Polen International Growth Portfolio Q4 2024 Commentary

2025-01-22 04:15:00 ET

Summary

• During the fourth quarter, the International Growth Composite Portfolio (the “Portfolio”) declined by -7.08% gross of fees and -7.36% net of fees, outperforming the MSCI All Country World Index (ex-US) (the “Index”), which delivered -7.60%.
• Underweight exposures to Financials and Industrials adversely impacted annual relative performance, while notable episodes of heightened volatility impacted relative performance in April, September, and December.
• Portfolio turnover was higher than average in the fourth quarter. We sold out of five small weights and added new positions in five companies.

Summary

Non-U.S. markets experienced a bout of volatility to end 2024. U.S. election uncertainty cleared during the fourth quarter, while ongoing Eastern Europe and Middle East conflicts experienced notable changes. Most economies globally continue to grind along at low levels of growth. Much of today’s investing backdrop remains consistent with what we’ve seen in the last two years.

During the fourth quarter, the International Growth Composite Portfolio (the “Portfolio”) declined by -7.08% gross of fees and -7.36% net of fees, outperforming the MSCI All Country World Index (ex-US) (the “Index”), which delivered -7.60%....

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