Navigating the Evolving Global Investment Landscape

First Quarter 2026 Performance Overview

During the first quarter of 2026, the Polen International Growth Portfolio recorded a net return of -14.4%. This performance contrasted with the broader market index, which saw a modest decline of -0.7% over the same period, indicating a challenging quarter for the portfolio's specific investment strategies.

Strategic Portfolio Adjustments: New Investments

The first quarter was characterized by a higher-than-average portfolio turnover as the management team implemented several strategic changes. Notably, new positions were initiated in a diverse range of companies. These included Taiwan Semiconductor Manufacturing Company (TSMC), a global leader in semiconductor manufacturing; Rheinmetall, a prominent European defense contractor; Saab, a Swedish aerospace and defense company; Mitsubishi Heavy Industries, a Japanese multinational engineering, electrical equipment, and electronics company; AstraZeneca, a global pharmaceutical and biopharmaceutical company; AIA Group, a major pan-Asian life insurance group; Siemens Energy, a German energy technology company; Samsung Electronics, a South Korean multinational electronics corporation; and Keyence, a Japanese direct sales organization that develops and manufactures automation sensors, vision systems, barcode readers, laser markers, measuring instruments, and digital microscopes.

Strategic Portfolio Adjustments: Divestitures

Concurrently with the new acquisitions, the portfolio divested from several holdings. These included Nintendo, a Japanese multinational consumer electronics and video game company; MakeMyTrip, an Indian online travel company; Adidas, a German multinational corporation that designs and manufactures shoes, clothing, and accessories; Globant, a Luxembourg-based IT and software development company; Amadeus IT Group, a Spanish multinational technology company dedicated to the global travel and tourism industry; Monday.com, an Israeli software company; ICON plc, an Irish-headquartered contract research organization; and HDFC Bank, a major Indian financial services company. These sales were part of a broader strategy to rebalance the portfolio and align it with emerging opportunities and long-term growth prospects.