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.
During the fourth quarter of 2020, the Polen International Growth Composite Portfolio returned 4.79% gross of fees. The MSCI All Country World Index (ex-US) returned 17.02%.
Beginning in November, investor favor seemed to shift toward cyclical industries like banks, semiconductors, technology hardware, autos, energy, materials, and industrials.
During the quarter, we exited our investment in RELX and initiated a new position in Temenos. We added to our investments in Alibaba Group and Sage Group, and we trimmed our positions in Accenture and Dassault Systemes.
During the fourth quarter, the leading contributors to performance were New Oriental Education & Technology Group, LVMH Moet Hennessy Louis Vuitton, and Accenture.