In this video Portfolio Manager Jeff Mueller discusses the key themes impacting investment markets through the December 2021 quarter.  New virus variants, additional lockdowns in some parts of the world, disruptive supply chain issues, a sharp increase in inflation, a shift in monetary policy, expectation for rising interest rates, and regulatory changes in China were some of the most significant headwinds to emerge.

Despite these challenges, the Global Growth portfolio delivered positive results for the fourth quarter and full year, broadly in line with the MSCI All-Country World Index. From its inception (15 March 2021) to 31 December 2021, the Polen Capital Global Growth Fund increased by 20.42 per cent, after expenses. This led to out-performance against its benchmark by 0.41 per cent over the nine and a half months under review.

Information technology was a notable performer throughout the year.  In terms of individual companies, Microsoft, Accenture, and ICON were the top absolute contributors during the quarter. Meanwhile, Alphabet, Microsoft, and Accenture represented the top performers during the full year.

Microsoft continued to deliver robust results during both the quarter and year, benefitting from its competitively advantaged position at the intersection of multiple secular headwinds. Alphabet shares also appreciated, helped by a rebound in ad spending in 2021. Accenture continued to generate unprecedented growth and is likely executing at the highest levels in its history as a public company, recording three straight quarters of reported revenue growth over 20 per cent.

Looking Ahead

While the Polen Capital team takes a careful approach, they have great confidence in their investment discipline and the businesseses owned in the portfolio.

Thank you for your interest in Polen Capital and the Global Growth strategy. Please feel free to contact us with any questions.