A Boca Raton, Florida-based investment manager with 40 years long tradition, Polen Capital has just published three investors letter, each for one of its main strategies it offers, and in this article, will present you a part of its Polen Global Growth Strategy’s letter, while a complete copy of it you can download below. As for its Polen International Growth Strategy, you can track down the letter here, and for its Polen Focus Growth Strategy – here. In Polen Global Growth’s letter, the company reported return of 16.26% gross of fees for the first quarter of 2019, outperforming MSCI All Country World Index (the “Index”) which gained 12.18% in the same quarter.
During the first quarter of 2019, the Polen Global Growth Composite Portfolio (the “Portfolio”) returned 16.26% gross of fees versus 12.18% for the MSCI All Country World Index (the “Index”), outperforming the benchmark by 408 basis points during the quarter.
The first quarter of 2019 saw a reversal of the broad-based selloff that occurred during the fourth quarter of 2018, with broad-based appreciation that cut across all geographies and industries. Concerns so prevalent in the previous quarter around slowing growth in China, tepid to slowing growth in Europe, and the view that growth would decelerate in the United States seemed to give way to revived optimism spurred by the abrupt change in U.S. Federal Reserve policy direction and the expectation of a U.S.-China trade deal. It is interesting how quickly perceptions can change. The contrast between the past two quarters provides yet another example of why we focus on fundamentals and investing only in what we believe are the best businesses rather than engaging in speculation or macro-economic forecasting.
You can download a copy of Polen Capital’s Q1 2019 Investor Letter for its Polen Growth Strategy here: