trupanion and Farfetch,which were funded by the sale of Envestnet and Euronet Worldwide. We added to Etsy and The Trade Desk and trimmed Generac.

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