PGNY - Polen U.S. SMID Company Growth Commentary Q1 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 2.35% gross of fees during the first quarter 2021, roughly in line with the Russell 2500 Growth Index return of 2.49%.
• In the first quarter 2021, the consumer discretionary sector was the most notable contributor to the Portfolio. The healthcare sector also contributed positively to performance. Our biggest headwind for the first quarter came from information technology.
• During the quarter, we initiated positions in Duck Creek Technologies, Progyny, and The Trade Desk. We exited our positions in Pool Corporation, WD-40 Company, and LendingTree.

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