Polen Capital International Growth Strategy Portfolio Manager Commentary Q4 2018

|
About: Icon PLC (ICLR), DASTY, CSLLY, SGGEF, Includes: AMADF, BABA, BIDU, BZLFF, RELX, SAPGF, TCEHY
by: Fund Letters
Summary

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.

Includes detailed analysis of Polen Capital's positions in Icon PLC, CSL Ltd., Dassault Systemes and Sage Group plc.

During the fourth quarter of 2018, the Polen International Growth Composite returned -11.54% gross of fees. The MSCI All Country World Index (ex-US) returned -11.46%.

For the full year of 2018, the Portfolio returned -4.60%, versus -14.19% for the Index.

Our holdings in the Healthcare and Industrials sector and a lack of exposure to the Financials, Materials and Energy sectors contributed most to Portfolio returns in the fourth quarter, while our holdings in the Communications Services and Information Technology sectors were detractors.