Polen U.S. Opportunistic High Yield Fund’s Q3 2023 Investor Letter

Polen Capital, an investment management firm, released its “Polen U.S. Opportunistic High Yield Fund” third quarter 2023 investor letter, a copy of which can be downloaded here. The fund yielded a gross total return of 1.68% in the third quarter, surpassing the ICE BofA U.S. High Yield Index by 115 basis points. The rise in U.S. Treasury yields during Q3 led to a positive duration effect for the representative account of the Polen Credit U.S. Opportunistic High Yield Composite due to its shorter duration compared to the benchmark. Additionally, the portfolio’s income advantage and aggregate restructured private equity holdings had notable impacts on its relative performance. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.